AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
No Result
View All Result
Home Business

OceanaGold lays off workers amidst FTAA uncertainties

AngMinero News by AngMinero News
February 11, 2020
in Business, News
26 2
0
OceanaGold PH to settle deficiencies before mining ops continue

Photo from OceanaGold | oceanagold.com

84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Australian-Canadian mining firm OceanaGold is set to cut staff numbers by the end of the month as concerns on the renewal of its Financial and/or Technical Assistance Agreement (FTAA) remain unresolved.

The FTAA is an accord granted to foreign-owned mining firms that seek to conduct large-scale exploration, development, and utilization of minerals in the country.

OceanaGold’s Corporate Communications Manager Melissa Bowerman expressed in a PhilStar report that the existing 1,500 employees, 700 of which are contractors, would decline should the Didipio Mine fail to renew its FTAA as it had expired in June 2019.

“If we cannot get the FTAA renewed by the end of February, we won’t have the same number of employees,” Bowerman was quoted as saying in the report.

Because of this, OceanaGold had failed to meet its production target of 125,000 ounces (oz) of gold and 15,000 metric tons (MT) of copper last year; hence, Didipio was only able to produce 83,913 oz of gold and 10,255 mt of copper before processing was suspended in October.

“We’re not selling any product. And for the last eight months, we have not had any revenue,” Bowerman expressed in the report.

Per national bureaucratic structure, the President has the final word on the grant and the renewal of an FTAA upon the endorsement of the Department of Environment and Natural Resources (DENR) and the Mines and Geosciences Bureau (MGB).

However, according to reports, the Office of the President found that the first 25 years of OceanaGold’s mining operations were not covered by the Indigenous Peoples’ Rights Act and its area was outside the ancestral domain of the Bugkalot tribe; thus, resulting to a deficiency in the firm’s pertinent documents.

Tags: Didipio Gold-copper MineFinancial and Technical Assistance AgreementFTAANueva VizcayaOceanaGold Corporationoceanagold didipioOceanaGold Philippines Inc.

Related Posts

MGB, UNDP-Led Projects to Advance Biodiversity in Mining
News

MGB, UNDP-Led Projects to Advance Biodiversity in Mining

July 17, 2025
MGB Warns of Long-Term Impact of US Tariff on Philippine Copper
News

MGB Warns of Long-Term Impact of US Tariff on Philippine Copper

July 17, 2025
Marcos Strengthens Diwalwal Mining Task Force via Executive Order 88
News

Marcos Strengthens Diwalwal Mining Task Force via Executive Order 88

July 17, 2025
Philex 2021 core net income soars 118% to Php2.53B
News

Philex Mining Targets 2026 Launch for Copper-Gold Project in Surigao

July 16, 2025
SMPC Earns Five Honors at Regional Investor Awards
News

SMPC Earns Five Honors at Regional Investor Awards

July 14, 2025
Philippine Mining Club Luncheon Forum – Advancing Sustainable Mining Practices
News

Philippine Mining Club Luncheon Forum – Advancing Sustainable Mining Practices

July 12, 2025

FEATURED POST

SGS Urges Mining Firms to Start Carbon Accounting Under New DENR Rule

SGS Urges Mining Firms to Start Carbon Accounting Under New DENR Rule

July 18, 2025
Atty. Herman: Future of Mining Lies in Ancestral Domains

Atty. Herman: Future of Mining Lies in Ancestral Domains

July 18, 2025
MGB, UNDP-Led Projects to Advance Biodiversity in Mining

MGB, UNDP-Led Projects to Advance Biodiversity in Mining

July 17, 2025
MGB Warns of Long-Term Impact of US Tariff on Philippine Copper

MGB Warns of Long-Term Impact of US Tariff on Philippine Copper

July 17, 2025

EDITOR PICK'S

SGS Urges Mining Firms to Start Carbon Accounting Under New DENR Rule

July 18, 2025

Atty. Herman: Future of Mining Lies in Ancestral Domains

July 18, 2025

MGB, UNDP-Led Projects to Advance Biodiversity in Mining

July 17, 2025

MGB Warns of Long-Term Impact of US Tariff on Philippine Copper

July 17, 2025

Marcos Strengthens Diwalwal Mining Task Force via Executive Order 88

July 17, 2025

Philex Mining Targets 2026 Launch for Copper-Gold Project in Surigao

July 16, 2025

SMPC Earns Five Honors at Regional Investor Awards

July 14, 2025

Recent News

SGS Urges Mining Firms to Start Carbon Accounting Under New DENR Rule

SGS Urges Mining Firms to Start Carbon Accounting Under New DENR Rule

July 18, 2025
Atty. Herman: Future of Mining Lies in Ancestral Domains

Atty. Herman: Future of Mining Lies in Ancestral Domains

July 18, 2025

Category

  • Business
  • Features
  • News
  • Uncategorized

Follow us

  • Setup menu at Appearance » Menus and assign menu to Footer Navigation

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In