OceanaGold Corporation has received approval from New Zealand’s Overseas Investment Office (OIO) for its acquisition of the Waihi Operation on New Zealand’s North Island, from Newmont Mining Corporation. The financial closing of the transaction is now anticipated to take place on 30 October 2015.
The Waihi combined open pit and underground measured and indicated resources, inclusive of reserves, as at June 30, 2015 were estimated as 1.52 million tonnes @ 6.33 grams/tonne gold and 24.0 grams/tonne silver containing 310,000 ounces of gold and 1.175 million ounces of silver.
Inferred resources total 610,000 tonnes @ 7.73 grams/tonne gold and 16.7 grams/tonne silver containing 152,000 ounces of gold and 329,000 ounces of silver.
OceanaGold’s managing director and CEO Mick Wilkes said the company was pleased to receive OIO’s approval and looked forward to integrating the operation into its business and welcoming the Waihi Operation employees.
“The Waihi Operation represents a strong strategic fit with our existing business and we are excited to welcome this high quality asset and its talented team into OceanaGold. We are looking forward to working with employees, contractors and local stakeholders to add further value to this unique operation by extending mine life and seeking out operational efficiencies,” he said.
OceanaGold is a significant multinational gold producer with mines in New Zealand and the Philippines. The company’s assets encompass New Zealand’s largest gold mining operation at the Macraes Goldfield in Otago which is made up of the Frasers and Coronation open pits and the Frasers underground mine. Also on the South Island, the company operates the Reefton Open Pit mine.
In the Philippines, OceanaGold owns and operates its flagship operation, the Didipio Gold-Copper Mine, on the island of Luzon.
In 2015, the company expects to produce and attribute 380,000 to 410,000 ounces of gold from the combined New Zealand and Philippines operations, and 22,000 to 23,500 tonnes of copper from Didipio.