Investors rush to gold IPO

Wednesday 10 March 2004

Investors have snapped up the chance to buy into the South Island's new gold business, with Oceana Gold's initial public offering closing oversubscribed.

By The Landlord

The company, which is being spun off from Perth's GRD NL, has raised $A100 million ($NZ112 million).

The cash will be split evenly as equity for the new company and pay back for the sell down of GRD's interests.

Oceana Gold will have a dual listing in Australia and New Zealand and will comprise the assets of the existing GRD Macraes mining business in Otago as well as the company's interests in the Reefton goldfields.

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