OceanaGold Corporation will be listing its local subsidiary OceanaGold Philippines, Inc. (OGPI) at the Philippine Stock Exchange (PSE) as part of the requirements of its Financial or Technical Assistance Agreement (FTAA) for the Didipio mine in Nueva Vizcaya.
In a report by The Philippine Star, OceanaGold executive general manager for New Zealand and the Philippines David Way said that they have begun the initial process of the listing.
OGPI has a 25-year FTAA contract with the Philippine government for the Didipio mine This requires OceanaGold to list at least ten percent of OGPI’s common shares within the next three years to the PSE.
The initial FTAA expired in June 2019, which OceanaGold earlier said it would renew. OGPI President Joan Adaci-Cattiling said that it would focus on ramping up and resuming operations after the FTAA renewal.
On top of the PSE listing, OGPI is required to allot an additional 1.5% of its gross revenue for community development. The company is also required to relocate its principal office to a host province in the next two years.
OGPI would also be required to offer for purchase not less than 25% of its annual gold production at a fair market price and mutual terms through the Bangko Sentral ng Pilipinas.
The company is set to resume its drilling in the Didipio mine this year. The mine is expected to produce around 120,000 ounces of gold a year, and 12,000 to 14,000 tons of copper a year.
