Gold prices lift OceanaGold's Q3

Gold prices lift OceanaGold's Q3

OceanaGold [[xref:|(ASX:OGC)|CFOWorld] has reported an 163% sequential growth in September quarter net earnings, on the back of soaring gold prices.

The company reported net earnings for its third quarter of US$10.9 million ($10.4 million). Ebitda grew 31% from the prior quarter to US$43.3 million.

Revenue hit $103.5 million, as the average gold price over the quarter climbed to a record $1,706 per ounce. This is an increase of 9% sequentially and 24% year-over-year.

OceanaGold sold 60,646 ounces of gold during the quarter. But cash costs increased slightly - to $956 per ounce from $921 in Q2.

Year-to-date revenue has reached $289 million, up 36% y-o-y, and the company has produced 186,749 ounces of gold so far this year.

CEO Mick Wilkes said the company is on track to achieving some key milestones in the development of its new Didipio project by the end of 2011, despite the impact of some weather events.

OGC shares grew 2.51% on Thursday to $2.450.

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Tags financial resultsmininggoldASX:OGCOceanaGold

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