OceanaGold takes US$85.5M impairment as gold price falls

Thu, 25 Jul 2013

July 26 (BusinessDesk) – OceanaGold Corp has declared a US$70.5 million net loss in the second quarter, reflecting a US$85.5 million non-cash writedown in the carrying value of its New Zealand gold mining operations. The result for the three months ended June 30 reflects falling gold prices, which have seen the company announce plans to reduce production from its New Zealand mines, including the mothballing of its Reefton mine from mid-2015. That move alone will strip NZ$40 million to NZ$45 million of future capital costs from its plans, and...

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