OceanaGold Corporation
(ASX:OGC) has spruiked a strong outlook for the end of the year and expects to finish the year with production up.
The New Zealand and Philippines focused company has also confirmed its Didipio Gold-Copper Project in the Philippines was not directly impacted by recent typhoons.
Managing Director & CEO Mick Wilkes is expecting a strong December quarter as a result of higher grades across all operations which he expects will translate to strong cash flow.
OceanaGold intends to use the cash to pay down debt and is aiming to cut its debt by about $40 million to reduce gearing and improve its balance sheet.
Mr Wilkes has also detailed a range of cost initiatives across the company as it deals with the flow-on effects of a falling gold price.
Shares in OceanaGold have lost more than 30 per cent this year, easing 1.32 per cent yesterday to close at $1.87 before the announcement was made.
OceanaGold booked a net loss of $68.4 million for the first half of the 2013 calendar year.
