5 Oct 2012

New mine boosts OceanaGold shares

7:38 pm on 5 October 2012

Prices paid for shares in New Zealand's biggest gold miner, OceanaGold, rose 14 cents on Friday to close at $4.07 each after the listed firm announced its new gold and copper mine in the Philippines is near completion.

It says grinding mills, high and low voltage switchrooms and some of the power generating units have been installed.

The firm says other infrastructure will be completed in the next few weeks and expects to start processing next month.

OceanaGold operates New Zealand's largest gold mine, Macraes, 100km north of Dunedin, and in addition to mines in the Philippines, holds joint mining and exploration licences in Australia.