Source: Radio New Zealand
Waihī mine. 123RF
The Waihī North extension of OceanaGold’s Waihī mine has gained approval under fast-track legislation.
The decision was jointly announced by Infrastructure Minister Chris Bishop and Resources Minister Shane Jones, and aimed to extend gold and silver mining in the area until 2043.
Jones estimated approval would have taken more than five years under the usual consenting process.
It became the first major mining project to gain full approvals and consents under last year’s Fast-track Approvals Act, in a process that was completed in 112 working days.
The project is expected to generate $5.2 billion in additional silver and gold exports over its 18-year life – around $286 million per year.
“The Waihī North Project will support around 800 jobs in Hauraki District and beyond over its 18-year life, and these well-paid jobs will inject millions into the regional economy while boosting export earnings for the country,” Jones said.
Bishop said an expert panel estimated the extension would generate $425 million in government revenues in 2025 dollar terms.
Oceana Gold Senior Vice President Alison Paul expected OceanaGold to invest around $1 billion in the project with $240 million invested in the Hauraki District.
“Once producing, the Wharekirauponga Underground mine will generate over NZ$8 billion of export revenue for New Zealand (estimated at current gold prices).”
The Waihī North Project included the Wharekirauponga underground mine located approximately 10 kilometres north of OceanaGold’s current Waihī Operation.
Canadian-headquarted OceanaGold bought the Waihī mine from US company Newmont Mining in 2015 in a deal valued at over US$100 million.
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
