OceanaGold reports $26m loss in Q1

14 May 2020 (Last Updated May 14th, 2020 14:10)

OceanaGold has posted its Q1 2020 financial results, reporting a net loss of $26m. The company has, however, reaffirmed its 2020 production guidance.

OceanaGold President and CEO Michael Holmes said: “With the first quarter of 2020 complete, we look ahead to the remainder of the year where, in the second half in particular, we expect increased production at lower All-In Sustaining Costs.

"At Haile, mined and processed grades are expected to increase progressively with two-thirds of Haile’s annual gold output expected in the second half with the fourth quarter being the strongest quarter. At Macraes, second quarter production is expected to be lower than in the first quarter due to the impact of the five-week New Zealand Government enforced Covid-19 lockdown.

"However, with production now effectively back to capacity we are targeting a rebound in the second half of the year.”