UPDATE 1-OceanaGold suspends Didipio mine operations in Philippines amid dispute

17-Oct-2019 Intellasia | Reuters | 6:02 AM Print This Post

Australia’s OceanGold Corp warned of lower output this year after it suspended production at its Didipio gold and copper mine in the Philippines citing a dispute with local government.

OceanaGold cut its full-year output guidance to 460,000-480,000 ounces of gold and 10,000-11,000 tonnes of copper, assuming no further production or sales for the remainder of the year at Didipio.

That was down from previous guidance of 500,000-550,000 ounces of gold and 14,000-15,000 tonnes of copper for the year from its four minesDidipio, Haile in the United States, and Macraes and Waihi in New Zealand.

The company also revised its guidance for all-in sustaining costs to $1,040-$1,090 per ounce sold, from $850-900 previously.

The mid-tier miner had sought renewal of its 25-year operating licence for Didipio in Nueva Vizcaya province last year, ahead of its expiry earlier this year, but the local government wants the mine shut due to environmental concerns.

OceanaGold had initially stopped trucking while operations at Didipio continued, despite a move by the Nueva Vizcaya government to impede access to and from the mine site.

https://www.reuters.com/article/oceanagold-outlook/update-1-oceanagold-suspends-didipio-mine-operations-in-philippines-amid-dispute-idUSL3N2702N4

 


Category: Philippines

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