OceanaGold Philippines is utilizing almost Php 2.5 billion to Php 3 billion in capital expenditures (capex) for the Didipio copper-gold project this year, including drilling operations.
OceanaGold President Joan Adaci-Cattiling mentioned that this year’s expenditures are relatively little compared to previous years. However, the increased prices in global gold in 2023 compelled the company to boost production efficiency, said Manila Standard in its report.
In 2023, gold prices recorded an average of $1,940.54 per ounce (oz) after reaching a record high of $2,078 per oz.
Additionally, the demand for gold increased by 8% above the five-year average in the fourth quarter, and the Didipio project churned out 139,000 oz of gold and 14, 200 oz of copper in the same year.
The Australian mining subsidiary now aimed to produce an equal output level, perhaps even more, in 2024.
While OceanaGold Philippines presently mined copper and gold at its current mine site, it planned to extend its drilling to existing holes to look for more mineral deposits. Of the 975 hectares of the current mine site, from which the present-day output emerged, one-third had previously been drilled by the mining company.
The Didipio copper-gold project began its commercial operations in 2013 as the country’s second-biggest producer of gold.
