OceanaGold Receives $30M for Sale of the Blackwater Project

Rhea-AI Summary

OceanaGold (TSX: OGC, OTCQX: OCANF) has finalized the sale of its interest in the Blackwater project in New Zealand. The deal, pending regulatory approvals and closing conditions, has been completed, resulting in OceanaGold receiving $30 million in cash. The transaction is expected to generate an after-tax accounting gain of $10 million in the second quarter of 2024.

Positive

• Secured $30 million from the sale of the Blackwater project.
• Expected after-tax accounting gain of $10 million in Q2 2024.

Negative

• None.

VANCOUVER, BC, June 24, 2024 /PRNewswire/ - OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") confirms it has completed the previously announced sale of the Company's interest in the Blackwater project in New Zealand following the receipt of all required regulatory approvals and satisfaction of all closing conditions. As consideration for the sale, OceanaGold received $30 million in cash and expects to record an after-tax accounting gain of approximately $10 million in the second quarter.

About OceanaGold

OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand.

View original content to download multimedia:https://www.prnewswire.com/news-releases/oceanagold-receives-30m-for-sale-of-the-blackwater-project-302179991.html

SOURCE OceanaGold Corporation

FAQ

What did OceanaGold receive for the sale of the Blackwater project?

OceanaGold received $30 million in cash for the sale of its interest in the Blackwater project.

When was the sale of OceanaGold's Blackwater project completed?

The sale of OceanaGold's Blackwater project was completed on June 24, 2024.

What is the expected financial impact of the Blackwater project sale on OceanaGold?

The sale is expected to result in an after-tax accounting gain of $10 million in Q2 2024.

What are the regulatory approvals related to the Blackwater project sale?

The sale was contingent upon receiving all required regulatory approvals and satisfaction of closing conditions.