The Macraes Mining Company Limited was listed on the New Zealand and Australian stock exchanges in January 1990, and the proceeds of the float were used to purchase a 70 per cent interest in the Macraes Gold Project, previously owned by BHP Gold Mines (NZ) Limited. Macraes Mining has had a 30 per centinterest in the project since May 1984, when it was incorporated._x000D_
Project financing in the way of a gold loan was secured in February 1990 and construction commenced shortly afterwards._x000D_
The mine construction activities were completed within nine months and the mine commenced operations in October 1990.