Latest news with #OceanaGold
Otago Daily Times
6 days ago
- Business
- Otago Daily Times
A moth in the night
Of all the sounds of the night, few are as irritating as a moth bouncing and lumbering around a bedroom as it tries to find a chink of light in the darkness. In its increasingly frantic flutterings to escape, it rebounds off the walls and ceiling and, horror of horrors, slaps you in the face or buzzes by your ear. Not once, but several times. Elsewhere, Minister for Resources Shane Jones is also having a sleepless night. He's dreaming of giant snails, Freddie the frog and a host of protected birds holding up his latest big infrastructure project. No darn creepy-crawly is going to stop my work from going ahead, he thinks. Mining and oil and gas developments are far too important for that. But things are about to get worse for Mr Jones and his drive for success. Enter a humble moth, the lyrically named Orocrambus sophistes . Not the same one blundering about above, but a relative nonetheless. This rare and "nationally vulnerable" native moth has taken a nibble out of OceanaGold's Macraes mine plans with its recent discovery at Golden Bar, one of the three open pits the company wants to expand. For the minister, this is the stuff of nightmares. Just last week, Mr Jones was busy doing what he does best — acting as a provocateur in the House. On Budget day he showed off a small bottle of what he said was "Maui" oil and daring Green Party MPs to sniff it. His braggadocio was founded on the announcement of $200 million set aside in the Budget to give the government the opportunity to buy a stake in new gas fields offshore. Mr Jones also boasted that sum was potentially just the beginning, with a "tentative" agreement from acting Finance Minister Chris Bishop that more money could be made available. Just a few days later, however, Mr Jones' bubble of hubris was popped by the news that the endangered moth, which lives in short tussock grasslands across parts of inland Otago and Canterbury, has become something of a fly in the ointment at Macraes. The mining company has asked independent hearings commissioners if they can put its Golden Bar expansion proposal to one side, pending the outcome of an environmental report on the potential effects of the project on the moth. In a memorandum to the commissioners, OceanaGold listed that the Department of Conservation, Forest & Bird, and Kāti Huirapa Rūnaka ki Puketeraki, Te Rūnanga o Moeraki and Te Rūnaka o Otākou (collectively Kā Rūnaka) had all highlighted possible effects on biodiversity values from the expansion going ahead. There was also a cultural impact assessment from Kā Rūnaka which highlighted concerns of how expanding Golden Bar might affect the moth, which had been found there at least once in recent times. The company's submission to the commissioners that it reserved the right not to proceed with the Golden Bar part of the plan appears to have flummoxed them somewhat. Commissioner Rob van Voorthuysen called it an "unusual proposition" not to have all the relevant reports and evidence on the table before the hearing. However, the commissioners appear prepared to follow a different process, though cautioned it could lead to delays in the start of the hearing, planned for July. It's worth remembering that this government recently amended, under urgency, the Wildlife Act to give the director-general of conservation the power to let companies remove native and endangered animals if they get in the way of major infrastructural projects. In light of this worrisome move, it seems to us OceanaGold is going about this carefully and sensitively, putting the rare moth ahead of its expanding footprint. What remains to be seen is how large or spread out the moth colony is, and whether its advised size might make any difference to the way the company pursues its Golden Bar plans. In the meantime, it is good to see that not everyone appears to have the same arrogance and indifference to the environment, and to the flora and fauna which makes New Zealand unique, as Mr Jones does.
