LISTED mining company OceanaGold (Philippines) Inc. (OGP) said it has renewed a gold buying agreement with the Bangko Sentral ng Pilipinas (BSP) for another three years.
The company said in a statement on Monday under the renewed agreement which will run from March 2025 to March 2028, OGP will continue to offer for purchase by the BSP no less than 25 percent of its annual gold doré production.
Doré is an alloy or solid mixture of gold and other metals like silver.
“We continue to support the Philippine economy by prioritizing BSP and their gross international reserves through this renewed agreement. This demonstrates our steadfast and continued commitment as a partner for economic development and sustaining overall growth amid global uncertainties,” said Atty. Joan Adaci-Cattiling, OGP president and general manager for external affairs and social performance.
OGP said its initial agreement with the BSP was executed in May 2022.
“Beyond compliance with our Financial or Technical Assistance Agreement with the Philippine Government, we view this agreement as part of our purpose of mining gold for a better future,” Cattiling added.
OGP said in 2024, it sold to the BSP a total of 6,628 ounces of gold doré or 29 percent of its gold doré production, of which 5,356 ounces were sold under the BSP’s gold buying guidelines after their purchase agreement expired in May 2024.
Meanwhile, the company sold 9,453 and 12,865 ounces of gold doré to the BSP in 2022 and 2023, respectively, representing 28 percent and 27 percent of its total gold doré production for those periods.
OGP currently explores the Didipio copper and gold mine traversing the provinces of Nueva Vizcaya and Quirino.
The company 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.
