07:45 AM EST, 12/18/2024 (MT Newswires) -- OceanaGold ( OCANF ) on Wednesday looked at the impact of New Zealand's Parliament passing the Fast-track Approvals Bill for regionally and nationally significant infrastructure and development projects.

A statement noted the new Fast-track process for gaining consents and approvals will open for applications on Feb. 7. The Waihi North Project, which includes the proposed Wharekirauponga underground mine, is one of 149 projects listed in Schedule 2 of the legislation with the ability to lodge an application from that date.

OceanaGold ( OCANF ) said it intends to lodge its Fast-track application in early 2025 and expects to be fully permitted (subject to any appeals) under the approvals process by the end of 2025. The company added this timetable would allow it to commence decline and underground development work for the proposed WUG mine in 2026. In 2025, $40-45 million of early works not requiring Fast-track approvals are planned, it noted.

Gerard Bond, OceanaGold ( OCANF ) President and CEO, said "We are very pleased by the enactment of this landmark legislation that derisks the permitting timeline, providing a better climate for investment in OceanaGold's ( OCANF ) projects in New Zealand."

OGC dropped $0.01 to $4.05 yesterday.