OceanaGold to Resume Mining in Nueva Vizcaya
Gold MiningOceanaGold

OceanaGold to Resume Mining in Nueva Vizcaya

OceanaGold Corporation advised that the Philippine Government has renewed the Didipio Mine Financial or Technical Assistance Agreement for an additional 25-year

OceanaGold Corporation advised that the Philippine Government has renewed the Didipio Mine Financial or Technical Assistance Agreement for an additional 25-year period, beginning June 19, 2019. The renewed FTAA reflects similar financial terms and conditions while providing additional benefits to the regional communities and provinces that host the operation. The Company plans a staged restart of operations with milling to recommence as soon as possible utilising stockpiled ore of which the operation has approximately 19 million tonnes available. The Company aims to achieve full underground production capacity within twelve months. Once fully ramped-up, the Company expects Didipio to produce approximately 10,000 gold ounces and 1,000 tonnes of copper per month at first quartile All-in Sustaining Costs.

OceanaGold President and CEO Mr Michael Holmes said “We are pleased to confirm the renewal of the Didipio Mine's FTAA and thank the Philippine Government for their endorsement and renewal. We have worked through the renewal process in partnership with the Government and regulatory agencies. We look forward to commencing restart activities and continuing to work in partnership with our regulators, communities, employees, and all stakeholders to contribute to the Philippines' post-COVID-19 economic recovery."

The Company has maintained the mine and associated facilities in a state of operational stand-by. The Company's first operational priority is the rehiring and training of its Philippine workforce, which will include a focus on safeguarding workers from the current risks associated with COVID-19. The Company expects to provide additional details on the restart and resumption of normal operations at Didipio, including the timeline and an update to Company's 2021 guidance, in due course.

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