OceanaGold Submits Permit Application and Provides Technical and Exploration Update Supporting Mine Life Extension at Macraes
OceanaGold has lodged its Macraes Phase 4 (MP4) permit application under New Zealand's Fast-track Approvals Act 2024, seeking to extend mine life at Macraes from the current reserve life of 2032 to the late 2030s, with full permitting expected by mid-2027 subject to appeals. The company is targeting production above 100,000 ounces of gold per year into the late 2030s, anchored by the proposed Southern Pit Innes Mills and an extension of Golden Point Underground, with an updated NI 43-101 technical report carrying economics due in early 2028.
Key figures
- Production target
- maintain production above 100,000 ounces per year into the late 2030s
- Notable intercepts
- ["7.9 m @ 5.4 g/t Au (Coronation, DDH8286)","4.0 m @ 7.9 g/t Au (Nunns, RCH8344)","25.0 m @ 0.8 g/t Au (Innes Mills, DDH8224, 150 m down-dip extension)","27.0 m @ 3.0 g/t Au (GPUG, DDH8269)"]
- Historic production
- 6 million ounces over 36-year operating history
- Mine life extension
- reserve life of 2032 extended to late 2030s, potential into the 2040s
- Drilling metres 2026
- 60,000 m
- Spim resource timing
- into Mineral Resources by year-end 2026
- Exploration spend 2026
- record expected US$13 million
- Expected permit decision
- fully permitted by mid-2027, subject to appeals
- Updated technical report
- NI 43-101 expected early 2028
AI analysis
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