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Manila Bulletin devider Business devider The Stock Market devider Higher metal prices push profits of OceanaGold PH

Higher metal prices push profits of OceanaGold PH

Published Feb 20, 2025 01:04 am

Listed mining firm OceanaGold (Philippines) Inc. reported a 13 percent growth in net income to $30.3 million last year from $26.8 million in 2023 as higher metal prices partly offset the impact of lower ore grades and bad weather at its Didipio mine.

In a disclosure to the Philippine Stock Exchange, the firm said revenues dipped 7.6 percent to $342.9 million from $371 million in the previous year as gold output declined 30 percent to 97,000 ounces of gold from 138,500 ounces in 2023 while copper produced declined by 13 percent to 12,300 tons from 14,200 tons.

The decrease in gold production was primarily due to 29 percent lower grade from underground as a result of the stope redesign in the high-grade breccia areas and a decrease in underground ore mined due to weather events in the third and fourth quarters.

Interruptions in the process plant in the second quarter and power outages due to the severe weather events in the fourth quarter also contributed to an eight percent decrease in mill feed last year.

Aside from higher prices, lower gold sales volume and a decrease in by-product credits were partially offset by lower capital spending.

There were no exploration activities within the underground mine during the fourth quarter due to limited access following the severe weather events experienced during the quarter.

In 2025, Didipio is expected to produce 85,000 to 105,000 ounces of gold and 13,000 to 15,000 tons of copper. Expected gold and copper production reflects the reduced rate of mining from the higher-grade breccia stopes as well as continued water management in the lower parts of the mine for much of the year.

Gold production in 2025 has been moderated relative to the most recent technical report due to the mine redesign and resequencing work undertaken during 2024, which allows for safe operations and maximum extraction of the higher-grade breccia material over an approximate five-year period, which in turn maximizes the value and cash flow generation of the mine.

For Didipio, total capital investment is expected at $55 million. Sustaining capital for the year includes the addition of underground equipment to support the increased mining rate, while capitalized mining relates to continued development of the underground decline.

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OceanaGold Philippines Inc. (OGPI)
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