By Ed Paolo Salting | The Manila Times | May 9, 2025

MINING firm OceanaGold (Philippines), Inc. saw net income for the first quarter plunge 35.6 percent to $7.4 million, from $11.5 million in the same period last year, on lower gold production and sales.

In a disclosure on Thursday, the company said revenues dropped 14 percent to $79.30 million from $92.10 million despite higher average realized gold prices.

OceanaGold said it produced 20,600 ounces of gold and 3,400 tonnes of copper. Of this figure, 17,800 oz of gold were sold at an average price of $2,858 per ounce, compared to the previous year’s 31,000 ounces at an average price of $2,136.

In a separate disclosure, OGP also announced a first-quarter dividend of $17 million, equivalent to $0.0075 per common share.

It said holders of the publicly traded shares as of the close of business on May 22, 2025, Philippine time, will be entitled to receive payment of the dividend on June 18, Philippine time.

Payment will be made in Philippine pesos based on the prevailing exchange rate on the day the payment is processed, it said.

“During the first quarter, we safely produced gold and copper in line with our guidance. I am pleased to declare another strong dividend payment to start the year, having now returned around $86 million to our shareholders via dividends in a one-year period since the May 2024 initial public offering,” OGP President Joan Adaci-Cattiling said.

The company said that its production guidance for the year was 85,000 to 105,000 ounces of gold and 13,000 to 15,000 tonnes of copper produced at an all-in sustaining cost of between $1,150 and $1,250 per ounce.

The expected production reflects a reduced rate of mining from the higher-grade breccia stopes and continued water management in the lower parts of the Didipio gold-copper mine in Luzon for much of the year, the company said.

“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,” Adaci-Cattiling said.

The company, a unit of Vancouver-based Oceana Gold Inc. operates the Didipio gold-copper mine in Luzon under a Financial or Technical Assistance Agreement.

The mining firm’s share price fell by 46 centavos, or 2.83 percent, to P15.82 on Thursday.

Source: The Manila Times

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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