18 Feb 2010

Price surge rubs off on gold miner

12:24 pm on 18 February 2010

Gold miner OceanaGold made a profit of $US54.5 million in the year to December as it enjoyed a surge in the price of the metal.

That's a turnaround from a loss of $US54.7 million the previous year.

Sales rose 9% to $US237 million.

OceanaGold owns the Macraes field in central Otago and operates the Reefton open-pit mine on the West Coast.

Shares have been put on a trading halt, at the request of the company, pending a material announcement.