OCEANAGOLD ANNOUNCES COMMENCEMENT OF CONSTRUCTION AT THE DIDIPIO PROJECT IN THE PHILIPPINES
2011年6月15日 - 9:16AM
PR Newswire (Canada)
MELBOURNE, Australia, June 15, 2011 /CNW/ -- /NOT FOR DISSEMINATION
OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR
DISTRIBUTION TO US NEWSWIRE SERVICES/ MELBOURNE, Australia, June
15, 2011 /CNW/ - OceanaGold Corporation (ASX: OGC) (TSX: OGC) (NZX:
OGC) ("the Company") is pleased to announce construction activities
have commenced and will progressively ramp up in the coming weeks
on the Didipio Project located in northern Luzon, Philippines.
Further pre-development studies have identified opportunities to
maximise project returns. The Project shows strong economics
with cash costs for the first 6 years averaging negative $79/oz
(net of bi product credits using US$3.00/lb Cu). Gold and copper
reserves have increased significantly along with average annual
gold production which is now 100,000 ounces per annum. The Board
has formally approved the remaining capital expenditure to complete
development of the Didipio Project. In line with Canadian
regulatory requirements, the Company will file an updated NI 43-101
compliant technical report relating to the Didipio Project.
Highlights of the Didipio Project: -- Annual production of 100,000
oz Au (+45%) and 14,000 t Cu (+69%) on average over the Life of
Mine -- Increased gold reserves by 19% 1.68M oz -- Increased copper
reserves by 35% to 229Mt -- Larger open pit with sustained higher
ore supply rates -- Increased plant throughput rates from 2.5Mtpa
ramping up to 3.5Mtpa by end of 2014 to end of mine life --
Internal Rate of Return (IRR) of 48% at current spot prices
(US$1530/oz Au & US$4.05/lb Cu) -- Payback period of 2.2 years
from January 1, 2013 -- Average operating cash flow of $150
million/year over first 3 years (using current spot metals prices)
Mick Wilkes, Managing Director and CEO commented, "We are very
pleased to have commenced construction that will see commissioning
on schedule in the fourth quarter 2012. Over the past six months we
have been working hard to unlock significant value through
adjustments to the design of the mine, process plant and
infrastructure which has seen average annual gold production
increase by 45% and average annual copper production increase by
69% over the life of the mine. This robust project will be
transformational for OceanaGold and give us a significant platform
to expand further into the Philippines and throughout Asia
Pacific." The Didipio project is expected to produce annually on
average 100,000 ounces of gold and 14,000 tonnes of copper at cash
costs of US$356/oz Au (net of bi product credits at US$3.00/lb Cu).
For the first six years of operations, gold production will be
approximately 100,000 ounces per annum. However, with higher
annual copper production of 18,000 tonnes per annum, cash costs
will average negative US$79/oz (net of bi product credits) over the
same period. The project demonstrates an internal rate of return of
48% at spot metals prices. The mine life has been shortened to 16
years with the open pit operating throughout and the underground
operation expected to commence production in 2020. With the larger
open pit design, the strip ratio has increased to 3.45:1.
