Source: http://www.nzherald.co.nz/The country's biggest gold...

Source: http://www.nzherald.co.nz/

The country's biggest gold miner OceanaGold is trading at a discount of up to 65 per cent below its ASX-listed peers, analysis from Austock has found.

Sydney-based analyst Anna Kassianos has increased her firm's 12-month target price for the stock from A$3.38 to A$4.61 following a site visit to the company's New Zealand South Island mines at Reefton on the West Coast and Macraes Flat near Dunedin.

OceanaGold is listed in New Zealand, Australia and Canada and closed here at $3.40 yesterday.

Kassianos - who was ahead of other analysts with a buy recommendation early last year - says the continued positive outlook now results from the cost of buying out its gold hedges coming in below what was expected, a ramp-up of exploration and an expected 86 per cent increase in ore reserve conversion rates.

OceanaGold had moved to Austock's number one pick for Australian-listed, middle-sized gold companies.