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- Gold miner OceanaGold Corporation (OGC) commences processing at the Didipio gold-copper mine in the Philippines
- The Didipio processing plant is expected to ramp up to its throughput rate of 3.5 million tonnes per annum over the next few weeks
- For the remainder of the year, the company is expecting to produce between 7000 and 12,000 ounces of gold and 1000 tonnes of copper
- Chief Operating Officer and Acting CEO Scott Sullivan said this is a major milestone for the company
- On market close for the day, OceanaGold is up 0.8 per cent and is trading at $2.51 per share
OceanaGold Corporation (OGC) has commenced processing at the Didipio gold-copper mine in the Philippines.
The Didipio processing plant is expected to ramp up to its throughput rate of 3.5 million tonnes per annum over the next few weeks.
For the remainder of the year, the company is expecting to produce between 7000 and 12,000 ounces of gold and 1000 tonnes of copper at an all-in sustaining cost of between US$100 and US$150 (around A$134 and A$200) per ounce sold on a by-product basis.
OceanaGold will continue to manage the risks associated with COVID-19 as it continues to ramp up operations to full production rates of 10,000 ounces of gold and 1000 tonnes of copper a month.
Chief Operating Officer and Acting CEO Scott Sullivan said this is a major milestone for the company.
“Following the confirmation of the Didipio Mine Financial or Technical Assistance Agreement renewal, Didipio is producing gold and copper again, which will be an important source of free cash flow generation for the company and a significant contributor of socio-economic benefits for the region and country,” he said.
“The start of milling is two weeks ahead of schedule, following the completion of plant upgrades and maintenance activities and the start of mining activities was one month ahead of schedule. It marks a new beginning for the operation and the predominately Filipino workforce who are leading and operating a first quartile gold and copper producer.”
On market close for the day, OceanaGold was up 0.8 per cent and to close at $2.51 per share.