Additional Inferred resources totalling 15 million tonnes fall
within the currently designed open pit. These could potentially add
200,000 oz of Au and 20,000 tonnes of Cu to the mine plan. The
following table provides a summary of the Definitive Project
Design: Table 1 - Definitive Project Summary
_____________________________________________________________________
| |Definitive Project Design |
|______________________________|______________________________________|
|Mine Reserve Life |16 Years |
|______________________________|______________________________________|
|Project Capex |US$185 million |
|______________________________|______________________________________|
|Remaining Capex |US$173 million |
|______________________________|______________________________________|
|Time to completion |Commissioning Q4 2012 |
|______________________________|______________________________________|
|Gold Reserves |1.68 million ounces of gold |
|______________________________|______________________________________|
|Copper Reserves |229,000 tonnes of copper |
|______________________________|______________________________________|
|Mining Method |Open Pit for Life of Mine + | | |Underground SLOS
from Year 8 onwards |
|______________________________|______________________________________|
|Average Annual Production over|100,000 ounces of gold (+45%) |
|Life of Mine |14,000 tonnes of copper (+69%) |
|______________________________|______________________________________|
|Cash costs * |(US$79) per ounce of gold net of bi | | |product
credits over the first 6 years| | |US$356 per ounce of gold net of
bi | | |product credits over the life of mine |
|______________________________|______________________________________|
|Throughput |Expected to reach 3.5Mtpa by end of | | |2014 with
potential further expansions|
|______________________________|______________________________________|
|Strip Ratio |3.45:1 |
|______________________________|______________________________________|
* Using US$3.00/lb copper. Cash costs over the first 6 years
of the mine life are Negative US$79 per ounce. Mining Open pit
mining at Didipio will be undertaken by a mining contractor and
will comprise of six stages over 14 years taking the open pit to
270 meters below the valley floor. Access to the pit will be via a
double ramp with the maximum planned mining rate of 24Mtpa. Total
material moved over the life of mine will be 199Mt, of which 44.7Mt
will be ore, resulting in a Life of Mine strip ratio of 3.45:1. The
increased mining rates and larger open pit will allow for quicker
access to the higher grade gold than would have been mined via
underground methods later in the mine life. Importantly, the new
open pit design allows for high feed rates to the process plant to
be sustained as well as greater leverage to strong metal prices by
converting more of the resource into reserves. Underground mining
will be via a sub-level open stoping (SLOS) operation with cemented
paste backfill. Access to the underground via decline from the side
of the open pit will commence in 2016 with underground production
currently planned for 2020, ramping up to 1.2Mtpa by 2023.
Underground mining is expected to take place for at least six years
and will run concurrently with the open pit operation. Figure 1 -
Didipio Project Mine Design Processing The process plant will
commence operations at 2.5Mtpa, then by utilising the modified
conservative design, ramping up to 3.5Mtpa by the end of the second
year. Various adjustments to the process plant have been built into
the design in order to optimise throughputs and allow for
significant expansion. Some of these changes include: addition of
flash flotation to the flotation circuit to ensure optimal recovery
with the expectation of a coarser grind in order to maximise
throughputs; expansion of the tailings system now designed to 3.5
Mtpa; addition of expert systems and other plant automation to
improve control and utilisation; and an adjustment to the plant
layout to allow for relatively easy plant expansion in the
future. Additionally, minor capital has been budgeted in the
first year of operations to make upgrades to conveyor drives and
pump drives if necessary to achieve the 3.5mpta throughput rate.
Tailings Storage Facility The Tailings Storage Facility (TSF) has
been re-designed resulting in changes to accommodate for an
increased capacity to 50 million tonnes and the larger open pit
footprint. Additionally, the location of the TSF has been moved to
a tributary catchment of the Didipio valley to reduce the water
catchment area making construction during the wet season easier to
manage and therefore lowering the risk of weather related
construction delays. Capital Costs Total capital costs for the
project are US$185 million with approximately US$12 million spent
as at May 31, 2011 leaving US$173 million left to spend to complete
the project. Construction will take place over the next 15-18
months with commissioning of the process plant on schedule for Q4
2012. The increase in the remaining capital for the project from
US$140 million to US$185 million is reflective of the inflationary
environment for mining projects globally today and a result of
changes to the mine design in order to increase production rates
and take full advantage of stronger metals prices earlier in the
mine life. These changes to the mine design include: -- Addition of
Flash Flotation -- A 33% increase to the power facility in order to
facilitate increased mill throughputs -- Additional capacity in the
Tailings Storage Facility -- Larger piping and pumping capacity to
the tailings storage facility -- Addition of an expert milling
system The capital expenditure profile is estimated to have 35%
spent over the remainder of 2011 and the remaining 65% spent during
2012. The additional working capital associated with the start-up
of the operation will be expended primarily in H2 2012. Operating
Costs Cash operating costs for the project are expected to be
negative US$79 per ounce for the first 6 years of the operation net
of copper bi product credits using US$3.00/lb Cu. Over the life of
mine, cash operating costs are expected to average US$356/oz.
