OceanaGold (Philippines), Inc. maintained strong financial results in 2024 despite a 30% decline in gold production, largely due to severe weather conditions and underground mine redesign.
OceanaGold reported a revenue of USD 343 million, with a net income of USD 30 million and earnings per share of USD 0.02 for 2024.
Gold sales reached 100.4 koz, down from 135.7 koz in 2023, while copper sales totaled 11.7 kt, compared to 13.8 kt the previous year.
Meanwhile, the company’s gross mining revenue for 2024 stood at USD 338.6 million, a decrease from USD 365.9 million in 2023. Meanwhile, net revenue per the FTTA declined to USD 118.9 million from USD 175.9 million in 2023.
Additionally, the company reported a full-year gold output of 97,000 ounces and 12,300 tonnes of copper. Fourth-quarter production, however, dropped by 29% compared to the previous quarter due to heavy rainfall and groundwater inflows that led to underground flooding and restricted access to lower mine levels.
Gold production for the year was significantly affected by a 29% lower-grade yield from underground sources, driven by stope redesigns in high-grade areas and mining disruptions caused by extreme weather in the latter half of the year.
Despite these challenges, OceanaGold declared a fourth-quarter dividend of USD 22.9 million, bringing total dividends since its May 2024 stock market listing to USD 69.4 million, or USD 0.30 per common share.
OceanaGold chairman of the board Peter Sharpe acknowledged the difficulties in 2024 but emphasized that the firm capitalized on record-high gold prices and generated a robust free cash flow of USD 109 million for the year.
He highlighted the company’s success in increasing mineral reserves at the Didipio underground mine by 12% to 1.23 million ounces of gold, demonstrating growth potential through continued exploration.
For 2025, Sharpe said OceanaGold will focus on operating the Didipio Mine efficiently and safely while maximizing opportunities from strong gold prices to maintain solid cash flow and shareholder returns.
Exploration activities within the underground mine were halted in the fourth quarter due to restricted access from severe weather, but drilling is expected to resume once conditions allow.
The company also advanced its 2,000-hectare airborne drone magnetic geophysics survey at Napartan, which is halfway complete and aims to identify new gold-copper mineralization sites.
Meanwhile, a pre-feasibility study under the Philippine Mineral Reporting Code 2020 is ongoing to assess requirements for optimizing underground mining production to 2.5 million tonnes per annum. The study is expected to be completed in 2026 after resource conversion drilling and dewatering work are finalized.
OceanaGold remains committed to operational stability and financial resilience as it navigates production challenges while strengthening its position in the market. For industry updates, follow AngMinero.
