OGC Oceanagold Corporation

   By Lucy Craymer 
 

WELLINGTON--OceanaGold Corp. (OGC.AU, OCANF, OGC.T) has signed a nonbinding letter of intent to buy the Waihi Gold Mine in New Zealand's central North Island from Newmont Mining Corp.'s (NEM) Waihi Gold Mine for US$101 million plus customary adjustments.

It said in a statement Thursday that the proposed transaction is subject to completion of comprehensive due diligence, execution of a definitive acquisition agreement, board and regulatory approvals and other customary closing conditions.

"We have long believed that Waihi represents a strong strategic fit within Oceanagold... Waihi represents a unique opportunity for us to acquire a high-quality asset that has demonstrated the propensity to extend mine life for more than two decades in what is still a very prospective, high-quality gold field," said Oceanagold managing director and chief executive Mick Wilkes.

Write to Lucy Craymer at lucy.craymer@wsj.com, @lucy_craymer

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