Macraes Flat Mine Expansion Plans

In July 1997 Macraes Mining Company Limited deferred a 9 Mtpa expansion of the Macraes Gold Project because of the uncertainty of the future gold price and its impact on equity markets.  Additionally delays in the resource consenting process led to further uncertainty.   It has subsequently announced that a study has been commissioned to recommend a staged approach to development of its New Zealand business. The best economic development path will be determined to maximise returns to shareholders.