OceanaGold puts Waihi operation on hold

Waihi operation, New Zealand. (Image from OceanaGold)

OceanaGold (TSX: OGC, ASX: OGC) has announced that the Waihi gold operation in the North Island of New Zealand will temporarily suspend the ongoing development of the Martha underground mine and go into care and maintenance for four weeks in response to covid-19 measures put in place by the New Zealand government.

The miner is working with the New Zealand government to determine what exemptions may be available for the Macraes operation in the South Island of New Zealand.

OceanaGold's CEO, Michael Holmes, said the company was supportiveof the government's aim to protect the health and safety of all New Zealanders.

"We recognize strong decisions will be made to slow down the spread of covid-19," Holmes said.

The Waihi gold mine is an underground and open pit operation which had a production of 83,492 oz in 2018.