What's Happening?
OceanaGold has secured final permitting approval from the New Zealand government to develop the 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 of underground mining operations, expansion of the current processing and water treatment plants, and the construction of a new tailings storage facility. This 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 significant for OceanaGold and the local economy. It unlocks access to one of the highest-grade undeveloped gold orebodies, ensuring long-term growth for the Waihi operation. The project is expected to provide substantial economic benefits, including job creation and investment in the region. Additionally, it has been rigorously assessed under New Zealand's environmental laws, promising biodiversity benefits alongside gold production. The project will also enhance exploration flexibility, allowing for increased drilling activities, which supports resource growth and mine planning. This development is crucial for OceanaGold's strategy to extend the life of the Waihi operation and maintain its position in the gold mining industry.
What's Next?
Early works at the Waihi North Project are already underway, with the construction of a 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 the commencement of decline development and underground works. Gold production from the Wharekirauponga Underground mine is anticipated 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.
