OceanaGold Philippines H1 income dips 14%

OceanaGold (Philippines) Inc. (OGPI) reported a net income of USD 22 million in the first half of the year, down 14% from USD 25.7 million during the same period in 2024 due to lower output.

Its revenues, on the other hand, stood at USD 175.5 million, up 9% from 160.9 million last year, the company disclosed to the Philippine Stock Exchange.

The company extracted 45,100 ounces of gold, an 8.7% decrease. In contrast, copper output surged by 22%, reaching 7,100 tonnes.

Gold prices averaged $3,093 per ounce during the first half of the year, a 35% rise from a year ago. Copper prices, meanwhile, saw a modest 3% increase, averaging $4.32 per pound.

OGPI remains optimistic with its 2025 production targets of 85,000 to 105,000 ounces of gold and 13,000 to 15,000 tonnes of copper.

OGPI operates the Didipio gold and copper mine located in Kasibu, Nueva Vizcaya, one of the largest foreign-owned mining operations in the country. Didipio is 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.

The company 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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