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Wednesday, April 17, 2024

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Didipio Mine posts 22% growth in gold production for 2023

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The Didipio Mine in 2023 registered a 22% year-on-year increase in gold production, meeting its full year production guidance.

The mine, straddling the provinces of Nueva Vizcaya and Quirino, produced a total of approximately 138,500 ounces (oz) of gold, higher than the approximately 113,200 oz produced in 2022.

Meanwhile, copper production decreased only by 1% from approximately 14,400 metric tons (mt) in 2022 to approximately 14,200 mt in 2023.

“We are glad to have exceeded the top end of our 2023 production guidance ranging from 125,000 to 135,000 oz of gold and 12,000 to 14,000 mt of copper. Our performance signifies not only the mine’s productivity but also the talent, dedication, and hard work of our employees,” Atty. Joan Adaci-Cattiling, Didipio Mine president and external affairs and social performance general manager said.

The increase in gold production has been partly due to higher-grade breccia stopes being mined in the fourth quarter, which was facilitated by the crown pillar strengthening project’s completion. The project strengthened the bottom of the Mine’s ground surface directly above the underground mine, allowing for safer underground mining activities.

With production complemented by strong gold sales and a 9% increase in average gold prices per ounce from US$1,811 to US$1,974 and a 1% increase in copper prices per pound from US$3.82 to US$3.87 in the period of 2022 to 2023, the Didipio Mine has also increased the amount of production taxes paid to the Philippine government from US$15.2 million (PhP 836 million) in 2022 to US$26.3 million (PhP 1.46 billion). Furthermore, the Didipio Mine is also set to remit an additional government share of US$20.3 million (PhP 1.1 billion) pursuant to its Financial or Technical Assistance Agreement that entitles the Philippine government to 60% of the net revenue (less costs, taxes, duties, fees and other expenses paid or accrued by OceanaGold (Philippines), Inc.).

For 2024, the Didipio Mine aims to produce around 120,000 to 135,000 oz of gold and 12,000 to 14,000 mt of copper.

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