Publicly listed OceanaGold (Philippines) Inc. booked a 35.7-percent slump in net income for the first quarter of 2025 from a year earlier, the mining company said on Thursday.
It said its net income fell to $7.4 million in the January-March quarter from $11.5 million in the year-earlier period.
Revenues declined 13.9 percent to $79.3 million from $92.1 million in the first quarter of 2024.
Gold output dropped 22 percent to 20,600 ounces from 26,300 ounces.
OceanaGold said the fall in gold production was the result of lower ore tons mined from its Didipio underground site that straddles the provinces of Nueva Vizcaya and Quirino.
The impact of severe weather in the fourth quarter of 2024 continued to impact OceanaGold’s mining operations early this year, the company said.
But its copper production fared better at 3,400 tons, up 13.3 percent from 3,000 tons a year earlier, it said.
“We expect to increase our mining rates in the coming quarters and remain focused on safely and responsibly delivering on our guidance for the year, capitalizing on record high metal prices, and continuing to generate strong returns for our shareholders,” Joan Adaci-Cattiling, OceanaGold president, said.
The company also 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.
