The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) and the S&P/ASX All Ords Gold (Index: ^AXGD) (ASX: XGD) may have sunk lower on Friday, but one gold miner was able to defy both indices with a move higher.
The OceanaGold Corporation (ASX: OGC) share price was one of the best performers on the market today with a 5% gain to $3.39.
What happened?
Today's gain is likely to be a positive reaction to OceanaGold's production update released after the market closed on Thursday.
According to the release, the gold miner achieved record annual production of 574,606 ounces after delivering record quarterly production of 166,211 ounces in the fourth-quarter.
This record production was an increase of almost 38% on FY 2016. Pleasingly this ramp up in production was complemented by a 13% reduction in unaudited all-in sustaining costs to US$617 per ounce.
No details were given on the average price realised for its sales, but management will reveal all when its provides its financial results after the market closes on February 22.
Elsewhere in the industry, the Newcrest Mining Limited (ASX: NCM) share price and the Saracen Mineral Holdings Limited (ASX: SAR) share price were off form today, falling 2% and 3%, respectively.
