Macraes Mine in East Otago is New Zealand's largest gold mine, and consists of a large scale opencast mine opened in 1990, and a newer underground mine, opened in 2008 It is situated close to the settlement of Macraes Flat and is owned by OceanaGold Corporation Gold production averaged 193,000 Troy ounces/year for 2008 through 2010 Ore grades have been declining, to 126 ,