OceanaGold Philippines Inc. announced 22.3-percent increase in gold output for its Didipio Mine in Nueva Vizcaya province to 138,500 ounces (oz) in 2023 from 113,200 oz in 2022.
Copper production dropped 1 percent to about 14,200 metric tons in 2023 from 14,400 MT in 2022.
“We are glad to have exceeded the top-end of our 2023 production guidance ranging from 125,000 to 135,000 oz of gold and 12,000 to 14,000 mt of copper. Our performance signifies not only the mine’s productivity but also the talent, dedication, and hard work of our employees,” said OceanaGold Philippines president Joan Adaci-Cattiling.
It attributed the increased gold production partly to mining higher-grade breccia stopes in the fourth quarter, made possible by the completion of the crown pillar strengthening project, which reinforced the mine’s ground surface directly above the underground workings. This enabled safer access to these richer ore deposits.
The Didipio Mine also increased the tax payments to the government to $26.3 million in 2023 from $15.2 million in 2022.
Production continues to be robust complemented by strong gold sales and increase in average gold price from $1,811/oz to $1,974 /oz, and a 1 percent increase in copper prices per pound to $3.87 in 2022 from $3.82 in 2023, the company said.
The Didipio Mine is also set to remit an additional P1.1 billion to the national government pursuant to its financial and technical assistance agreement (FTAA )that entitles the Philippine government to 60 percent of the net revenue.
The Didipio Mine aims to produce around 120,000 to 135,000 oz of gold and 12,000 to 14,000 mt of copper in 2024.