So far Oceana has spent $US246million ($NZ336.8million) on the project and $US134 million is still to go before formal commissioning early next year. The company has mined 10 million tonnes of ore to date.
Analysts for Craigs Investment Partners visited the US site recently, highlighting the project remained on time and budget for pouring its first gold in December, operational capabilities on site were adding value and recent test drilling success showed ''considerable'' positives for exploration.
Craigs broker Peter McIntyre said Haile was now valued at $A1.3billion, which included an underground mining operation at the mine, which had been pushed out from a five-year mine life to 11 years.
''Oceana has committed to a $US14million, 40,000m drilling programme across South Carolina this year, with the majority spent at Haile. We think this budget could be revised up, given the recent drilling success,'' he said.
Oceana's share price was up slightly at $4.60 yesterday, but Mr McIntyre retained a 12-month target price of $3.90, and a sell recommendation.
''Oceana's share price has run ahead of where the gold spot price is,'' Mr McIntyre said.
Oceana was a high-quality business, with growth and improving cash flow as the Haile ramped up towards production, but using Craig's gold price forecasts, the stock was expensive, he said.
Oceana Gold chief executive Mick Wilkes was at the annual Denver gold forum this week.
He outlined that the Macraes mines in East Otago and Waihi both had mine lives beyond 2020, while Didipio, in the northern Philippines and Haile both had mine lives beyond 2030.
Oceana was the most profitable gold miner in Canada, with shares trading in Canada, for both calendar 2014 and 2015, Mr Wilkes said.
From 2017-20, Haile is forecast to deliver 150,000oz of gold annually, and beyond 2020 that is expected to rise to average annual production of 250,000oz.
