DAGDAG GASTOS: OceanaGold sees increase in production cost despite same output forecast

OceanaGold expects an increase in its all-in sustaining cost (AICS) ranging from US$ 850 and US$ 900 per ounce of gold for the year 2019.

The Canadian company forecast says its mines in the Philippines, New Zealand, and United States are will produce a total of 500,000 and 550,000 ounces of gold and 14,000 to 15,000 tons of copper this year.

In 2018, the company’s sites produced a total of 533,300 ounces of gold and 15,000 tons of copper at an AISC of US$ 767 per ounce.

OceanaGold has budgeted US$ 40 million to US$ 50 million on global exploration this year in order to increase reserves across all of its operations.

Here in the Philippines, the company will focus primarily on the infill and extension drilling at lower levels of Didipio underground, a high grade, gold-copper mine in the province of Nueva Vizcaya, 270 kilometers north of Manila.

Other sites of the company will also undergo an upsurge in operations. New Zealand sites will have US& 15 million to US$ 20 million both for drilling of a new prospect site and potential mine life extensions in its existing sites.

In the United States, on the other hand, the exploration program will concentrate mainly on drill targets within and around the existing deposits.

The company was trading at $ 4.41 per share within a 52-week trading range of $ 2.97 and $ 5.01 as of February 5.