Oceanagold grows a little more

Oceanagold has two operating mines in New Zealand,on the south island.It acquired land in the Phillipines and opened a new mine this year.It has been operating now for about two quarters.It (Didapio) produced 18,000 ounces of gold in the third quarter and 6150 tonnes of copper.When in full production it will produce 100,000 ounces of gold annually and 14,000 tonnes of copper.Consequently Oceanagold has given guidance of expected production of 285,000 to 325,000 ounces of gold for 2013.It has also reduced costs in New Zealand so that now cash costs to produce an ounce of gold has fallen to $550 from $650 an ounce.These changes have caused EBITDA to rise from $47 million in the first quarter and $42 million in the second quarter to $76 million  in quarter three.
The acquisition
Oceanagold expects their production to increase in 2014 for two reasons.Firstly production from their new mine(Didapio) will increase from it's present rate of 50,000 ounces a year to 100,000 ounces.This should be fully onstream in 2014.Secondly it acquired a new mine and a new company called Pacific Rim in October.The acquisition price was only $10.5 million;the new company was acquired for .04006 common shares of Oceanagold 's shares.The new mine called El Dorado is in El Salvador and is described as a high -grade gold and silver resource.No timetable is given for production but it is known how fast Oceanagold developed their property in the Philippines.So I think we should expect  a little  production in 2014 or early 2015.