OceanaGold secure Negotiated Greenhouse Agreement The government and gold mining company, OceanaGold, have successfully
concluded negotiations for a Negotiated Greenhouse Agreement (NGA).
Through NGAs, businesses whose international competitiveness might otherwise be at risk from an emissions charge agree
to move to world's best practice in greenhouse gas emissions management in return for relief from the charge. Companies
that exceed their targets can earn tradable emissions units.
"NGAs deliver a triple benefit. They help businesses become more competitive, they typically result in reduced energy
consumption (and lower bills) and cut emissions. They are an excellent example of how business and government can work
constructively together for mutual benefit," said, Convenor of the Ministerial Group on Climate Change, Pete Hodgson.
"The prospect of NGA companies earning tradable emissions units is yet another direct business benefit of New Zealand's
ratification of the Kyoto Protocol." "We are pleased to have finalised this agreement with the government. The NGA is
important for OceanaGold because we are investing heavily in our business and an NGA mitigates some of the risk in that
investment." commented the Chairman of OceanaGold, Kerry McDonald.
The Government has also signed an NGA with the New Zealand Refining Company, and is in negotiations with ACI Glass
Packaging, Carter Holt Harvey, Fletcher Building Limited, New Zealand Aluminium Smelters Limited, Newmont Waihi, Norske
Skog Tasman and Silicon Metal Industries Limited.
Company information: OceanaGold is a major Australasian gold producer. In New Zealand, it operates Macraes Goldfield in
East Otago and Reefton Goldfield on the West Coast.
The opencast Macraes Goldfield is New Zealand’s largest gold producer. It has been in operation since 1990 and has
produced over 1.7 million ounces (Mozs) of gold to date. Production for the year ending 31 December 2004 was 185,175
ozs.
Reefton Goldfield comprises two developments: an open cut development at the Globe Progress Mine, and an underground
re-development at the Blackwater Mine. Both are major historical underground producers.