Shares in East Otago-based gold producer Oceana Gold are attracting global fund attention, with a group amassing an almost 8% stake costing $A9.66 million ($NZ12.1 million) during the past three months.
In a shareholder notice, the combined funds of Genus Dynamic Gold Fund, CF Ruffer Baker Steel Gold Fund, Genus Natural Resources Fund, Baker Steel Gold Fund and RITCapital Partners declared their interests; the latter a London-based globally listed trust and one of the largest in the world.
Oceana shares were up almost 2% at $2.90 yesterday.
Craigs Investment Partners broker Peter McIntyre said shares in gold producers, with good growth and production outlooks, were in demand and Oceana was counted in the top five producers in Asia, Australia and New Zealand.
Having scaled back its forecast for calendar 2011 to producing 255,000 ounces to 270,000 ounces, Oceana has now forecast its development gold and copper Didipio mine in the northern Philippines, due to go into production by the end of 2012, will boost annual production to about 600,000 ounces.
"Oceana have Didipio coming on stream with gold and copper, which are both worthwhile metals," he said of recent record prices.
The 25 share purchases totalling 20.9 million shares, beginning on May 11 through to September 1, ranged in tranches worth $A11,668 to $A1.96 million.
