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OceanaGold secure Negotiated Greenhouse Agreement

OceanaGold secure Negotiated Greenhouse Agreement The government and gold mining company, OceanaGold, have successfully concluded negotiations for a Negotiated Greenhouse Agreement (NGA).

Through NGAs, businesses whose international competitiveness might otherwise be at risk from an emissions charge agree to move to world's best practice in greenhouse gas emissions management in return for relief from the charge. Companies that exceed their targets can earn tradable emissions units.

"NGAs deliver a triple benefit. They help businesses become more competitive, they typically result in reduced energy consumption (and lower bills) and cut emissions. They are an excellent example of how business and government can work constructively together for mutual benefit," said, Convenor of the Ministerial Group on Climate Change, Pete Hodgson. "The prospect of NGA companies earning tradable emissions units is yet another direct business benefit of New Zealand's ratification of the Kyoto Protocol." "We are pleased to have finalised this agreement with the government. The NGA is important for OceanaGold because we are investing heavily in our business and an NGA mitigates some of the risk in that investment." commented the Chairman of OceanaGold, Kerry McDonald.

The Government has also signed an NGA with the New Zealand Refining Company, and is in negotiations with ACI Glass Packaging, Carter Holt Harvey, Fletcher Building Limited, New Zealand Aluminium Smelters Limited, Newmont Waihi, Norske Skog Tasman and Silicon Metal Industries Limited.

Company information: OceanaGold is a major Australasian gold producer. In New Zealand, it operates Macraes Goldfield in East Otago and Reefton Goldfield on the West Coast.

The opencast Macraes Goldfield is New Zealand’s largest gold producer. It has been in operation since 1990 and has produced over 1.7 million ounces (Mozs) of gold to date. Production for the year ending 31 December 2004 was 185,175 ozs.

Reefton Goldfield comprises two developments: an open cut development at the Globe Progress Mine, and an underground re-development at the Blackwater Mine. Both are major historical underground producers.

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