28 Oct 2011

Soaring prices consolation for goldminer

9:30 pm on 28 October 2011

Soaring gold prices offset lower production, higher costs and adverse exchange rates in the third quarter for OceanaGold.

The Australian-listed goldminer, which owns Macraes and Reefton mines in the South Island of New Zealand, reported a profit of $US10.9 million in the three monthe to September, a drop of 20% on the same period last year.

However, the result was 163% higher than the previous quarter.

Profit for the nine-month period more than doubled to $US29.8 million.

Chief executive Mick Wilkes says the current quarter is looking strong.