Oceana Gold cuts short-term production

Oceana Gold has cut short-term gold production by 17 per cent but remains bullish about its 21 per cent increase in estimated Reefton gold reserves and a three-year, $7.51 million exploration programme.

Chief executive Steve Orr confirmed Oceana had revised downward its initial public offering guidance, of achieving 350,000oz to 400,000oz annual gold production by 2006-07 to about 290,000oz.