Macraes Mine
Macraes Mine in East Otago is New Zealand's largest gold mine, owned by OceanaGold Corporation, which consists of a large scale opencast mine (opened in 1990), and a newer underground mine, opened in 2008. It is situated close to the settlement of Macraes Flat. Tours of the mine are available.
Gold production averaged 193,000 ounces/year for 2008 through 2010. Ore grades have been declining, to 1.26 grams/tonne in 2010, but recoveries have improved slightly to 81% of the gold contained in the ore, in 2010. From 1990 through 2014, gold production has totaled about 4 million ounces. The company claims a gold reserve of 1.53 MM troy oz Au plus a larger subeconomic gold resource; and expects the mine to operate at least through 2019.
The gold bearing rocks were formed by the orogenic processes that created the Otago Schist belt.
Coordinates: 45°22′34″S 170°27′01″E / 45.3762°S 170.4504°E
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