AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
No Result
View All Result
Home Business

OceanaGold faces mounting losses amid FTAA uncertainties

AngMinero News by AngMinero News
February 27, 2020
in Business, News
26 2
0
OceanaGold PH to settle deficiencies before mining ops continue

Photo from OceanaGold | oceanagold.com

84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Australian-Canadian mining firm OceanaGold faces billions of losses amidst uncertainties in its Financial and/or Technical Assistance Agreement (FTAA) renewal with the national government.

OceanaGold disclosed in a Manila Bulletin report that it is currently spending $8 million to $10 million, or P400 million to P500 million, per quarter on holding costs in its gold and copper mine project in Didipio, Nueva Vizcaya.

The cost is allocated for its workforce and its process plant which is currently in care and maintenance status.

News outlets have previously reported that OceanaGold’s Didipio mine has not been operational since July 2019 as it still awaits the Office of the President (OP)’s final approval for its FTAA extension.

Thus, it entails that if the firm will still be unable to operate by the end of this quarter, its losses could amount to $24 million to $30 million, or P1.2 billion to P1.5 billion, in the following months.

OceanaGold also expressed in the report that, should the renewal process be “protracted beyond current expectations” and then it transitions into full care and maintenance, “holding costs are expected to be in the order of $3 million, or P151.6 million, per quarter.”

At present, the Didipio mine remains in a state of operational readiness while the FTAA renewal process continues to progress.

“When operations resume at Didipio, the company expects trucking to resume within a week, the process plant within two weeks, and the underground mine within three weeks before ramping up over a four to six-week period. These estimates are based on the workforce remaining in a state of operational readiness,” OceanaGold was quoted as saying.

Once back on track, the company expects Didipio to produce at least 10,000 ounces of gold and 1,000 ounces of copper per month at a site All-in sustaining costs (AISC) of between $700 and $750 per ounce, respectively, sold.

Tags: Didipio Gold-copper MineDidipio MineFinancial and Technical Assistance AgreementFTAAFTAA renewaloceanagoldoceanagold didipioOceanaGold Philippines Inc.

Related Posts

Nickel Asia Net Income Jumps 88% to PHP2.1B on Strong Ore Prices
News

Nickel Asia Net Income Jumps 88% to PHP2.1B on Strong Ore Prices

August 7, 2025
Dinapigue Youth Leaders Push Sustainability Agenda with Nickel Asia Subsidiary
News

Dinapigue Youth Leaders Push Sustainability Agenda with Nickel Asia Subsidiary

August 5, 2025
Philex Mining Posts PHP301M Net Income in H1 2025, Eyes Silangan Launch by 2026
News

Philex Mining Posts PHP301M Net Income in H1 2025, Eyes Silangan Launch by 2026

August 5, 2025
SMPC profit drops 33% in Q2 amid lower coal, power prices
News

SMPC profit drops 33% in Q2 amid lower coal, power prices

August 4, 2025
Cebu Governor Suspends 19 Quarry Operators for Permit, Cites Environmental Violations
News

Cebu Governor Suspends 19 Quarry Operators for Permit, Cites Environmental Violations

August 4, 2025
MAP President Alfredo Panlilio Joins Marcventures Board as Independent Director
News

MAP President Alfredo Panlilio Joins Marcventures Board as Independent Director

July 30, 2025

FEATURED POST

Nickel Asia Net Income Jumps 88% to PHP2.1B on Strong Ore Prices

Nickel Asia Net Income Jumps 88% to PHP2.1B on Strong Ore Prices

August 7, 2025
Dinapigue Youth Leaders Push Sustainability Agenda with Nickel Asia Subsidiary

Dinapigue Youth Leaders Push Sustainability Agenda with Nickel Asia Subsidiary

August 5, 2025
Philex Mining Posts PHP301M Net Income in H1 2025, Eyes Silangan Launch by 2026

Philex Mining Posts PHP301M Net Income in H1 2025, Eyes Silangan Launch by 2026

August 5, 2025
SMPC profit drops 33% in Q2 amid lower coal, power prices

SMPC profit drops 33% in Q2 amid lower coal, power prices

August 4, 2025

EDITOR PICK'S

Nickel Asia Net Income Jumps 88% to PHP2.1B on Strong Ore Prices

August 7, 2025

Dinapigue Youth Leaders Push Sustainability Agenda with Nickel Asia Subsidiary

August 5, 2025

Philex Mining Posts PHP301M Net Income in H1 2025, Eyes Silangan Launch by 2026

August 5, 2025

SMPC profit drops 33% in Q2 amid lower coal, power prices

August 4, 2025

Cebu Governor Suspends 19 Quarry Operators for Permit, Cites Environmental Violations

August 4, 2025

MAP President Alfredo Panlilio Joins Marcventures Board as Independent Director

July 30, 2025

DENR-12 Cracks Down on Illegal Gold Mines in Sultan Kudarat

July 30, 2025

Recent News

Nickel Asia Net Income Jumps 88% to PHP2.1B on Strong Ore Prices

Nickel Asia Net Income Jumps 88% to PHP2.1B on Strong Ore Prices

August 7, 2025
Dinapigue Youth Leaders Push Sustainability Agenda with Nickel Asia Subsidiary

Dinapigue Youth Leaders Push Sustainability Agenda with Nickel Asia Subsidiary

August 5, 2025

Category

  • Business
  • Features
  • News
  • Uncategorized

Follow us

  • Setup menu at Appearance » Menus and assign menu to Footer Navigation

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In