Tuesday, 25th January 2005 (3579 views)

Gold mining firm Oceana Gold has announced that during 2004 it produced record amounts of gold and is continuing to perform well.

The company revealed that cash flow from operations in the December quarter was AUS$10.4 million and 47,580 ounces were produced, according to NZPA.

Net profit at the firm after tax has reached AUS$5.3 million and year-end results are expected on February 25th.

The firm hopes to more than double its yearly gold production to around 350,000 ounces by 2007.

In addition, it plans to spend around NZ$125 million in the South Island over the next two and half years on plants and exploration.

The goldminer was floated off by Australian-based GRL NL in order to replaces its New Zealand gold mining unit early last year.

 

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