Still finding gold at Macraes after three million ounces

Deputy Prime Minister Bill English and OceanaGold's chief operating officer Mark Cadzow hold a...
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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