OceanaGold reserves remain flat, offset mining depletion
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.
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