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OceanaGold

OceanaGold Corporation
Public
Traded as
Industry Gold Mines
Founded 1989
Headquarters Melbourne, Australia
Key people
Mick Wilkes, CEO
Website www.oceanagold.com

OceanaGold Corporation (OceanaGold) is a Canadian-Australian firm producing gold and copper. It has operations in New Zealand and the Philippines. The company is also looking to open mines in El Salvador. "OGC" is its symbol on the Toronto, Australian and New Zealand stock exchanges.

The company was founded as Macraes Mining Company in 1989, after it had gained ownership of tenements from Golden Point Mining and BHP Gold Mines. It started to open-pit mine the Macraes Mine, Otago in 1990. In 2003 the company incorporated and became OceanaGold. A merger with Climax Mining took place in 2006. In 2008, it opened Frasers Underground mine, also in Otago.

In 2013 OceanaGold bought Canadian mining company Pacific Rim Mining Corporation. Production in New Zealand was reduced due to falling gold prices in early 2014. In 2015, Newmont Mining Corporation's operations in Waihi were purchased.

OceanaGold Corporation owns both producing and developing mines, with operations on the South Island of New Zealand and development and exploration activities in New Zealand and the Philippines.

OceanaGold operates Macraes Mine and Frasers Underground in Otago, Reefton mine, Reefton and Martha Mine, Waihi. Macraes Mine and Reefton mine are open-pit, Martha Mine has a discontinued open-pit. Martha Mine and Frasers Underground have operational underground mines.

OceanaGold operates the open-pit Didipio Mine in Kasibu,Nueva Vizcaya, Philippines. Located approximately 270 kilometres north of the Philippine capital of Manila on the island of Luzon. The Didipio Mine workforce consists of 1,800 employees and contractors of which over 98% are Filipino nationals including more than 50% from the local communities.. Production started from April 2013. The mine is producing 25 thousand tonnes of copper and 106256 ounces of gold annually.

In 2007, there were disputes over how the company gained permission to demolish houses on the proposed mining site, and whether a $680,000 was owned for a quarrying permit. In early 2008, the Nueva Vizcaya provincial government severed temporary injunctions restricting further work. OceanaGold argued that the injunctions were illegal. In June, the Philippine Court of Appeals ruled in favor of the company, issuing a 60 days temporary restraining order preventing the provincial government acting on its injunctions. Environmental groups led by Kalikasan-People’s Network for the Environment criticized the appeals court Order: "the entry of OceanaGold is the root cause of tension and violence among Ifugao communities in Dipidio."


Year Total gold (oz) Total copper (tonne)
2014 307,463 25,010

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Wikipedia

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