The OceanGold Corp. is looking to meet its target gold production this year on the back of the strong performance of its mining sites in the United States and in the Philippines.
In a report by the Philippine Star, OceanaGold was able to produce 246,331 ounces of gold in the first half of the year, a 32% increase from the 177,000 ounces last year. The company also produced 7,304 tons of copper in the period.
Of the company’s total production, the Didipio mine in the Philippines produced 58,715 ounces of gold and 7.304 tons of copper during the first half of the year as mining was maintained at a production rate of 1.6 million tons per annum (mtpa) since it re-started its operations in November 2021.
During the second quarter of the year, OceanaGold received an environmental compliance certificate (ECC) from the Department of Environment and Natural Resources (DENR) which allowed the company to increase its allowable annual mill throughput limit from 3.5 mtpa to 4.3 mtpa.
The Didipio mine has around 17 million tons of stockpiled ore and is seen to process approximately 3.9 to four mtpa this year.
In related developments, OceanaGold’s revenue increased to $515.1 million, a 55% increase from the $331.5 million in the same period last year. The increase was attributed to the production and sales of the Didipio mine and the strong sales from the Macraes and Haile miles amid high gold and copper prices.