OceanaGold to invest USD 1.9B to extend Didipio mine life to 2037

OceanaGold Corporation is set to invest USD 1.9 billion to support the extension of the Didipio Gold-Copper Mine’s operational life through 2037, following a meeting between President Ferdinand R. Marcos Jr. and company executives in Vancouver.

The Presidential Communications Office (PCO) said the investment is expected to reinforce safe and responsible mining in the Philippines while supporting jobs and local growth in the mine’s host areas across Nueva Vizcaya and Quirino.

The project is also expected to optimize resource development while minimizing its environmental footprint.

The OceanaGold investment was among the mining and critical minerals commitments discussed during Marcos’ official visit to Canada, where business engagements with Canadian companies resulted in a combined USD 2.5 billion in investment commitments.

The broader investment package covered mining, critical minerals, energy, services, information technology and business process management, and the digital economy.

Among the companies Marcos met were B2Gold Corporation, OceanaGold Corporation, TELUS Corporation, and NQX to discuss their investment plans in the Philippines.

The PCO said the Didipio investment will leverage the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act and the CREATE MORE Act to improve capital efficiency.

The government framed these policy measures as part of efforts to support investment while encouraging responsible and more efficient resource development.

Marcos and Canadian Prime Minister Mark Carney also announced the elevation of Philippine-Canada relations to a strategic partnership, which the President described as the start of a new phase of cooperation between the two countries.

“Ushering in a new chapter in our ties with Canada, Prime Minister Carney and I announced the elevation of Philippine-Canada relations to a strategic partnership,” Marcos said.

The President said the move recognizes the longstanding relationship between the Philippines and Canada while setting the direction for deeper cooperation in security, trade, energy, technology, and investment.

The two countries also witnessed the signing of a Joint Declaration of Intent on Energy and Natural Resources Cooperation, which seeks to strengthen collaboration on energy security, sustainable economic growth, and resilient supply chains.

“Tunay na naging matagumpay ang ating biyahe kung saan napag-sang-ayunan natin ang ilang mga inisiyatibo sa hanay ng gobyerno at ng pribadong sektor,” Marcos said.

The President said the investment commitments reinforce the need to conclude a free trade agreement between the Philippines and Canada, which he said could further strengthen economic cooperation once in force.

The Canada visit also comes as the Philippines seeks to attract more investment into mining and critical minerals, particularly as countries work to secure mineral supply chains needed for energy, technology, and industrial development.

Can renewed Canadian investment help strengthen the Philippines’ position in responsible mining and critical minerals development?

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