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 reports 30% drop in Q2 net income

AngMinero News by AngMinero News
August 1, 2024
in Business, Features, News
26 2
0
OceanaGold hopeful to meet gold target
84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

OceanaGold (Philippines) Inc. (OGPI) says the mining firm experienced a 30% drop in its second-quarter net income due to reduced gold and copper production.

Philippine Star reported that OGPI’s net income saw a decline from USD 20.3 million to USD 14.2 million in the second quarter of this year, according to a regulatory filing.

Additionally, the firm’s second-quarter revenues fell to USD 68.8 million, a decrease of over 20% from USD 88.3 million recorded last year.

This was because the Didipio mine in Nueva Vizcaya only produced 23,100 ounces of gold, 28% lower than the 32,200 ounces produced a year ago. Copper output from the Didipio mine also declined by 17.65% year-on-year to 2,800 metric tons (MT) from 3,400 MT.

On top of that, gold sales also saw a decline of 42% to 18,900 ounces from 32,700 ounces, while copper sales declined by 37% year-on-year to 2,200 MT.

OGPI attributed the production decline to mining lower grade ores during the second quarter. The mining of higher-grade ores was postponed to the third quarter due to a recorded fatality at the Didipio mine’s paste plant.

The grade of gold ore mined fell by 32% year-on-year, and the grade of copper ore decreased by 10%.

However, the firm is optimistic as OGPI president Joan Adaci-Cattiling is expecting gold production to increase in the year’s second half as the company accesses higher-grade ore and boosts underground mining rates.

The company expects to produce between 120,000 and 135,000 ounces of gold and 12,000 to 14,000 MT of copper for the year.

Tags: CopperDidipio MineGoldOceanaGold Philippines Inc.OGPI

Related Posts

Cordillera Miners Urged to Halt Operations During Rains as Landslide Risks Rise
News

Cordillera Miners Urged to Halt Operations During Rains as Landslide Risks Rise

June 25, 2025
Cagayan Valley DENR Chief Commends Mining Firms for Reforestation Investment
News

Cagayan Valley DENR Chief Commends Mining Firms for Reforestation Investment

June 24, 2025
SMPC Earns Gold in FinanceAsia Awards for Outstanding Corporate Governance and Management
Features

SMPC Earns Gold in FinanceAsia Awards for Outstanding Corporate Governance and Management

June 23, 2025
Responsible Mining Pays Off: Apex Mining Wins Regional Bronze for Best-Managed Company
Features

Responsible Mining Pays Off: Apex Mining Wins Regional Bronze for Best-Managed Company

June 23, 2025
Masbate Mine Solar Shift to Save PHP 150M, Cut 8,500 Tons of CO₂ Annually
News

Masbate Mine Solar Shift to Save PHP 150M, Cut 8,500 Tons of CO₂ Annually

June 23, 2025
DMC Ensures Responsible Mining and Tree Replanting in Cagayan Valley
News

DMC Ensures Responsible Mining and Tree Replanting in Cagayan Valley

June 17, 2025

FEATURED POST

Cordillera Miners Urged to Halt Operations During Rains as Landslide Risks Rise

Cordillera Miners Urged to Halt Operations During Rains as Landslide Risks Rise

June 25, 2025
Cagayan Valley DENR Chief Commends Mining Firms for Reforestation Investment

Cagayan Valley DENR Chief Commends Mining Firms for Reforestation Investment

June 24, 2025
SMPC Earns Gold in FinanceAsia Awards for Outstanding Corporate Governance and Management

SMPC Earns Gold in FinanceAsia Awards for Outstanding Corporate Governance and Management

June 23, 2025
Responsible Mining Pays Off: Apex Mining Wins Regional Bronze for Best-Managed Company

Responsible Mining Pays Off: Apex Mining Wins Regional Bronze for Best-Managed Company

June 23, 2025

EDITOR PICK'S

Cordillera Miners Urged to Halt Operations During Rains as Landslide Risks Rise

June 25, 2025

Cagayan Valley DENR Chief Commends Mining Firms for Reforestation Investment

June 24, 2025

SMPC Earns Gold in FinanceAsia Awards for Outstanding Corporate Governance and Management

June 23, 2025

Responsible Mining Pays Off: Apex Mining Wins Regional Bronze for Best-Managed Company

June 23, 2025

Masbate Mine Solar Shift to Save PHP 150M, Cut 8,500 Tons of CO₂ Annually

June 23, 2025

DMC Ensures Responsible Mining and Tree Replanting in Cagayan Valley

June 17, 2025

Lepanto Net Income Soars to PHP659 Million on Gold Output Growth, High Prices

June 17, 2025

Recent News

Cordillera Miners Urged to Halt Operations During Rains as Landslide Risks Rise

Cordillera Miners Urged to Halt Operations During Rains as Landslide Risks Rise

June 25, 2025
Cagayan Valley DENR Chief Commends Mining Firms for Reforestation Investment

Cagayan Valley DENR Chief Commends Mining Firms for Reforestation Investment

June 24, 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