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Monday 25th May 2009 |
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OceanaGold, owner of New Zealand’s largest gold mining operation at Macraes, said chief executive Steve Orr will leave at the end of June.
The gold miner gave no explanation for Orr’s departure, thanking him for five years in the role, during which OceanaGold built two mines in New Zealand and increased annual production to 300,000 ounces, making it the fourth-largest producer in Australasia.
The company has begun a search for a new CEO, with a short-list of candidates under final review, it said in a statement, During the transition, chairman Jim Askew will assume the role of executive chairman.
The company said its Didipio project in the Philippines has been redesigned to benefit from changed market conditions. “The improved capital cost estimate is prospective for recommencement of construction in the future,” the company said in a statement.
Shares of Oceana Gold slipped 1.4% to $1.44 on the NZX, giving the company a market value of $494 million. The shares have soared 95% in the past three months.
Gold last traded at US$956.85 an ounce.
Businesswire.co.nz
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