Implementation Plan The project detailed engineering and
procurement contract re-commenced in Q1. The detailed engineering
is expected to be completed over the next six months in line with
the construction schedule. Led by Martyn Creaney, Project Director
- Didipio, the OceanaGold in-house construction and management team
of 20 professionals is fully engaged with all aspects of the
project with near term focus on mobilisation of local contractors
for access road repairs, site infrastructure and accommodation camp
construction. Approximately 90% of the equipment for the process
plant has been received or is under contract. All major items of
equipment including the crusher, mills, flotation cells, motors and
major pumps are in safe storage or have been ordered. Tenders for
site earthworks and infrastructure have been received and contracts
have been placed for road upgrades and camp construction.
Expressions of interest have been received from potential mining
contractors and tendering of the mining contract will commence in
July. Community and Government Relations OceanaGold continues to
undertake social and medical programs in the communities of
northern Luzon. Most recently the second phase of a clean water
infrastructure system was completed providing potable water for
members of the local community. Two medical missions were hosted in
May treating more than 500 patients in Upper Tucod, Nueva Vizcaya
and Lower Tucod, Quirino. Additionally, various capacity building
training programs commenced in the areas of general book keeping
and accounting, carpentry, masonry, plumbing as well as innovative
programs in agriculture management. Road repair contracts have been
placed with locally based contractors and the Company also expects
to sign a new Memorandum of Agreement in the coming months with the
local Didipio Barangay Council which outlined OceanaGold's
continued commitment and close partnership with the local
communities. Reserves The new reserve model for the project
demonstrates a 70% increase to the reserve tonnage and now totals
50.7 million tonnes compared to the 29.7 million tonne reserve in
the earlier design. This has resulted in a 19% increase in gold
reserves and a 35% increase in copper reserves utilising a US$950 /
oz gold price and $2.85 / lb copper. Mineral Resources The estimate
of Measured and Indicated Mineral Resources as at June 1, 2011 has
increased by 0.13 Moz of gold and 0.02 Mt of copper compared to the
Company's most recent resource/reserve update as at December 31,
2010, while the estimate of Inferred Mineral Resources has
increased by 0.13 Moz of gold and 0.02 Mt of copper compared to the
December 31, 2010 update. These increases are due to the lowering
of the open pit / underground resource reporting boundary (from
2,540mRL to 2,390mRL) to the base of the expanded open pit. This
has resulted in a greater proportion of the total resource being
reported at the 0.4 g/t eqAu open pit cut-off. Class Mt Au g/t Cu %
Au Moz Cu Mt Measured 15.96 1.67 0.56 0.86 0.09 Indicated 54.21
0.73 0.37 1.27 0.20 Measured & Indicated 70.17 0.95 0.41 2.13
0.29 Inferred 30.73 0.44 0.23 0.44 0.07 Notes: 1. Mineral Resources
are inclusive of Mineral Reserves 2. Mineral Resources above the
2,180mRL and below the 2,390mRL at a 1.5 g/t eqAu cut-off grade,
and above the 2,390mRL at a 0.4 g/t eqAu cut-off grade . Gold
Equivalence (eqAu) = Au g/t + 2.06 x Cu %, based on metal prices of
US$950/ounce for gold and US$2.85/pound for copper. 3. There can be
no assurance that those portions of mineral resources that are not
mineral reserves will ultimately be converted into mineral
reserves. Mineral resources are not mineral reserves and do not
have demonstrated economic viability. These mineral resource
estimates include inferred mineral resources that are normally
considered too speculative geologically to have economic
considerations applied to them that would enable them to be
categorised as mineral reserves. There is also no certainty that
these inferred resources will be converted to measured and
indicated categories through further drilling, or into mineral
reserves once economic considerations are applied. Mineral Reserves
Mineral reserve estimates as at June 1, 2011 have increased by
20.93 million tonnes compared to the December 31, 2010
resource/reserve update. Source Class Tonnes Au (g/t) Cu (%) Au
(Moz) Cu (kt) Open Pit Proven 13,790,000 1.60 0.59 0.71 81 Probable
30,950,000 0.55 0.39 0.55 121 Underground Probable 5,910,000 2.25
0.45 0.43 27 Total Proven 13,790,000 1.60 0.59 0.71 81 Total
Probable 36,860,000 0.82 0.40 0.97 148 Total Proven and 50,650,000
1.03 0.45 1.68 229 Probable Notes: Reserves are based on the
following metal price assumptions: US$950/ounce Au and US$2.85/lb
