OceanaGold looking for exemptions to keep Macraes running while shutting Waihi

IN KEEPING with the lockdown for all non-essential activities set to be implemented in New Zealand this week, OceanaGold will stop underground development of its Martha underground mine and shut its associated Waihi operation for a month, though exemptions are being looked-for in the case of the Macraes project.
OceanaGold looking for exemptions to keep Macraes running while shutting Waihi OceanaGold looking for exemptions to keep Macraes running while shutting Waihi OceanaGold looking for exemptions to keep Macraes running while shutting Waihi OceanaGold looking for exemptions to keep Macraes running while shutting Waihi OceanaGold looking for exemptions to keep Macraes running while shutting Waihi

Waihi set to be shut for a month

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It is unclear on what basis Macraes on the South Island is different to Waihi/Martha on the North Island, with MNN seeking clarification from OceanaGold.

However, what is clear is Macraes is much more important to OceanaGold's business welfare in 2020 given its previously flagged output for the year of 160,000-170,000 ounces compared to Waihi's 18,000-20,000oz.

Should both operations close, OceanaGold will be left with one operating mine, the flagship Haile in South Carolina - with expected production in 2020 of 180,000-190,000oz - given Didipio in Philippines has been closed due to political issues.

As of the end of 2019, the gold miner had US$49 million in cash, $50 million in undrawn credit facilities and $228 million in total debt.