OceanaGold CEO sees transformational period ahead

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OceanaGold [OCG-TSX, OCGT-ASX] said Gerard Bond has commenced his role as President and CEO of the company, promising to lead the company through what he says will be a transformational period for the business, shareholders and stakeholders.

OceanaGold is a multinational gold producer with a pipeline of organic growth opportunities and established assets, including the Didipio mine in the Philippines, the Macraes and Waihi operations in New Zealand and Haile gold mine in the United States.

“I am inheriting a solid foundation with a highly talented workforce, a suite of high-quality assets, one of the most exciting growth pipelines in the industry, and a tremendous shareholder registry of supportive long-term minded investors,’’ Bond said.

“We will focus on delivering long-term value to shareholders by safely and responsibly optimising all of our operations and maximizing cash generation, he said.  “This will allow us to reduce our debt, return to paying dividends to shareholders and invest in high-return projects such as the Wharekirauponga Mine in New Zealand and Haile Underground Mine in the U.S.A.”

Wharekirauponga is located 10 kilometres north of the township of Waihi in the Hauraki District. When Oceana purchased the project in 2016, it incorporated it into its Waihi operations and ongoing exploration programme in the Hauraki region. The company wants to build a 6.8 kilometre tunnel to allow for the investigation of a resource that has been identified at Wharekirauponga.

“We have a lot of opportunity ahead of us and are focused on safely delivering the full value potential of the business,” Bond said.

On April 1, 2022, the shares closed at $2.91 after jumping 5.05% or 14 cents on volume of 1.86 million. The shares are currently trading in a 52-week range of $2.94 and $1.79.

Bond made the comments after succeeding Scott Sullivan, who has reverted to his position as chief operating officer and supporter of the leadership transition.

Bond will initially be based in Melbourne, Australia and in the coming weeks will travel to visit all operations and meet with shareholders and other key stakeholders.

The company said the new CEO brings extensive experience in global finance and the resource industry and has held numerous senior executive roles across Europe and Australia. Most recently, he was the finance director and chief financial officer at Newcrest Mining Ltd. [NCM-ASX] from January 2012 to January 2022, a period of considerable operational, financial and growth transformation.

Prior to joining Newcrest, Bond was with BHP Billiton Ltd. [BHP-NYSE, BHPLF-OTCPK] for over 14 years, where he held various senior executive roles in mergers and acquisitions, treasury, as CFO of the Aluminium business, CFO, and then acting President of the nickel business. At BHP, he was also head of human resources.

In February, 2022, the Oceana board approved an interim target to reduce carbon emissions per ounce of gold produced by 30% by 2030 (based on 2019 performance levels). The interim climate change target is based on a clear action plan to help reach OceanaGold’s goal t net zero operational greenhouse emissions by 2050.

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