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Manila Bulletin devider Business devider The Stock Market devider OceanaGold profit plunges 36% in Q1 on lower gold output

OceanaGold profit plunges 36% in Q1 on lower gold output

Published May 8, 2025 01:44 pm

Listed mining firm OceanaGold (Philippines) Inc. (OGP) saw its net income plunge by 36 percent to $7.4 million in the first quarter of 2025, from $11.5 million in the same period last year, due to lower gold production and sales.

In a disclosure to the Philippine Stock Exchange (PSE), OGP said revenues in the first three months of the year reached $79.3 million, a 14-percent decline from $92.1 million recorded in 2024.

The sharp drop in earnings in the quarter was attributed to the lower production and sales in the company’s Didipio gold and copper mine in Nueva Vizcaya, offset by higher average gold prices.

OGP’s gold sales fell 44 percent to 17,800 ounces from 31,800 ounces during the first quarter last year. Gold production likewise dipped by 22 percent from 26,300 ounces to 20,600 ounces. 

The company said this decrease is related to the overall lower ore output as the Didipio mine is still reeling from the severe weather disturbances in the latter half of 2024.

For the first quarter, the mining firm received an average price of $2,858 per ounce of gold, up 34 percent from $2,136 in the year prior.

OGP sold a quarter of its total gold production to Bangko Sentral ng Pilipinas.

Meanwhile, its copper production slightly improved in the reference period to 3,400 tons from the 3,000 tons recorded in the previous year. Sales of copper remained level at 3,200 tons.

OGP posted an average copper price of $4.3 per pound, a 13-percent improvement from $3.2 per pound in 2024. 

OGP President Joan Adaci-Cattiling said the cpmany’s gold and copper production during the quarter is still in line with the firm’s 2025 guidance.

The company targets between 85,000 and 105,000 ounces of gold and 13,000 to 15,000 tons of copper this year.

“We expect to increase our mining rates in the coming quarters and remain focused on safely and responsibly delivering on our guidance for the year, capitalizing on record high metal prices and continuing to generate strong returns for our shareholders,” said  Adaci-Cattiling.

Based on its financial report, OGP’s general and administrative expenses decreased by 20 percent to $14.6 million for the first quarter, compared to $18.3 million of the prior year.

The cost of sales fell five percent to $52 million in the first quarter, compared to $54.6 million during the same period last year.

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