OceanaGold (Philippines), Inc. (OGP) and the Bangko Sentral ng Pilipinas (BSP) renewed their gold buying agreement for another three years, with OGP offering to sell at least 25% of its gold doré production to the central bank.
Listed company OceanaGold (Philippines), Inc. (OGP) and Bangko Sentral ng Pilipinas (BSP) have renewed their gold buying agreement for another three years.
“We continue to support the Philippine economy by prioritizing BSP and their gross international reserves through this renewed agreement. This demonstrates our steadfast and continued commitment as a partner for economic development and sustaining overall growth amid global uncertainties,” Atty. Joan Adaci-Cattiling, OGP President and General Manager for External Affairs and Social Performance, said.
Under the renewed agreement, which will run from March 2025 to March 2028, OGP will continue to offer for purchase not less than 25% of its annual gold doré production to the BSP. Doré is an alloy or solid mixture of gold and other metals like silver. The initial agreement between OGP and BSP was executed in May 2022.
“Beyond compliance with our Financial or Technical Assistance Agreement (FTAA) with the Philippine Government, we view this agreement as part of our purpose of mining gold for a better future,” Atty. Adaci-Cattiling said.
In 2024, OGP sold a total of 6,628 ounces of gold doré or 29% of its gold doré production to the BSP, of which 5,356 ounces were sold under the BSP’s gold buying guidelines after the expiration of the purchase agreement in May 2024.
OGP sold 9,453 and 12,865 ounces of gold doré to the BSP in 2022 and 2023, respectively, representing 28% and 27% of its total gold doré production for the respective year.
