OceanaGold (TSX:OGC, Stock Forum), a Melbourne Australia-based firm engaged the operation, development and exploration of gold assets, released Q1 2014 financial results today.
According to the news release, the company pulled in a record $170.4 million in revenue for the quarter with a net profit of $58.9 million.
The company also showed a strengthened balance sheet due to net borrowing repayments of $20 million as it increased cash and available facilities to $92.1 million including $42.1 million in cash.
Gold production reached 86,568 ounces for the quarter, including a record production of 30,480 gold ounces at Didipio while copper production came to 6,479 tonnes and copper sales of 7,752 tonnes.
Company CEO and Managing Director, Mick Wilkes, commented, “We had another strong quarter of production and financial results with record quarterly revenue, EBITDA and net earnings on the back of higher sales and lower operating costs. We continued to strengthen our balance sheet through the repayment of $20 million of debt and build-up of our treasury.”
He then added, “The Didipio process plant is well on track to increase throughput rates to 3.5 Mtpa by the end of the year and will continue generating strong free cash flows."
Then Wilkes concluded, “For the remainder of the year, we will continue to further strengthen the balance sheet by repaying debt to enhance shareholder value and position the Company for new value-add opportunities. We remain steadfast on the health and safety of our employees as demonstrated by the 10 million plus man hours worked without a lost time injury at Didipio and we will continue to work closely with all of our stakeholders to deliver positive results in a safe and sustainable manner.”
OceanaGold was in the news recently when the company reported a critical wall failure at the Macreas open pit mine a little over a week ago.
Shares gained 13.20% on the news to $2.83 per share.
Currently there are 300.6m outstanding shares with a market cap of $847.6 million.