The soaring value of gold is raising the profile of a sector seen as a haven during troubled times, say listed mining companies.
Darren Klinck, vice-president of corporate and investor relations at OceanaGold, said last week's record US$1000 price per ounce of gold started to put it moreon the map as an investment vehicle.
"Many people look at it as kind of a safe haven investment, something that's tangible, something that you can touch and feel and has intrinsic value to it," Klinck said.
Australian headquartered OceanaGold, which is listed in three countries including on the NZX, was expecting to extract between 280,000 and 300,000 ounces of gold from New Zealand this year. The company operates the Macraes and Reefton goldfields in New Zealand and plans copper and gold mines in the Philippines next year.
"We think we're definitely doing the right thing by bringing on additional production," Klinck said. " ... with gold pushing through US$1000 it will, I'm sure, be added to more radar screens out in the investment community."
Trent Lash, managing director of NZX-listed explorer Heritage Gold NZ, said the Waihi district was probably one of the richest gold fields in the world.
Waihi has gold deposit formed by volcanic solutions coming from deep in the earth's crust, he said.
Heritage Gold explores primarily in the Waihi district and is also working to bring back into production the Talisman mine - historically New Zealand's second largest gold producer with more than 1 million ounces of gold and 3 million ounces of silver.
