OceanaGold's optimisation studies expected to add ounces
KALGOORLIE (miningweekly.com) – Gold miner OceanaGold would complete an optimisation study on its New Zealand gold operations before the end of the year.
COO Michael Holmes told delegates at the first day of the Diggers & Dealers conference, in Kargoorlie, that the New Zealand assets were still estimated to host about eight-million ounces of gold-in-ground, and the company was investigating organic growth opportunities at its Macreas and Reefton operations.
The Reefton project was currently expected to reach the end of its mine life by the end of 2015, with the Macreas underground operation expected to be complete by mid-2015, while the openpit operation would wrap up operations by the end of 2017.
In New Zealand, OceanaGold’s gold output for the first half of 2014 was 102 133 oz, of which 46 045 oz were produced in the second quarter.
Meanwhile, an optimisation study at the Didipio project, in the Philippines, was also on track for completion by the end of the quarter.
Holmes said the Didipio study would investigate the potential of increasing throughput at the Didipio plant from 2.5-million tonnes a year to 3.5-million tonnes a year.
The study would also investigate the most effective way of accessing higher-grade ore as well as the interphase between the openpit and the proposed underground mine.
The current openpit operations, which were started in 2012, were expected to continue until 2021, with the underground operations extending the mine life until 2029.
“Part of the optimisation study would also look at connecting into the national grid, rather than relying on generators for power,” Holmes added.
The Didipio operation produced 45 266 oz of gold and 11 185 t of copper in the first half of 2014, including 14 786 oz of gold and 4 706 t of copper in the second quarter.
OceanaGold trades its shares on stock exchanges in Australia, New Zealand and Canada.
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