Waihi Operation
Our Waihi Operation is located on the North Island of New Zealand in an area that has produced over 8 million ounces of gold to date.
About Waihi
Gold has been mined in the Waihi area since the 1800s. We acquired the Waihi mine from Newmont in 2015 and have produced over 650,000 oz since then.*
At Waihi, we are currently mining the Martha Underground (MUG) and advancing the nearby Waihi North Project, which includes the high-grade Wharekirauponga Underground (WUG). Together, these comprise the Waihi District and are expected to produce a combined 1.6 Moz of gold over 2024-2038, extending the life of our Waihi Operation by a further 15 years.**
Our Waihi Operation currently employs over 400 people. As the Waihi North Project advances, we expect to create a further 200 jobs.
*As at December 31, 2024.
**Based on the Waihi District Feasibility Study, dated December 11, 2024.
Quick Facts
Mine type: Underground
Ownership: 100%
Metals mined: Gold, Silver
Deposit type: Low sulphidation epithermal
Processing type: Carbon-in-pulp
Proven and Probable Reserves*: 0.50 Moz @ 3.80 g/t gold
Measured and Indicated Resources*: 1.12 Moz @ 5.18 g/t gold
Inferred Resources*: 0.40 Moz @ 4.50 g/t gold
* Mineral Reserve and Resource estimates for Martha Underground 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 |
55.0-70.0 |
53.8 |
|
Total cash costs* |
$/oz |
1,600-1,800 |
1,427 |
|
All-in Sustaining Costs* |
$/oz |
2,000-2,200 |
2,087 |
* These are non-IFRS performance measures, which are included to provide greater understanding of the underlying performance of our operations. Please see ‘Non-IFRS Financial Information’ in our latest MD&A.
Waihi North Project
The Waihi North Project, which includes the high-grade Wharekirauponga Underground (WUG) is located approximately 10km north of the Waihi Operation. WUG is designed as a modern underground mine with minimal surface footprint that leverages the Waihi Operation’s current infrastructure. High-grade ore from WUG is to be delivered underground to the existing Waihi processing plant, which will undergo select upgrades to increase mill capacity.
Waihi North Key Highlights
- Proven + Probable Reserves of 1.2 Moz @ 9.2 g/t gold
- Permit expected late 2025 via Fast-track Approvals process
- Early works in 2025 with decline development in 2026
- Commercial production expected 2033
- Peak production of >250 koz in 2035
- High-grade ore drives lower unit costs; WUG AISC of $634/oz
- Significant exploration upside with mineralization open in all directions
- Growth capital of ~$550M spread over 8 years, funded from Free Cash Flow
- Strong return on capital: 24% IRR at $2,400 gold
For more information, please see our Waihi District Pre-feasibility Study Presentation.
Our Stories
Read how we prioritize our people, contribute to our communities, and protect the environment.
