OceanaGold turns to first-quarter profit as cash costs fall, production rises

Mon, 29 Apr 2013

April 30 (BusinessDesk) – OceanaGold, the operator of the Macraes gold field in central Otago, posted a first-quarter profit after producing more gold and benefitting from cash costs less than half the level of a year earlier. Profit was $US$7.1 million in the three months ended March 31, from a loss of US$3.9 million a year earlier, the Melbourne-based company said in a statement. Sales rose to US$95.6 million from $88.6 million. The year-earlier loss reflected lower-than-expected production after maintenance shutdowns at Reefton and Macra...

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