OceanaGold Announced Restart of Didipio Mine Operations

SEATTLE (Scrap Monster): OceanaGold announced that the Philippines administration has renewed the Financial or Technical Assistance Agreement (FTAA) of the Didipio gold and copper mine for an additional period of 25 years, with effect from June 2019. The financial terms and conditions of the renewed FTAA remains more or less the same, with a few modifications.

Michael Holmes, President and CEO of OceanaGold thanked the Philippine government for renewing the agreement. The company will now focus on rehiring and training of its Philippine workforce. The restart of operations will be in a staged manner. The milling operations will commence at the earliest with the available stockpiled ore. Full underground production capacity will be achieved within a year, Holmes added.

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Upon full ramp-up of the mine, OceanaGold expects the mine to produce approximately 10,000 gold ounces and 1,000 tonnes of copper per month. Additional details on exact restart of operations as well as estimates on production guidance for the year will be announced later.

The mine will contribute to the country’s post-Covid-19 economic recovery. It has been a key employer in Quirino and Nueva Vizcaya provinces for many years.