OceanaGold Corporation (ASX:OGC, TSE:OGC, NZX:OGC) has reported a fall in its first quarter profit and flagged plans to buy the Waihi Gold Mine for $US101 million.
The Philippines and New Zealand focussed gold producer’s profit dropped 58 per cent to $US24.5 million in the first three months of this year.
OceanaGold has also inked a deal to buy the Waihi asset in New Zealand from Newmont Mining Corporation, subject to due diligence and conditions being met.
CEO Mick Wilkes believes Waihi will deliver meaningful production and free cash flows in addition to significant optionality through exploration of the highly prospective region.
OceanaGold returned to profit and booked a net profit of $136 million in the 2014 calendar year.
