OceanaGold’s New Zealand operations were impacted by a five-week government shutdown in April with Macraes limited to processing stockpiles to maintain the autoclave in a safe and operable state. At the end of July, the company announced that despite a strong rebound in mining activity at Macraes in May and June, the operation would not be able to make up for the shortfall in mining this year and some production originally expected in the fourth quarter would shift into 2021. As a result, they announced at the end of July that is has reduced Macraes 2020 production guidance range to between 140,000 and 150,000 ounces (oz) of gold.
Despite the five-week temporary cessation of development at Martha Underground, the company continues to expect first production in the second quarter of 2021. OceanaGold continues to advance the other opportunities within the Waihi District through the permitting phase and recently announced receipt of the mining permit for the WKP Hauraki tenement. Exploration drilling continues at both Martha Underground and WKP with a focus on resource conversion and extension.
“We continue to advance the Waihi District opportunities which are planned to deliver the largest organic growth in OceanaGold’s 30-year history,” Michael Holmes, President and CEO of OceanaGold said. “In addition to Waihi, we continue to advance the Golden Point underground study which we anticipate completing this quarter and demonstrate a meaningful mine life extension at Macraes.”
