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OceanaGold investigates death at Didipio mine

Tuesday 17th July 2012

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OceanaGold, which operates the Macraes gold mine near Dunedin, is investigating the death of a contract worker at its Didipio mine project in the Philippines.

The mine was hit by a severe storm leading to the death of a male Filipino national who was employed by a contractor to the company, OceanaGold said in a statement. Both OceanaGold and the contractor are investigating the incident.

"Safety will always remain a top priority of the company to eliminate harm to our employees, contractors and local community," managing director Mick Wilkes said. "Steps are being taken to ensure similar events do not occur again."

Yesterday OceanaGold said the Didipio project is set to run over budget by US$35 million to US$220 million over engineering design and procurement services, the tailings storage facility, and infrastructure construction and support costs.

The shares rose 1.3 percent to $2.43 in trading on the NZX, and have shed 14 percent this year. The stock, which is also listed in Australia and Toronto, is rated an average 'outperform' according to consensus of eight Australian analysts' reports compiled by Reuters.

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