| 63 Oceana Gold REGIONAL We’re proud to support Oceana Gold Hugh McMillan General Manager - Natural Resources Caitlin Meredith Business Development Executive - Natural Resources p. 0800 555 456 | e. sales@cableprice.co.nz | w. cableprice.co.nz solutions beyond machines Supporting OceanaGold at their Macraes Gold Mine, Hitachi mining excavators deliver reliable power and performance in demanding conditions, including New Zealand’s first fully electric hydraulic shovel, the massive 360 tonne, Hitachi EX3600E-6LD excavator. Backed by CablePrice’s trusted service and support, it’s a partnership built to keep productivity high and downtime low. Macraes celebrates 6 million oz milestone Macraes environmental advisor Nick Wilson was one of the many staff who took the opportunity to get ‘hands on’ with a 17kg bar of gold worth just under NZ$3.6m. New Zealand’s most enduring gold mine marks a 36-year legacy of economic contribution, community partnership, and operational resilience. In July, OceanaGold celebrated one of the most significant milestones in New Zealand mining history, the pouring of the six millionth ounce of gold at its Macraes Operation in East Otago. The achievement makes Macraes the first continuously operating New Zealand mine ever to reach this milestone, and the first mine in OceanaGold’s global portfolio to do so. The Macraes Operation began production in 1990, and its journey to six million ounces spans more than 36 years of continuous operation. The first millionth ounce was reached in 2000, followed every four or five years by the next million. The pour of the sixth millionth ounce is the culmination of a story defined by resilience, technical ingenuity, and the unwavering commitment of the four thousand people who have worked at Macraes over the years. Over this period, the operation has navigated challenging conditions in the global gold industry —including a gold price that fell to just NZ$430 per ounce in 1999, a period during which Macraes continued to operate thanks to the experience and dedication of its workforce. That same resilience has carried the operation through multiple cycles of fluctuating gold prices, evolving ore bodies, and shifting operational conditions. Kalutwa Chizema, Asset President at Macraes Operation says that six million ounces represents 36 years of extraordinary achievement by the Macraes team. ”This milestone belongs to every person who has ever worked here — the miners, engineers, metallurgists, geologists, environmental advisors, tradespeople, administrators, and contractors who showed up every day, in every season. This is their milestone.” The economic scale of the Macraes Operation is significant by any measure. Since production began and up to today, with an average gold price of approximately NZ$2,000 per ounce, Macraes has produced around NZ$12 billion worth of gold — contributing substantially to New Zealand’s export earnings, regional prosperity, and government revenue through wages, taxes, and royalties. Since the five millionth ounce was poured in 2019, Macraes has added approximately NZ$3.4 billion in gold production at an average price of NZ$3,400 per ounce, reflecting both the continued productivity of the operation and a strong gold market in recent years. Since 2019, Macraes has also paid over NZ$54 million in royalties and contributed NZ$99.7 million in tax. Beyond the gold itself, the operation has been the economic heartbeat of East Otago for more than three decades. Today, 760 people are employed at Macraes, and 2,800 contractors support the operation. The Macraes mine provides stable, well-paying employment in a rural region where such opportunities are highly valued. The operation has supported local businesses through procurement, contributed to community initiatives, and invested in infrastructure that benefits the wider region. Reaching six million ounces has required continuous reinvention. The Macraes Operation has evolved from its earliest open pit workings to incorporate underground mining and modern carbon-inleach gold processing technology. Through periods of low gold prices, changing ore grades, and evolving operational demands, the operation has consistently found smarter, safer, and more efficient ways to mine and process gold. OceanaGold has invested significantly in extending Macraes’ operational life and improving its sustainability credentials, ensuring the mine remains a productive, responsible, and long-term contributor to the East Otago economy and New Zealand’s mineral sector. Alison Paul, Senior Vice President, Legal & Public Affairs says that what makes this milestone special is not just the number — it is the story behind it. “Macraes has achieved six million ounces through periods of low gold price cycles, technical challenges, and changing conditions; through innovation, resilience, and the skill of our people. “We are proud of what we have built here and are committed to continuing to operate responsibly for many years to come.” “Macraes has achieved six million ounces through periods of low gold price cycles, technical challenges, and changing conditions; through innovation.”
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