OceanaGold, a leading gold-miner in Australia, is considering a wage freeze for its hundreds of mining staff at its two South Island mines to cope up with the fall in the price of gold.

OceanaGold currently employ about 00 people at its Macraes mine in Otago and Reefton mine on the West Coast. The company is also working on low margins in New Zealand while working with operational efficiency. The company is consdiering revising the mine plan at Macraes as well as Reefton.

Managing director Mick Wilkeswrote in a report to teh shareholders that, "We're looking to minimise the amount of capital expenditure, particularly on pre-stripping for future production and we're also looking at wages freezes and reviewing all discretionary expenditures to reduce unit operating costs,"

Macraes is New Zealand's largest gold mine and it is an important site for the company. The price of gold has fallen 23 per cent this year and this has put company's margins on pressure. It is also aiming at seeking cost savings on other expenditure in order to improve margins.

OceanaGold has said that it is aiming to operate three or four mines in various countries during the next five years.