Little-known Reefton gold-mining firm looks to list on NZX, hire 200 Coasters

2026-02-09 - 21:58

Gold made the small West Coast community of Reefton one of New Zealand’s most prosperous towns, 150 years ago; it had the first electric streetlights and even its own stock exchange. Now a Canadian-headquartered mining firm plans says it’s found a 2.5km lode of gold and antimony at nearby Auld Creek; history is repeating as the Vancouver-traded company reveals its plans to cross-list on the NZX exchange. Speaking to Newsroom at the NZX Centre in Auckland, Rua Gold chief executive Rob Eckford says the company will apply next month for Infrastructure Minister Chris Bishop to refer its Auld Creek underground mine project into the fast-track programme. He hopes to lodge a full fast-track application by the end of 2026, in order to begin production in 2028. The firm forecasts that its starter mine alone can produce 60,000 ounces of gold a year, which would be worth US$300 million (NZ$500m) at today’s prices. It expects to hire 200 workers. Buller mayor Chris Russell has been briefed and is welcoming the news as building business in the district. “Exploration work is already bringing skilled jobs into the area, backing local contractors and suppliers, and putting money into local businesses through accommodation, services, and everyday spending,” he says. “Reefton has a long mining history, and people across the district understand the value of good, well-managed work that supports families and keeps skills in the district. Projects like this help build confidence, give businesses more certainty, and reinforce Reefton as an important part of, and economic contributor to, the Buller District. Most of the Reefton brokers traded in quartz-mining mining shares during the 1870s gold boom had their offices in the stock exchange building on Broadway – named not after the New York street, but after early magistrate and warden Charles Broad. Photo: Blacks Point Museum/Te Ara Online Encyclopaedia But conservationists are “very dubious” about the earnings and jobs forecasts, says 350 Aotearoa environmental group spokesperson Adam Currie. “We’ve heard these promises before. Take a walk through local towns and you will see for yourself the legacy of boom-and-bust mining cycles that privatise benefit and socialise risk.” Forest & Bird’s Edd Brooksbank says one of the key risks with underground gold mining is the potential for contaminants to leach from waste rock or tailings into surrounding waterways, particularly via settling ponds. “If not properly managed, these impacts can degrade local habitats and negatively damage freshwater ecosystems that wildlife relies on.” Russell retorts: “Some of the debate about mining comes from a distance. In districts like ours, people understand both the checks and balances that exist today and the importance of good jobs and economic stability. The focus should be on how projects are managed, not on broad assumptions.” Gold mining once made Reefton one of New Zealand’s wealthiest towns; Buller district councillor Dave Hawes’ family has been mining here for generations and he looks forward to Rua Gold giving back to the community as previous mining companies did. Photo: Supplied