Macraes Operation
Our Macraes Operation is located on the South Island of New Zealand. It is our foundation asset and the country’s largest gold mine.
About Macraes
Gold was first discovered in the Otago Region, where Macraes is located, in the 1860s. Production at Macraes began in 1990, and since then, the mine has produced over 5 million ounces of gold over its continuous 35-year operating history.
Macraes is mined using both open pit and underground methods, supported by nearly 700 employees. Our team is focused on identifying additional ore sources that could extend the mine life as higher gold prices provide leverage to existing resources and opportunity for further exploration.
Quick Facts
Mine type: Open Pit and Underground
Ownership: 100%
Metals mined: Gold
Deposit type: Orogenic style gold
Processing type: Carbon-in-leach, pressure oxidation
Proven and Probable Reserves*: 0.62 Moz @ 0.83 g/t gold
Measured and Indicated Resources*: 1.44 Moz @ 0.95 g/t gold
Inferred Resources*: 0.70 Moz @ 0.80 g/t gold
* Mineral Reserve and Resource estimates as at December 31, 2024. Measured and Indicated Mineral Resource estimates are inclusive of Mineral Reserves.
Operating Results
|
2025 Guidance |
2024 Actuals |
||
|---|---|---|---|
|
Production & Costs |
|||
|
Gold produced |
1,000 oz |
135-150 |
125.4 |
|
Total cash costs* |
$/oz |
1,025-1,175 |
1,192 |
|
All-in Sustaining Costs* |
$/oz |
1,800-1,950 |
1,906 |
* These are non-IFRS performance measures, which are included to provide a greater understanding of the underlying performance of our operations. Please see ‘Non-IFRS Financial Information’ in our latest MD&A.
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