Australian firm OceanaGold has secured New Zealand’s Overseas Investment Office (OIO) regulatory approval to acquire Newmont Mining’s Waihi gold mining operation for $106m.

According to OceanaGold, the financial closing of the transaction is set to take place on 30 October.

As of 30 June, the Waihi combined open-pit and underground measured and indicated resources were estimated to be 1.52 Mt at 6.33g/t Au and 24.0g/t Ag containing 310koz of gold and 1,175koz of silver.

"The Waihi operation represents a strong strategic fit with our existing business and we are excited to welcome this high-quality asset."

OceanaGold managing director and CEO Mick Wilkes said following the receipt of regulatory approval, the company looks forward to integrating the operation into its business.

Wilkes said: "The Waihi operation represents a strong strategic fit with our existing business and we are excited to welcome this high-quality asset and its talented team into OceanaGold."

Under the deal announced in April, Newmont will retain a 1% net smelter royalty for gold ounces that are mined from one specific exploration tenement capped at 300,000oz of production.

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Upon execution of the agreement, OceanaGold will acquire all of Waihi’s open-pit and underground mining assets and liabilities.

The acquisition will also include all social, environmental and employee obligations of the mining operation.