Waikaia Gold Limited a Success for Invest South
Southland based private equity fund Invest South is proud to be part of the success of Waikaia Gold Ltd, which last week finished a six year gold extraction operation at Freshford in Northern Southland.
Invest South Chair Mark O’Connor says the fund became a passive investor in Waikaia Gold in 2012, at a time when it was about to proceed from development to commencing operations.
“It’s been exciting to watch the operation as it has moved through the mine path and to watch the rigorous rehabilitation of the land following the completion of each stage. Invest South is certainly proud to have been a part of such a successful Southland company.”
The company was formed in 2009 by alluvial gold mining specialists Sam and Buzz March and geologist Warren Batt specifically to operate the Waikaia Gold Project. The company spent two years developing the project plan to extract gold in four stages over eight to nine years using a standard floating gold recovery plant.
“For Invest South, this was a powerful opportunity to invest in a strong and dynamic local company led by highly reputable and experienced founder shareholders, with specialist expertise in New Zealand alluvial gold extraction operations,” says Mr O’Connor.
“Invest South Chairman at that time, Peter Carnahan, took on the important contributing role of Chairing Waikaia Gold during its entire operating period.”
Waikaia Gold began gold recovery in late September 2013, traded profitably through the higher risk start-up phase of mine development and has continued that strong performance.
“As an investment, it has well and truly met our investment criteria, contributing millions of dollars a year to the local economy and employing around 40 people at any one time,” he says.
In addition to Waikaia Gold, Invest South also has equity interests in the fishing, freeze-dried food production, freight & logistics, apiculture, technology and tourism sectors.
“We’re always looking for new investment opportunities in dynamic companies that are connected to the south of the South Island. We bring in both capital and expertise with a focus on partnering with management to realise the full value of the business.”
Posted: 10 April 2019