OceanaGold's Exciting Milestone with Waihi North Project
OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) proudly announces that the Expert Panel appointed by the government has given the green light for the Waihi North Project (WNP). This significant decision marks a pivotal moment for the company, as it embarks on a journey that holds promise for enhanced gold production and community benefits.
Key Details of the Permit Approval
With the permit in hand, OceanaGold can now advance the development of WNP, which encompasses the Wharekirauponga Underground mine located approximately 10 kilometers north of the existing Waihi operation. This permit covers crucial elements including the underground mine's development, expansion of existing processing and water treatment plants, and the construction of a new tailings storage facility. This achievement has been years in the making and sets the stage for the company's growth in New Zealand.
Contractor Mobilization and Underground Mining Plans
The OceanaGold Board has approved selecting a mining contractor to begin tunnelling, with expectations of mobilization in the first half of 2026. Additionally, contracts for bulk earthworks at the Willows portal site and a project for power upgrades have been awarded. This progress showcases the company’s commitment to timely project execution and operational excellence.
Exploration and Drilling Enhancements
WNP also allows for a substantial increase in drilling capabilities, with the number of exploration drill pads and allowable drill rigs doubling to six. This enhancement enables OceanaGold to fast-track their exploration efforts at Wharekirauponga, which is expected to occur throughout 2026 and beyond.
CEO's Reflections on Project Approval
Gerard Bond, President & CEO of OceanaGold, expressed enthusiasm about the project approval, highlighting its significance. “This is a major milestone for OceanaGold and underscores our long-standing commitment to safe and responsible mining operations,” he shared. Bond emphasized that this project will contribute positively to the economy through job creation and investment while maintaining strong environmental standards.
The Waihi District: A Gold Mining Legacy
The Waihi District in New Zealand boasts a rich history of gold mining, having produced approximately 8 million ounces of gold. This town, located around 140 kilometers southeast of Auckland, is home to the company’s Waihi operations, which include the thriving Martha Underground mine in addition to the new WNP. The nearby Willows property, adjacent to the Coromandel Forest Park, will serve as the main access point for the Wharekirauponga mine, underscoring the project's strategic importance.
Socio-Economic Contributions
The development of the Waihi North Project is anticipated to bring noteworthy socio-economic benefits to the area and New Zealand as a whole. This growth is expected to create substantial employment opportunities and stimulate local economies. As OceanaGold embraces environmentally friendly practices, it continues to reaffirm its commitment to sustainable mining operations.
Future Developments at the Waihi North Project
Looking ahead, the OceanaGold Board has already taken steps towards executing plans, including tunnelling construction scheduled for the first half of 2026. Infrastructure projects are progressing, including a 5-kilometer services trench that will connect to the existing Waihi operations. These developments are expected to pave the way for future gold production, with initial output anticipated in 2032.
About OceanaGold Corporation
OceanaGold is a well-established intermediate gold and copper producer known for its responsible mining practices. The company operates four mines: the Haile Gold Mine in the USA, the Macraes and Waihi operations in New Zealand, and the Didipio Mine in the Philippines, holding an 80% stake. OceanaGold's dedication to maximizing Free Cash Flow ensures it can fund its projects while delivering solid returns to shareholders.
Frequently Asked Questions
What is the Waihi North Project?
The Waihi North Project is an initiative by OceanaGold aimed at developing the Wharekirauponga Underground mine, enhancing gold production in New Zealand.
When is tunnelling expected to begin for the Waihi North Project?
Tunnelling is expected to begin in the first half of 2026 following the selection of a mining contractor.
How will the Waihi North Project benefit the local community?
The project aims to create jobs, stimulate investment, and contribute positively to the economy of the Waihi region.
What environmental standards does OceanaGold adhere to?
OceanaGold operates under stringent environmental and social standards, ensuring compliance with New Zealand's rigorous laws.
What other projects is OceanaGold involved in?
Besides the Waihi North Project, OceanaGold operates other mines including the Haile Gold Mine, Macraes, and Didipio Mine, focusing on sustainable mining practices across its portfolio.