Cu. Using a copper gold equivalence factor of Au (g/t) eq = 2.06 x
Cu(%), the Cut-off grade for the open pit reserve is 0.5g/t AuEq
and for the underground 1.9 g.t AuEq. 400kt @0.67 g/t and 0.24% Cu
of the underground low grade "mineralised waste" is part of the ore
inventory as it is necessary underground development material that
must come to surface, at which point it is economically attractive
to treat it rather than send it to waste based on processing,
overheads and concentrate costs. For further information on the
Didipio Project, please refer to the "Technical Report for the
Didipio Project" dated 29 October, 2010 which is available on SEDAR
under OceanaGold Corporation. Qualified Persons Mr. Jonathan Moore
(BSc (Hons) Geology, GradDip (Physics)) Principal Resource
Geologist for OceanaGold is the Qualified Person under NI 43-101
responsible for the Didipio Project resource estimates contained
herein. Mr Moore has reviewed and approved the references to the
resource estimate in this release. Mr Rodney Redden (BE, mining,
MBA, MAusIMM) Technical Services Manager for OceanaGold is the
Qualified person under NI 43-101 responsible for the Didipio
Project reserve estimates contained herein. Mr Redden has reviewed
and approved the references to the reserve estimate in this
release. Conference Call The Company will host a conference call to
discuss the Didipio Project at 9.00am on Wednesday 15 June 2011
(Melbourne time). Local (toll free) dial in numbers are: Australia:
02 9696 0911 or 03 8744 4600 New Zealand: 0800 452 573 Canada &
North America 1866 793 3093 All other countries (toll): +61 2 9696
0911 To view the full company release, including images please
refer to the company's website www.oceanagold.com About OceanaGold
OceanaGold Corporation is a significant Asia Pacific gold producer
with projects located on the South Island of New Zealand and in the
Philippines. The Company's assets encompass New Zealand's largest
gold mining operation at the Macraes goldfield in Otago which is
made up of the Macraes Open Pit and the Frasers Underground mines.
Additionally on the west coast of the South Island, the Company
operates the Reefton Open Pit mine. OceanaGold produces
approximately 270,000 ounces of gold per annum from the New Zealand
operations. The Company also owns the Didipio Project in northern
Luzon, Philippines where construction activities are now underway.
OceanaGold is listed on the Toronto, Australian and New Zealand
stock exchanges under the symbol OGC. Cautionary Statement
regarding Forward Looking Information Statements in this release
may be forward-looking statements or forward-looking information
within the meaning of applicable securities laws. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as "expects" or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans", "estimates" or
"intends", or stating that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved) are not statements of historical fact and may be
forward-looking statements. Such forward-looking statements
include, without limitation, statements with respect to any future
resources or reserves attributable to the Didipio Project,
estimated production from the Company's existing properties,
development of the Didipio Project, economic analysis relating to
the Didipio Project and commencement of construction and completion
of the Didipio Project. Forward-looking statements are subject to a
variety of risks and uncertainties which could cause actual events
or results to differ from those reflected in the forward-looking
statements including, among others, the accuracy of mineral reserve
and resource estimates and related assumptions, inherent operating
risks and those risk factors identified in the Company's Annual
Information Form prepared and filed with securities regulators in
respect of its most recently completed financial year. There are no
assurances the Company can fulfil such forward-looking statements
and, subject to applicable securities laws, the Company undertakes
no obligation to update such statements. Such forward-looking
statements are only predictions based on current information
available to management as of the date that such predictions are
made; actual events or results may differ materially as a result of
risks facing the Company, some of which are beyond the Company's
control. Accordingly, readers should not place undue reliance
on forward-looking statements. It is also noted that mineral
resources that are not mineral reserves do not have demonstrated
economic viability. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/June2011/14/c6085.html p
Ms Nova Youngbr/ Investor Relations Officer orbr/ Mr Darren
Klinckbr/ Head of Business Developmentbr/ Tel: +61(3) 9656 5300 /p
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