Didipio Mine completes its first gold sale to BSP
IN PARTNERSHIP with the Philippine government to increase the country’s international reserves, OceanaGold’s Didipio mine in the upland town of Kasibu in Nueva Vizcaya has made its first sale of gilded gold to Bangko Sentral ng Pilipinas (BSP).
This first sale on May 30, 2022 implements the purchase agreement (PA) between OceanaGold Philippines Inc. (OGPI) and BSP which obligates OGPI to offer for purchase to BSP at least 25% of the annual production of gilded gold from the Didipio mine at the fair market. price and on mutually agreed terms.
A gold bar is a semi-precious alloy of gold and silver. It is usually created at the site of a mine and then transported to a refinery for further purification.
The proportion of gold and silver may vary. Dore bars weigh up to 25 kilograms.
During the signing of the PA on May 5, 2022, BSP Governor Benjamin Diokno stressed the importance of the agreement in pursuing sustainable and inclusive economic growth, supported by responsible sourcing of gold and sound management of reserves.
The purchase agreement with the BSP is part of Didipio Mine’s compliance with the terms of the renewal of its financial or technical assistance agreement or FTAA with the Philippine government.
“The agreement supports BSP’s strategic direction of further strengthening the country’s management of its gross international reserves, which support economic activities and effectively cushion negative impacts on the economy,” Diokno said.
“As a responsible partner of the government in resource development, we look forward to strengthening our partnership with BSP and making a significant contribution to strengthening our nation’s economy,” said attorney Joan Adaci-Cattiling. , President and CEO of OGPI.
She added that the partnership exemplifies Didipio Mine’s commitment to the Philippines as well as the “pride of all employees, LGUs (Local Government Units), Didipio Mine stakeholders to contribute to the country’s reserves.”
The signing ceremony was also attended by BSP Monetary Council Member Peter Favila, Monetary Council Member Felipe Medalla, Deputy Governor Mamerto Tangonan, Managing Director Mary Anne Lim and Managing Director Rosabel Guerrero.
Officials from key government agencies served as witnesses to the signing of the PA, including Acting Secretary of the Ministry of Environment and Natural Resources Jim Sampulna, Under Secretary of the Ministry of Finance Bayani Agabin, Head of the Extractive Industries Transparency Initiative; and Juancho Pablo Calvez, head of the Revenue and Integrity Protection Service of the Ministry of Finance and the Bureau of Mines and Geosciences (MGB).
MGB Region 2 (Cagayan Valley) Director Mario Ancheta and Didipio Village Captain Ereneo Bobola were also present at the signing ceremony.
After restarting processing in early November, the Didipio mine produced 14,863 ounces of gold and 2,323 tonnes of copper, exceeding the company’s 2021 guidance range of 7,000 to 12,000 ounces of gold and 1,000 tons of copper. The mining company said the ramp-up of operations to full production is progressing ahead of schedule.