OceanaGold Corp. was raised to 'accumulate' from 'hold' by brokerage Forsyth Barr after a decline in the share price exceeded softer gold prices.
The Australian owners of New Zealand’s biggest gold mine have been forced to take back a sacked worker and pay her 3½ years worth of missed wages – well in excess of $100,000.
Tracey Jinkinson worked as a grade controller for 19 months from May 2005 at Oceana Gold’s mine at Macraes, about 90km north of Dunedin in Otago.
In December 2006, Ms Jinkinson was made redundant when the company merged the roles of grade controllers and ore spotters into fewer new mine technician roles.
Australasian mining company Oceana Gold has made a second announcement about increased mineral reserves at its Macraes goldfield site, extending the life of the mine to 2016.
Analysts say the company is in a strong position going into 2010, even if the gold price drops from its $US1130 an ounce price.
The dual-listed (NZX: OGC) company also expects further results in the next few months, as a result of its brownfields exploration project, said vice-president of corporate and investor relations, Darren Klinck.