Vancouver: Canadian gold and copper producer OceanaGold Corp. on Friday (Canada time) pledged to invest USD1.9 billion for the continued operation of the Didipio Mine in Nueva Vizcaya. The commitment was made during President Ferdinand R. Marcos Jr.'s meeting with OceanaGold executives at the Fairmont Pacific Rim Hotel here.
According to Philippines News Agency, the Presidential Communications Office (PCO) announced that the planned expansion is expected to generate new jobs and stimulate the Philippine economy. The PCO stated, "More jobs and local growth are expected as an expansion worth USD1.9 billion is set to strengthen the Philippine mining ecosystem following the President's productive meeting with OceanaGold Corp."
The high-grade mining operation aims to balance resource optimization with a minimized environmental footprint across Nueva Vizcaya and Quirino. OceanaGold is considering extending the operational life of the world-class Didipio Gold-Copper Mine until 2037. Based on the company's 2023 technical report, the mine's operation would end in 2035. Didipio operated as an open pit until it transitioned to an underground mine in 2018.
