By Ehda M. Dagooc | The Freeman | May 7, 2025 12:00 AM

CEBU, Philippines — Publicly-listed OceanaGold (Philippines) (OGP) has renewed its gold buying agreement with the Bangko Sentral ng Pilipinas (BSP) for another three years, extending the partnership until March 2028.

Under the renewed terms, the miner will continue to sell at least 25 percent of its annual gold doré output to the central bank, contributing to the country’s gross international reserves.

The deal, first signed in May 2022, lapsed in May 2024 but was extended to sustain BSP’s gold reserves and stabilize the country’s external position.

“We remain committed to supporting the Philippine economy by prioritizing BSP’s reserve accumulation. This renewed agreement reinforces our long-term role as a partner in economic development, especially amid ongoing global uncertainty,” said Atty. Joan Adaci-Cattiling, OGP President and General Manager for External Affairs and Social Performance in a statement.

In 2024, OGP sold 6,628 ounces of gold doré to the BSP, equivalent to 29 percent of its total doré production. Of this, 5,356 ounces were transacted under BSP’s interim gold-buying guidelines following the expiry of the original agreement.

The company sold 9,453 ounces in 2022 and 12,865 ounces in 2023—28 percent and 27 percent of annual output, respectively.

Beyond regulatory compliance under its Financial or Technical Assistance Agreement (FTAA) with the government, Adaci-Cattiling emphasized the partnership as aligned with OGP’s purpose of “mining gold for a better future.”

OGP operates the Didipio gold-copper mine in Luzon and is listed on the Philippine Stock Exchange. The company focuses on responsible operations and optimizing free cash flow to deliver shareholder returns.

Source: The Freeman

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

.