NZ Herald
26-05-2025
- Business
- NZ Herald
OceanaGold Otago mine expansion plans potentially derailed by rare native moth
The group argued the expansion would violate key statutory frameworks, including the National Policy Statement for Indigenous Biodiversity (NPS-IB), the National Policy Statement for Freshwater Management and the Resource Management Act. 'The reliance on offsetting and compensation is not appropriate in the case of effects on the threatened moth species Orocrambus sophistes,' the submission reads. 'The moth species is threatened, therefore, biodiversity compensation is not appropriate under the NPS-IB and the activity itself should be avoided.' In response, OceanaGold announced via legal memorandum on May 21 that it now 'proposes to no longer pursue the Golden Bar element as part of the Macraes Phase 4 Project'. The company said it made this decision after receiving submissions and a Cultural Impact Assessment (CIA) from Kā Rūnaka. The CIA and the Department of Conservation both raised alarms over the project's impact on biodiversity, particularly the moth. Counsel for OceanaGold, Pip Walker, said some of the potential biodiversity impacts of the project could be avoided by removing the Golden Bar element from the scope of MP4. Yet the company has not formally withdrawn that part of the project. Instead, it has reserved the right to change its stance depending on how the council reports and hearings unfold. 'OGNZL [OceanaGold] reserves its position not to pursue Golden Bar at the hearing based in part on the outcome of the section 42A report,' the memorandum says. Forest & Bird also warned of serious impacts on wetlands, indigenous birds including the New Zealand falcon and pipit, and lizard populations potentially in the 'high thousands'. In response to questions from the Herald, OceanaGold senior vice-president, legal and public affairs Alison Paul said any decisions on proposed amendments to address any identified issues will be made after the councils release its full decision in June. 'The Cultural Impacts Assessment and public submissions which closed earlier this month are expected to inform that report and include a particular focus on Golden Bar, which is just one element of a much larger project,' Paul said. 'It is not unusual for an applicant to respond to the technical assessments, council reports and public submissions as part of the resource consenting process.'
Otago Daily Times
25-05-2025
- Business
- Otago Daily Times
Discovery of rare moth may thwart mine expansion plans
A rare native moth may have scuppered part of OceanaGold's Macraes mine expansion plans. The "nationally vulnerable" moth Orocrambus sophistes , which lives in short tussock grasslands, has been found at Golden Bar, one of three open pits about 55km north of Dunedin that OceanaGold has applied to expand. The mining company has asked to wait for the conclusions of a forthcoming report on the expected adverse environmental effects of its proposed Golden Bar expansion before deciding whether to proceed with it. It is a position independent commissioner Rob van Voorthuysen called an "unusual proposition" and one he warned the company could result in a delay of the hearings scheduled to start in July. This was a risk the company "seems to be willing to take", he said in a second minute issued ahead of hearings. The company wanted section 42A reports by the Otago Regional Council, Waitaki District Council and Dunedin City Council due on June 9 to assess the full slate of extensions proposed — at the Innes Mills, Coronation and Golden Bar open pits, and second stage tailings disposal in the Frasers storage facility. However, the company submitted it reserved the right not to pursue Golden Bar at the hearing based in part on the outcome of the reports, Mr van Voorthuysen said on behalf of the commissioners. "We find this to be an unusual proposition. "It is our experience and preference that section 42A reports and an applicant's evidence circulated prior to a hearing address the actual proposal for which consent will be sought. "Nevertheless, we acknowledge [OceanaGold's] advice that they may wish to follow a different process." OceanaGold was unable to respond to Otago Daily Times questions yesterday, but a memorandum on behalf of the company noted the Department of Conservation, Forest & Bird and Kāti Huirapa Rūnaka ki Puketeraki, Te Rūnanga o Moeraki, and Te Rūnaka o Ōtākou (collectively Kā Rūnaka) all addressed potential effects on biodiversity values in their submissions. "Kā Rūnaka also provided a cultural impact assessment (CIA) on May 1 which, among other things, identified concerns with potential effects on Orocrambus sophistes , a moth which the invertebrate report ... noted as having one recorded finding within the Golden Bar footprint," the company's counsel Pip Walker said. "The same issue had also been identified in the ORC's notification report, which classed the presence of the moth as 'a fundamental issue' with the express direction that: 'the applicant should give further consideration to these matters'." With the submissions and cultural impact assessment in mind, the company determined some of the potential biodiversity effects of the overall expansion plans could be avoided by removing the Golden Bar element, Ms Walker said. A "heads up" was given to the three councils and Kā Rūnaka last week. "ORC's planner initially suggested that it was too late to exclude Golden Bar from the section 42A report, and [OceanaGold] made further inquiries about this on May 16. "ORC's planner said it would seek legal advice on this and raise this with the commissioners. "[OceanaGold] had anticipated it would be included in any such communication with the commissioners, but it was not." The Golden Bar area was "spatially separated" from the main part of the Macraes mine and situated about 10km south of the processing plant. In the company's view and that of its consultants, the Golden Bar plans could be "readily severed from the remainder of the project without requiring amended technical reports to be supplied".
