Listed mining firm OceanaGold (Philippines) Inc. (OGP) is exploring a potential offset extension to its Didipio mine as part of a long-term strategy to bolster production of gold and copper.

OGP President Joan Adaci-Cattiling said underground exploration drilling is well underway within the Didipio mine and its permit area of approximately 7,000 hectares.

“We're very happy that we're able to do that because we have our current operations, but we don't [want to] remain stagnant. You look for other opportunities,” she told reporters last week.

Adaci-Cattiling said she cannot disclose the number of sites the mining firm is considering, as exploration work is still ongoing.

OGP is spending $5 million, or around ₱280 million, on its exploration activities this year, in line with its financial or technical assistance agreement (FTAA) with the government.

In June, the company said approximately 8,000 meters of exploration drilling is planned from surface across the FTAA area at True Blue, seen as a potential offset extension to the Didipio mine.

The True Blue site is 800 meters away from the mine and has been identified as an area of known mineralization.

The Didipio mine is straddled between the provinces of Nueva Vizcaya and Quirino.

OGP, a subsidiary of Australian-Canadian firm OceanaGold Corp., entered into an FTAA with the government in June 1994, becoming the first 100-percent foreign-owned company to operate large-scale mining explorations in the country.

The FTAA’s initial term ended in June 2019 but was later renewed in July 2021, allowing the company to operate the mine until 2044.

Adaci-Cattiling noted that the company is planning to look for “more opportunities” to “do more” in the Philippines.

“We’re considering where the minerals are, where the opportunities are. We’ll also look at community acceptance, whether there’s a social license,” she said.

OGP earlier reported that its net income from January to September rose 68 percent to $49 million from $29.2 million in the same period last year.

The company said the increase in earnings was mainly driven by higher gold prices, which stood at $3,234 per ounce, up from $2,366 per ounce last year.

OGP produced 66,900 ounces of gold and 10,200 tons of copper in the nine-month period.

Adaci-Cattiling said she is still upbeat about reaching the full-year guidance of producing between 85,000 and 105,000 ounces of gold and 13,000 to 15,000 tons of copper.