Amid its promising exploration prospects obtained through further drilling, OceanaGold Corp. has optimistic expectations for its Nueva Vizcaya mine projecting higher production this year
The drilling activity at the Didipio gold and copper mine revealed additional mineral deposits approximately 100 meters beneath the current source.
In a report by the Philippine Daily Inquirer, the Australian-Canadian mining firm said the Nueva Vizcaya mine’s full-year production is expected to surpass the initial guidance, predicted to yield between 125,000 and 135,000 ounces of gold, an increase from the previous estimate of 120,000 to 130,000 ounces.
Meanwhile, the forecast for copper production remains at 12,000 to 14,000 tons.
Thus, the all-in-sustaining cost of the mining project, which covers the expenses of maintaining ongoing operations, is expected to decrease from the prior range of $750 to $850 per ounce to $650 to $750 per ounce.
During the nine months, the Didipio mine produced 95,720 ounces of gold, marking a 13.8 percent increase from the 84,094 ounces produced in the same period the previous year, with its output accounting for 27.6 percent of the total 347,207 ounces of gold produced.
In contrast, copper output in the third quarter declined by 5.2 percent, amounting to 10,324 tons, compared to the 10,885 tons from the last year. The all-in sustaining cost for the mine site was $727 per ounce, higher than last year’s $515 per ounce.
