Didipio To Start Nueva Viscaya Mining Operations In 1st Quarter

MANILA, Philippines - New Zealand-based Oceana Gold Corp. will start production in the first quarter of 2013 from the Didipio copper-gold project in Nueva Vizcaya with an expected output of 100,000 ounces of gold per year.

Already set to put the project into commissioning by November this year, OGC said it is already 85 percent complete with the Didipio project with a total capital expenditure of $220 million as of July 2012.

"We will be the first mining company to operate an FTAA (financial technical assistance agreement contract), and it will be green mining because mining has to be green," said Oceana Gold Philippines Inc (OGPI) Chairman Jose P. Leviste Jr.

Amid the changing government policy on mining, OGPI believes the government is moving supportively for the mining industry.

"Recent government announcement signals continued support for mining. The direction of the Aquino government is a step in the right direction and provides a clear path for future development that can make the Philippines one of the fastest growing economies of the world," according to Brennan Lang, OGPI Didipio operations general manager.

The company is acquiring five units of diesel power generation sets for the plant's electricity supply. The first ore will be milled in November. Present number of employees on site is 1,700.

Lang said that from a target production of 100,000 ounces of gold, this will be upscaled to 150,000 ounces. It will also produce 14,000 tons of copper per year.

The government is expected to collect $350 million in taxes and royalties from the project through a 60 percent revenue share in the FTAA terms.

While starting production, the company will continue to engage in an expansion program in the Didipio project. Feasibility study will start in the project with a planned budget of $5 million to $10 million for exploration.

The Green Mining program will involve planting of one million trees in five years. This will be in identified 70-hectare area in Deibibi and 30-hectare area in Kasibu around the project site.

"Coffee or bamboo will be planted on land leased by local landowners. It will engage local landowners to plant, maintain and harvest the plantations, providing landowners with ongoing income and employment," said Lang.

The agro-forestry commitment is also being coordinated with the Department of Environment and Natural Resources's National Greening Program and Mining Forestry Program.

Given start of operations, Leviste said the company, being a Board of Investments-registered company, plans to list with the Philippine Stock Exchange. This will be in addition to OGPI parent firm's listing in New Zealand, Australia and Canada.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • US renews travel warning to Mindanao
    US renews travel warning to Mindanao

    The US State Department renewed its warning about the risks of travel to the Philippines, in particular to the Sulu archipelago, certain regions and cities of Mindanao and the southern Sulu Sea area. In an update on Wednesday of a travel warning it issued Nov. 20, 2014, the State Department said US citizens should continue to defer non-essential travel to the Sulu archipelago due to the high threat of kidnapping of international travelers and violence linked to insurgency and terrorism there. …

  • Phl gains support for APEC Action Agenda
    Phl gains support for APEC Action Agenda

    The Philippine initiative to put the interests of micro, small and medium enterprises (MSMEs) front and center in global and regional trade has made significant progress following the conclusion on Thursday of the 2nd APEC Senior Officials’ Meeting (SOM2) and Related Meetings in Boracay, Aklan. Called “The Boracay Action Agenda to Globalize MSMEs,” the Philippine proposal calls for a host of specific, concrete and practical interventions that APEC economies can implement to provide MSMEs wider …

  • Phl to join Bangkok meet on Rohingya crisis next week
    Phl to join Bangkok meet on Rohingya crisis next week

    The Philippines will join a 15-nation meeting in Bangkok, Thailand next week to address the migration crisis involving thousands of Rohingyas who escaped persecution in Myanmar and Bangladesh. Justice Secretary Leila de Lima bared this yesterday after meeting with United Nations High Commission for Refugees (UNHCR) representative to the Philippines Bernard Kerblat. In an interview, De Lima said the Philippine government has been invited to the meeting. …

  • Magnitude 4.2 quake jolts Sorsogon
    Magnitude 4.2 quake jolts Sorsogon

    LEGAZPI CITY—A magnitude 4.2 earthquake hit Prieto Diaz town in Sorsogon before dawn yesterday, the Philippine Institute of Volcanology and Seismology (Phivolcs) said. …

  • Drought-resistant rice breeds bared
    Drought-resistant rice breeds bared

    SCIENCE CITY OF MUÑOZ, Nueva Ecija – Amid the searing heat, the Philippine Rice Research Institute central experiment station here has identified nine rice breeds which have been proven to be drought-resistant and produce high yields in temperatures as high as 38°C based on a recent study. Thelma Padolina, lead researcher of the study titled “Screening of rice-induced mutants for heat and drought tolerance,” identified the breeding lines as the Ballatinaw lines, PSB Rc72H and Azucena lines. …

  • Phl, US assert rights, ignore China warning
    Phl, US assert rights, ignore China warning

    The United States military will continue air and sea patrols in international waters even after the Chinese navy repeatedly warned a US surveillance plane to leave the airspace over artificial islands China is creating in the disputed South China Sea. The Philippine government also declared it would continue activities in the region, calling on China to respect freedom of navigation and aviation. “Our position on the importance of letting freedom of navigation, freedom of aviation and …

  • MM shutdown eyed for quake drill; 6 schools warned
    MM shutdown eyed for quake drill; 6 schools warned

    Electricity and mobile phone services would be cut throughout Metro Manila, and all private and government offices and businesses, including shopping malls, would be closed. That would be the situation on July 16 between 3 and 8 p.m. to simulate the scenario of a 7.2 magnitude earthquake. The Philippine Institute of Volcanology and Seismology (Phivolcs) has warned that an earthquake of that magnitude could occur and kill at least 33,500 people and injure at least 113,600 others following a …

  • Subaru XV now priced among sedans
    Subaru XV now priced among sedans

    Motor Image Philipinas (MIP), the authorized distributor of Subaru in the country, has positioned its brand new crossover SUV, the Subaru XV, well within the sedan segment’s price range. This move, according to MIP, was made to give the public an opportunity to experience the brand’s unique automotive technologies by lowering its price. Buyers of […] The post Subaru XV now priced among sedans appeared first on Carmudi Philippines. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options