https://www.engineeringnews.co.za

OceanaGold reserves remain flat, offset mining depletion

25th March 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – ASX-, TSX- and NZX-listed gold and copper miner OceanaGold announced on Monday that its total proven and probable gold reserves remained stable at 3.64-million ounces, which almost completely offset mining depletion for 2012.

This would provide a solid mineral endowment for the Asia Pacific-focused company as it this year transformed itself into a multinational gold producer.

Total proven and probable copper reserves increased slightly to 240 000 t, but remained in line when compared with the prior year-end, the company said in an updated resources and reserve statement up to December 31, 2012.

Proven and probable reserves at OceanaGold’s Philippines-based Didipio play stood at 50.1-million tons at 1.05 g/t of gold and 0.47% of copper for 1.69-million ounces of gold and 240 000 t of copper.

The Didipio mine, which was currently in commissioning, was expected to produce 100 000 oz of gold and 14 000 t/y of copper over a 16-year mine life.

Meanwhile, proven and probable reserves at the company’s New Zealand operations were 51.8-million tons at 1.17 g/t of gold for 1.95-million ounces of gold, which remained relatively unchanged on 2011.

A resource update for the company’s New Zealand-based Blackwater project was under way following the completion of the drill programme earlier this year.

OceanaGold CEO and MD Mick Wilkes said the company would continue its focus on new opportunities and expected a resource update on the project in April.

“We will continue to invest in exploration opportunities in New Zealand and we look forward to starting a significant exploration programme across our broad portfolio of projects in the Philippines once our exploration permits are approved,” he said.

OceanaGold expected to produce between 285 000 oz and 325 000 oz of gold from its New Zealand and Philippines operations in the 2013 financial year.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 
The Steel Tube Export Association of South Africa
Steel Tube Export Association of South Africa

The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.052 0.778s - 140pq - 2rq
Subscribe Now