OceanaGold wants to keep mining under conservation land on Waihi’s coastline to keep its operation going for another decade. Could controversy derail their investment?
The owner of Waihi’s gold and silver mine believes it could extend its operation for another decade if it’s allowed to expand to a new area.
OceanaGold is mining underneath its Martha open pit and carrying out exploratory drilling under the Coromandel Forest Park nearby.
The Canadian listed company’s earlyresearch indicated 1 million ounces of gold at a high grade could be in the ore under the new area.
“We’re continuing to find good grade mineralisation that we’re optimistic about,” Alison Paul told Markets with Madison in Waihi.
“The mining phase is in the order of a decade of mining.”
“Nothing is guaranteed,” Paul said of the controversial expansion plan.
“And I think the way a business like ours has to respond to that is to listen.
“One of the things we’ve been clear on from the outset is that we wouldn’t be putting any surface mining activities in the conservation estate.”
Go underground and above Waihi’s gold and silver mine in today’s episode of Markets with Madison above.
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Disclaimer: The information provided in this programme is of a general nature, and is not intended to be personalised financial advice. We encourage you to seek appropriate advice from a qualified professional to suit your individual circumstances.
Madison Reidy is host and executive producer of the NZ Herald’s investment show Markets with Madison. She joined the Herald in 2022 after working in investment, and has covered business and economics for television and radio broadcasters.
