The Didipio mine
Vancouver-based OceanaGold has obtained regulatory approvals for an initial public offering (IPO), which will involve 20% of the outstanding shares of its Philippines subsidiary.
The Phillippine arm, OceanaGold Philippines (OGPI), holds the company’s interest in the Didipo mine. Under a renewed financial and technical assistance agreement, it is required to list its common shares on the Philippine Stock Exchange.
Scheduled for completion in May, the offering constitutes a secondary offering. Proceeds are earmarked for debt repayment, with the company’s debt standing at $135-million at the end of 2023.
During the quarter ended March, the Didipio mine produced 26 312 oz of gold and 3 015 t of copper, aligning well with its full-year plan and the guidance set for 2024. Gold sales for the quarter totalled 31 863 oz of gold and 3 180 t of copper.
Didipio is on track to meet its 2024 production target, anticipating output ranging from 120 000 oz to 135 000 oz of gold and 12 000 t to 14 000 t of copper. All-in sustaining costs are projected to range between $750/oz and $850/oz.