Oceana Gold cuts capital expenditure

Oceana Gold, whose development of its underground east Otago and West Coast tunnels has been stalled for more than six months, has announced capital expenditure cuts of more than $12 million.

In spite of the cuts, Oceana said testing at Frasers underground in East Otago and the West Coast's Globe Progress open pit near Reefton had extended estimates of gold reserves, improved potential margins and would reduce the expected capital expenditure at both projects.