OceanaGold Celebrates Record Production and Profits in 2024 Results Announcement
OceanaGold Reports Record Results for Fourth Quarter and Full Year 2024
OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) has unveiled its impressive operational and financial results for the fourth quarter and the entirety of 2024, highlighting a remarkable year of growth and achievement. The company achieved updated production guidance and saw significant improvements across various metrics, particularly in its Haile mine.
Key Highlights:
The fourth quarter of 2024 was marked by production of 150,900 ounces of gold and 3,100 tonnes of copper, showcasing a 12% increase in gold production from the previous quarter. This surge in production corresponds to annual totals of 488,800 ounces of gold and 12,300 tonnes of copper, successfully meeting updated production targets.
OceanaGold also reported record revenues for both the quarter and the year, with fourth-quarter revenues hitting $427 million and total annual revenues reaching $1.29 billion. Moreover, net profit surged to $192 million for the year, up from $83.1 million in 2023, while Free Cash Flow climbed to a remarkable $245 million.
In light of these robust figures, the company doubled its annual dividend to $0.01 per share, evidencing its commitment to enhancing shareholder value alongside plans to repurchase up to $100 million of its shares in 2025.
Operational Excellence
OceanaGold’s President and CEO, Gerard Bond, reflected on the company’s extraordinary performance: “The fourth quarter was tremendous, delivering numerous operational and Company records, highlighted by record quarterly Free Cash Flow of $147 million.” The success was attributed to record production at the Haile mine and robust performances at both the Macraes and Waihi sites.
The consolidated All-In Sustaining Cost (AISC) for the fourth quarter was $1,563 per ounce, indicating effective cost management strategies. Throughout the year, the company experienced production excellence at Haile, while also benefiting from a steady performance at other key mines.
Future Outlook
Looking ahead, OceanaGold maintains a positive multi-year outlook, expecting a 20% increase in gold production by 2026 compared to 2024 levels. The company also projects consistent Free Cash Flow generation for 2025, complemented by significant increases in gold production and Free Cash Flow anticipated for 2026.
Strategic Initiatives
OceanaGold is also pushing ahead with critical milestones such as the ramp-up of Haile's Horseshoe underground mine and advancing its exploration projects. Noteworthy during this period is the successful completion of the OceanaGold Philippines IPO and the pre-feasibility study in the Waihi District which yielded exceptional results.
Amidst these achievements, the company has also made vital management updates, with Chief Operating Officer Americas, David Londono, stepping down due to family commitments. His responsibilities will be taken over by Bhuvanesh Malhotra, who brings over 25 years of mining experience.
As OceanaGold continues to prioritize its operational efficiency and shareholder returns, it stands poised for future growth while navigating the complex landscape of global mining.
Conclusion
OceanaGold's 2024 results depict a substantial achievement in operational performance and profitability, affirming its position in the competitive mining industry. With continued investments in its organic growth and promising projects in the pipeline, the company looks forward to exceeding expectations in the coming years.
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