OceanaGold Corp. remains in dialogue with government on the renewal of its Financial or Technical Assistance Agreement (FTAA) to pave the way for the resumption of operations of the Didipio mine in Nueva Vizcaya.
“The renewal is with the Department of Environment and Natural Resources (DENR) for re-endorsement to the Office of the President. In the meantime, we are maintaining Didipio in a state of operational stand-by and planning for the transition to full production. COVID-19 risks remain elevated in the Philippines and at site where nine members of our workforce have tested positive for the virus over the last year,” said Michael Holmes, OeanaGold president and chief executive officer, in its first quarter results statement.
Holmes said ongoing risks associated with the pandemic could impact the timeline of the resumption to full operations.
“Restarting Didipio and advancing organic growth is expected to create value for shareholders over the long-term,” Holmes added.
The local government of Nueva Vizcaya has been restraining activities of the company since June 2109, pending the renewal of the FTAA.
This even as the Mines and Geosciences Bureau (MGB) and the DENR allowed the local subsidiary to continue operations while the renewal is being processed.
The country’s output of gold, silver and copper last year was dragged by the closure of the Didipio mine. – Jed Macapagal
