Another big South Island gold mine moves ahead

A historical image of gold mining at Waiutu, near the site of the new Reefton mine. (Image: Getty)

Wed, 24 Jan 2024

A second new South Island gold mine development has been all but confirmed near Reefton, at the Snowy River Project owned by Australian-registered Federation Mining.The company is exercising its option to purchase the development rights to Snowy River, previously known as the Blackwater mine, for US$30 million (NZ$49.4m) from Australian securities exchange-listed gold miner OceanaGold.It will use proceeds of an asset sale last year to fund that option and is in advanced discussions to raise an additional $100m to develop a gold mine for which i...

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