Business Insider
25-05-2025
- Business
- Business Insider
Analysts Conflicted on These Materials Names: Gold Fields (GFI), OceanaGold (OtherOCANF) and IAMGOLD (IAG)
Analysts have been eager to weigh in on the Materials sector with new ratings on Gold Fields (GFI – Research Report), OceanaGold (OCANF – Research Report) and IAMGOLD (IAG – Research Report). Confident Investing Starts Here: Gold Fields (GFI) In a report issued on May 7, Raj Ray from BMO Capital maintained a Hold rating on Gold Fields, with a price target of $20.00. The company's shares closed last Friday at $23.09. According to Ray is a 5-star analyst with an average return of 24.1% and a 71.5% success rate. Ray covers the Basic Materials sector, focusing on stocks such as Anglogold Ashanti PLC, Sibanye Stillwater, and Centerra Gold. Gold Fields has an analyst consensus of Moderate Buy, with a price target consensus of $21.89, implying a -4.8% downside from current levels. In a report issued on May 7, Scotiabank also maintained a Hold rating on the stock with a $23.00 price target. OceanaGold (OCANF) BMO Capital analyst Brian Quast maintained a Buy rating on OceanaGold on May 7 and set a price target of C$6.50. The company's shares closed last Friday at $4.38. According to Quast is a 5-star analyst with an average return of 15.0% and a 58.0% success rate. Quast covers the Basic Materials sector, focusing on stocks such as Northern Star Resources Ltd, Evolution Mining, and Eldorado Gold. Currently, the analyst consensus on OceanaGold is a Strong Buy with an average price target of $4.91, implying a 13.9% upside from current levels. In a report issued on April 22, Jefferies also maintained a Buy rating on the stock with a C$6.00 price target. IAMGOLD (IAG) In a report issued on May 7, Matt Murphy from BMO Capital maintained a Buy rating on IAMGOLD, with a price target of C$12.00. The company's shares closed last Friday at $6.73. According to Murphy is a 5-star analyst with an average return of 20.3% and a 69.1% success rate. Murphy covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals, First Quantum Minerals, and Pan American Silver. Currently, the analyst consensus on IAMGOLD is a Moderate Buy with an average price target of $8.51, which is a 25.1% upside from current levels. In a report issued on May 7, Bank of America Securities also maintained a Buy rating on the stock.
Cision Canada
21-05-2025
- Business
- Cision Canada
OceanaGold Releases 2024 Sustainability Report
VANCOUVER, BC, May 21, 2025 /CNW/ - OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) ("OceanaGold" or the "Company") is pleased to publish its annual Sustainability Report and related documents for the year ended December 31, 2024. Gerard Bond, President and CEO of OceanaGold, said "We made good progress on our sustainability commitments in 2024, consistent with our Purpose of mining gold for a better future. Operating safely and responsibly is a strategic imperative for OceanaGold, as we know that a comprehensive, integrated and company-wide approach to sustainability is fundamental to creating and protecting value for all our stakeholders." Megan Saussey, Chief Sustainability Officer of OceanaGold, said "2024 was a year of implementation of our updated three-year Sustainability Strategy, with a focus on strengthening our core responsible business practices and maintaining consistent performance across the business." 2024 Sustainability Performance Outcomes: Maintained an MSCI "AA" and "Leader" rating. Commenced implementation of our updated three-year Sustainability Strategy. Developed and progressed Safety Improvement Plans and embedded the investigation learnings across all sites following two fatalities during the year. Achieved an 80% employee engagement score for our 2024 Culture Survey results, exceeding the global mining and metals benchmark by 8%, demonstrating a strong level of connection to, and satisfaction with, working at OceanaGold. Maintained our track record of zero material environmental incidents. Completed over 100ha of progressive rehabilitation of disturbed mine land to the agreed end use; over 30% more land than what was disturbed in the year. Conducted approximately 250 facilitated engagements with Iwi groups (Māori Peoples) who have indicated an interest in the Waihi North Project in New Zealand. Spent over US$193 million with local suppliers, paid US$125 million in taxes and royalties to host Governments, and contributed US$11 million to social investments and community partnerships. Completed portfolio-level climate change transition and physical climate scenario and risk analysis. Met 70% of our Company-wide water needs through re-used or recycled water. Links to OceanaGold's Sustainability-related Reports 2024 Sustainability Report available here. 2024 Interactive ESG Data available here. 2024 Basis of Preparation and Reporting Indexes available here. 2024 RGMP Implementation and Conformance Report available here. 2024 Conflict-Free Gold Statement available here. 2024 Modern Slavery Statement available here. About OceanaGold OceanaGold is a growing intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand. SOURCE OceanaGold Corporation
