Publicly traded Oceana Gold Philippines Inc. yesterday said it has recorded a 13.1 percent increase in net income from $26.8 million in 2023 to $30.3 million in 2024.
The company said in a disclosure to the Philippine Stock Exchange on Thursday growth was driven by higher prices of gold and copper, offsetting low production volumes in 2024.
Oceana Gold said average gold prices reached $2,434 per ounce in 2024, a 23.3 percent jump from the average of $1,974 in 2023.
Average copper prices went up by 7.5 percent at $4.16 per pound from $3.87 per pound.
The company produced 97,000 ounces of gold in 2024, down 30 percent from 138,500 ounces in 2023; its copper production decreased by 13.4 percent to 12,300 tons from 14,200 tons in 2023.
Oceana Gold booked a 7.6-percent reduction in revenues for 2024 as it reached $342.9 million compared to $371 million in 2023.
The company is exploring the Didipio copper and gold mine traversing the provinces of Nueva Vizcaya and Quirino.
Oceana Gold projects the Didipio mine to produce 85,000 to 105,000 ounces of gold and 13,000 to 15,000 tons of copper this year.
