OceanaGold to put Reefton in ‘care and maintenance’ in 2015 until gold price improves

Thu, 27 Jun 2013

By Paul McBeth June 28 (BusinessDesk) - OceanaGold Corp, whose share price has plunged 59 percent in the past three months, will put off production at its Reefton mine, putting it into care and maintenance in mid-2015 until the price of gold improves. The move amounts to a two-year reduction in the mine schedule and will cut production by 110,000 ounces between 2015 and 2017 to achieve “significant cost and risk reductions” amid a plunging gold price, which has dropped by a quarter to US$1,200.15 an ounce, the company said. The plan will str...

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