Deputy Prime Minister Bill English and OceanaGold's chief
operating officer Mark Cadzow hold a gold bar containing
the three millionth ounce of gold from the Macraes mine.
OceanaGold has poured the three millionth ounce of gold
from its Macraes mine in East Otago since it opened in 1990.
Company chief executive Paul Bibby said such a milestone was
one few mines had reached in Australia and New Zealand, and
with exploration indicating further gold reserves, he said
the gold mine was entering a significant phase in its
history.
The Macraes mine is the country's largest and combined with
the Reefton open cut mine on the West Coast, makes
OceanaGold's New Zealand operation the fourth-largest gold
producer in New Zealand and Australia.
Last year, the two mines produced a record 300,391 ounces of
gold and the company expects to produce between 270,000 and
300,000 ounces a year.
Last year, the company raised $30 million to expand its
exploration programme, which identified new gold reserves at
Macraes with the potential to extend the life of the mine by
between 12 and 14 years.
The increased reserves were largely due to brownfields
exploration at Round Hill and Panel 2 Deeps deposit.
Deputy Prime Minister Bill English was on hand for last
Friday's ceremonial pouring of the three millionth ounce, and
said the Macraes and Reefton mines were examples of what
responsible resource development could do for local and
national economies.
It also demonstrated the extent of New Zealand's mineral
wealth, he said.
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