What's Happening?
OceanaGold has secured final permitting approval from the New Zealand government to develop its Waihi North Project (WNP), which includes the Wharekirauponga Underground mine. This project is located approximately
10 km north of the existing Waihi operation. The approval encompasses the development and operation of the mine, expansion of the current processing and water treatment plants, and construction of a new tailings storage facility. The decision concludes a multi-year permitting process, allowing OceanaGold to proceed with the execution phase. The company has already selected a mining contractor for underground tunneling and awarded contracts for bulk earthworks and a power upgrade project. The mining contractor is expected to begin tunneling in the first half of 2026.
Why It's Important?
The approval of the Waihi North Project is a significant milestone for OceanaGold, as it grants access to one of the highest-grade undeveloped gold orebodies in the industry. This development is expected to provide substantial economic benefits, including job creation and investment in the region. The project aligns with New Zealand's rigorous environmental standards, ensuring compliance with all legal requirements. The expansion of exploration flexibility at Wharekirauponga, with increased drill pads and rigs, is anticipated to accelerate resource growth and mine planning. The project is poised to extend the life of the Waihi operation, contributing to the local economy and biodiversity.
What's Next?
Early works at the Waihi North Project are already underway, with the construction of a 5 km services trench for power, water, and communications from the existing Waihi operations. Civil works and fabrication at the expanded water treatment plant are progressing, with completion expected by the second quarter of 2026. This will enable decline development and underground works to commence. Gold production from the Wharekirauponga Underground mine is projected to begin in 2032, with first stope ore in 2033. OceanaGold plans to internally fund the development of WNP while advancing other growth opportunities across its portfolio.
