Quarter-on-quarter gold production decreased 27% with the completion of mining at the Correnso orebody at Waihi in the first quarter and lower than planned production at Macraes due mainly to COVID-19 restrictions in place during the second quarter. In the first half of the year, the Company generated Net loss before unrealised losses on undesignated hedges was The Company continues to advance its organic growth pipeline including the Waihi District opportunities. "Our business model, underpinned by a large, diverse and gold-based operating portfolio, has performed well and allowed us to deliver another solid quarter of operating and financial results as unprecedented challenges caused by COVID-19 began to develop," commented Bill Heissenbuttel, President and CEO. This material is now expected to be mined in the first half of 2021 and as a result some production will be deferred. We completed 2,855 metres of development at Martha Underground in the first half, and first gold production remains on-track for the second quarter of 2021. New Gold Inc. reports second quarter results for the Company as of 30, 2020 as well as its updated operational outlook for 2020. According to Barrick, as of December 31, 2019, total proven and probable reserves subject to the Companys royalty interests contained 3.5 million ounces of gold (consisting of 87.0 million tonnes of ore at a grade of 1.26 grams per tonne). The Plutonic Gold Operations produced and sold 15,177 and 15,536 ounces of gold, respectively, for the second quarter of 2020. If you are unable to attend the call, a recording will be available for viewing on the Company's website.Authorised for release to market by OceanaGold Corporate Company Secretary, OceanaGold Corporation is a mid-tier, high-margin, multinational gold producer with assets located in OceanaGold has operated sustainably since 1990 with a proven track-record for environmental management and community and social engagement. The production target and financial forecast referred to in the PEA are comprised of 51% Indicated Mineral Resources and 49% Inferred Mineral Resources. These protocols include the mandatory self-isolation of those exhibiting COVID-like symptoms, plus anyone with exposure to those exhibiting symptoms.
According to Golden Star, as of December 31, 2019 the total proven and probable mineral reserves at Wassa contained 1.4 million ounces of gold, and total mineralized material increased over the prior year to approximately 11.2 million contained ounces of gold.During the quarter, Barrick provided the Company with an updated reserve statement and life of mine plan for Cortez.
We disclaim any obligation to update any forward-looking statements, except as required by law.
In the second quarter, a working team created by the President completed a review of the FTAA renewal which included engagement with the Company before re-endorsing the renewal to the Office of the President where it remains for a decision. On May 1, Centerra announced that processing of surface ore stockpiles using only the primary crusher continued during this period of reduced operations, and a planned two-week maintenance shut-down occurred during mid-April. Centerra further reported that process plant operations restarted in late April and mine operations are expected to ramp up production in mid-May, and the short-term decrease in activity is not expected to have a material impact on calendar 2020 production, or cause changes to calendar 2020 guidance.Barrick Gold Corporation ("Barrick") reported that it continues to advance engineering and evaluation work towards a feasibility study for the process plant expansion and proposed tailings storage facility that could extend the mine life at Pueblo Viejo to beyond calendar 2040. New Gold announced that it has withdrawn its calendar 2020 guidance until the impact of COVID-19 is better understood.On March 27, 2020, Golden Star Resources Ltd. ("Golden Star") reported that deep drilling in calendar 2019 successfully extended the mineralization at Wassa by 200 meters to the south where the deposit remains open to the south and down dip. The Company has maintained Didipio in a state of operational readiness for rapid re-start on the expectation that a resumption of normal operations could be achieved in 2020, either through lifting of restrictions imposed on access, or completion of a renewal of the Financial or Technical Assistance Agreement (FTAA). Forward-looking statements and information relate to future performance and reflect the Company's expectations regarding the generation of free cash flow, achievement of guidance, execution of business strategy, future growth, future production, estimated costs, results of operations, business prospects and opportunities of OceanaGold Corporation and its related subsidiaries. Despite this, Haile continues to increase mining rates at reduced unit costs." The study highlighted the district's potential, including production of 2.2 million gold ounces over 16 years of additional mine life at sub-"Given the year-to-date impact at Macraes we are revising our consolidated full year 2020 production guidance to 340,000 and 360,000 ounces of gold (excluding Didipio).
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