Didipio mine on track to hit output target

MANILA, Philippines — Didipio gold mine is on track to hit its 2024 production guidance after producing over 26,000 ounces of gold and 3,000 metric tons of copper in the first quarter, OceanaGold Corp. said.

Based on preliminary data released by OceanaGold, its Didipio mine in Nueva Vizcaya produced 26,312 ounces of gold and 3,015 metric tons of copper in the first three months of the year.

In terms of sales, Didipio mine sold 31,863 ounces of gold and 3,180 metric tons of copper during the period.

OceanaGold said the recent production figures of Didipio mine are “in-line with its full-year plan and 2024 guidance.”

“Didipio remains on track to deliver its 2024 guidance, wit the mine expected to produce between 120,000 and 135,000 ounces of gold and 12,000 to 14,000 tons of copper at an All in Sustaining Cost of between $750 and $850 per ounce,” it said.

In 2023, Didipio mine produced 138,500 ounces of gold and 14,200 metric tons (MT) of copper, surpassing its production guidance.

The mine’s production guidance in 2023 was between 125,000 and 135,000 ounces of gold and between 12,000 and 14,000 MT of copper.

Didipio mine’s gold output in 2023 was 22 percent higher than the 113,200 ounces it recorded in 2022. Meanwhile, its copper production dipped slightly from 14,400 metric tons in 2022.

According to OceanaGold, the expected net proceeds from the forthcoming initial public offering (IPO) of its wholly owned subsidiary OceanaGold Philippines Inc. would be used to repay its debt that stood at $135 million at the end of 2023.

OceanaGold Philippines earlier moved its stock market debut to May 13 from May 7 after the Philippine Stock Exchange (PSE) board approved its P7.88 billion listing recently.

OceanaGold Philippines received the PSE board listing approval last April 4, based on its revised preliminary prospectus.

The Australian-Canadian firm moved closer to becoming the IPO curtain raiser this year.