Waihi Gold Mine Investment a Boost of Confidence at a Critical Time

Waihi Gold Mine Investment a Boost of Confidence at a Critical Time

Posted on 20 July 2020

MEDIA RELEASE

Straterra, New Zealand’s minerals sector industry organisation, has welcomed Friday’s announcement from OceanaGold of a significant new investment in its Waihi operations.

“This is excellent as it does come at a critical time in the current Covid-19 battered economic environment. Gold is in high demand globally and we are fortunate we can take advantage of these globally significant resources” said Straterra CEO, Chris Baker.

“OceanaGold is proposing to enlarge the current Martha open pit and mine a second smaller pit to the south of Waihi.  It also proposes ancillary processing investments, including a new tailings storage facility and rock stack.

“Most importantly, if the consents are given and the project goes ahead, the proposed investment would extend the life of mining in the world class Waihi gold province through the 2030’s and grow jobs and export revenue in the process.

“Gold is already New Zealand’s number one export to Australia and this investment will further increase the economic benefits for New Zealand.

“Gold has long been seen as a hedge against economic uncertainty and this hedge status is helping drive demand at present. Other uses include as an important component in electronics, telecommunications, medical diagnostics, many emerging ‘low carbon’ technologies and, of course, jewellery.

“This investment will be a huge shot in the arm for the community and a boost of confidence for most New Zealanders. There will be opponents, but the consenting process is robust and OceanaGold places a high priority on community consultation, wellbeing and environmental responsibility – as they should” Mr Baker concluded.