Australian-Canadian company OceanaGold Philippines Inc. (OGPI) is allocating USD5 million (around PHP280 million) for exploration activities within its permitted area in the Philippines this year.
As reported in a Philstar article, the planned exploration will cover approximately 7,000 hectares, with a particular focus on identifying new mineral resources and expanding existing ones. The area falls under the company’s Financial or Technical Assistance Agreement (FTAA), which was first signed in 1994 and renewed in 2021 for another 25 years.
OGPI operates the Didipio gold and copper mine located in Kasibu, Nueva Vizcaya. The mine remains one of the largest foreign-owned mining operations in the country and is considered a critical component in OceanaGold’s global portfolio.
In 2023, the company announced a separate investment of up to USD 50 million to boost production capacity and efficiency at the Didipio site. These continued investments showcase the company’s long-term commitment to its Philippine operations.
OceanaGold’s FTAA allows it to conduct large-scale exploration and development in partnership with the Philippine government, with both fiscal and operational incentives. The company has consistently highlighted its intention to operate sustainably and in compliance with local regulations.
As of this year, OGPI continues to be one of the country’s largest contributors in terms of mineral exports, taxes, and employment within the mining sector.
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