Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Two Millionth Ounce Poured


18 November 2005

Two Millionth Ounce Poured

OceanaGold announced that it will be pouring the two millionth ounce of gold from its Macraes’ gold mine today. The Macraes’ operation was commissioned in 1990 and is located in the prolific Macraes Goldfield on the South Island of New Zealand. It remains New Zealand’s largest producing gold mine and still contains 3.9 million ounces of gold resource.

In conjunction with the Macraes surface operations, OceanaGold is developing the Frasers Underground on deep extensions of the surface mined Macraes ore body. The full extent of the mineralisation in this goldfield is still undefined and significant potential exists to discover other underground ore bodies along the twenty kilometre strike extent of the known mineralisation.

OceanaGold is also developing the Globe Progress surface mine in New Zealand’s Reefton Goldfield on the South Island. The Company controls the tenements over this prospective region’s 35 kilometre mineralised trend and has defined another 1.4 million ounces of gold resource.

Once the Globe Progress and Frasers mines are commissioned, the Company expects to increase its production by 65% to 300,000 ounces per year.

On the north end of the South Island, OceanaGold has also defined 0.8 million ounces of gold resource at its Sams Creek exploration project.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Air New Zealand: Relaunching 14 International Routes In 16 Days

Air New Zealand is gearing up for the busiest July in two years with the relaunch of 14 international routes in 16 days... More>>

Inland Revenue: Update On Hidden Economy Real Estate Campaign

The Inland Revenue campaign focussing on the real estate sector has resulted in a drop in the amount of private expenses claims being made... More>>

Westpac: Consumer Confidence Plummets To Record Lows As Financial Pressures Mount

The Westpac McDermott Miller Consumer Confidence Index dropped sharply in the June quarter, falling 13 points to a level of 78.7... More>>

BusinessNZ: NZ Economy - Prevailing Headwinds
The latest BusinessNZ Planning Forecast reveals business and consumer confidence is low, with factors at home and abroad hampering our recovery... More>>

Specialist Cheesemakers Assn: Shared Cheese Heritage Should Be Shared Not Stripped

As the EU-New Zealand FTA advances New Zealand cheesemakers are urging both Governments to recognise and celebrate the shared cheesemaking heritage that exists between European countries and New Zealand... More>>

Download Weekly: $60 million for more rural connections
David Clark, the digital economy and communications minister, announced the government will spend $60 million to further improve rural connectivity over the next few years... More>>