30 Apr 2015

Newmont sells Waihi mine to Oceanagold

12:42 pm on 30 April 2015

New Zealand's biggest goldmining company is buying the open-cast goldmine in Waihi.

The Martha Gold Mine in Waihi is changing hands from Newmont to NZ company Oceanagold.

The Martha Gold Mine in Waihi is changing hands from Newmont to NZ company Oceanagold. Photo: 123RF

Current owner Newmont said it was selling to Oceanagold, which will buy Waihi Gold Mining Company Limited, the New Zealand holding company for Newmont's Waihi operations. The deal is worth about $130 million plus other unspecified costs.

The sale is subject to approval by the Overseas Investment Office, which could take up to 90 days with the transfer expected to be finalised by July.

Newmont Waihi Gold general manager Glen Grindlay said, until then, it would be business as usual at Waihi, with both companies seeking a smooth transition.

He said all contracts and consents would remain the same and staff would still be employed by the same company, Waihi Gold Company Limited, but with new owners.

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