Listed mining firm OceanaGold (Philippines) Inc. (OGP) posted a 14 percent drop in its net income in the first half of the year due to lower production and sales of gold.

In a disclosure to the Philippine Stock Exchange (PSE), OGP said its net income for the first six months of the year stood at $22 million, down from $25.7 million in 2024.

Revenues rose by nine percent to $175.5 million from last year’s $160.9 million on higher average gold prices.

This was offset by a nine-percent surge in cost of sales, which climbed to $105 million from $96.2 million due to higher supplies and consumables, management fee, and net change in gold and copper inventory.

General and administrative expenses grew by 21 percent to $32.5 million for the first half, compared to $26.8 million of the prior year.

OGP, a subsidiary of Australian-Canadian firm OceanaGold Corp., is the operator of the Didipio gold and copper mine located between the provinces of Nueva Vizcaya and Quirino.

The company produced 45,100 ounces of gold in the first half, nine percent lower than 41,900 ounces last year.

Gold sales saw a 24 percent plunge to 38,400 ounces from 50,700 ounces. Prices during the six-month period averaged $3,093 per ounce, a 35 percent increase from $2,283 per ounce.

OGP said the decrease is related to the overall lower ore output in the Didipio mine as its lower levels were restricted due to the severe weather disturbances in the fourth quarter of 2024.

Supporting the country’s international reserves, OGP sold 34 percent of its total gold production to the Bangko Sentral ng Pilipinas.

Meanwhile, copper production climbed by 22 percent to 7,100 tons from 5,800 tons last year.

Copper sales likewise increased in the first half, jumping 15 percent to 6,200 tons from 5,400 tons. The average price of the mineral inched up by 3 percent to $4.32 per pound from $4.18 per pound.

OGP President Joan Adaci-Cattiling said the company's gold and copper production during the quarter is still in line with its 2025 guidance.

This year, OGP is targeting to produce between 85,000 and 105,000 ounces of gold and 13,000 to 15,000 tons of copper.

“For the second half of the year, our priority is to deliver on our guidance while investing in the growth potential of our business and continuing to generate strong free cash flow and returns for our shareholders,” said Adaci-Cattiling.

She said the company has returned a total of $111 million in dividends to its shareholders since its debut on the PSE in May last year.