31 Oct 2012

Gold earnings up

12:12 pm on 31 October 2012

OceanaGold Corporation has reported earnings of $28.6 million in the September quarter, up 12% from the previous quarter, due to higher gold prices.

Revenue was $91 million from an average gold price received of $US1665 per ounce, a 5% increase over the second quarter due to an increase in gold ounces sold and a higher average price of gold received.

The company sold 1000 more ounces of gold.

Gold production fell due to less ore mined at both Macraes Open Pit and Reefton. Frasers Underground improved due to higher grades.