Waihi mining acquisition by OceanaGold good news for NZ

Waihi mining acquisition by OceanaGold good news for NZ

OceanaGold Corporation’s purchase of Newmont Waihi Gold’s operations strengthens New Zealand’s reputation as an environmentally-responsible gold producer, Straterra says.

Confirmation of OGC’s purchase of NWG’s assets in New Zealand for $101 million was announced today. That includes the Martha open pit mine, and the underground mining operations, including Correnso, as well as exploration activities in and around Waihi. The combined New Zealand operations are expected to produce around 250,000 to 300,000 ounces of gold a year over the next few years.

Straterra CEO Chris Baker said today that rationalisation of gold producing and exploration assets is commonplace in the global mining industry.

“This consolidation is very good news for New Zealand because it increases the mining company’s flexibility in exploration and mine planning, including environmental management. This could extend the life of gold mining operations in New Zealand potentially by many years.”

“Gold is New Zealand’s second most important export to our biggest trading partner, Australia, so the flow-on effect to the New Zealand economy is expected to be significant over time.”

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