OceanaGold Philippines net income surges by 68%

Higher metal prices and revenues boosted the profitability of OceanaGold Philippines Inc. (OGPI) during the nine months to September, soaring by 67.8 percent to $49 million.

OGPI posted revenues of $317.2 million, up by 20 percent, driven by its “full exposure to spot gold and copper prices.”

The mining firm attributed its improved earnings to record revenue of $142 million in the third quarter of this year. This was fueled by record average realized gold price of $3,415 per ounce.

“We are pleased to report another safe and responsible quarter, with gold and copper production delivered to plan. We continued to benefit from strong gold and copper prices, which led to record quarterly revenue and robust free cash flow of $59 million,” OGPI president Joan Adaci-Cattiling said.

During the period, the company produced 66,900 ounces of gold, a 13.5-percent decrease. Copper output increased by 10.9 percent to 10,200 tonnes.

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The firm reported that severe weather events in late 2024 hampered access to lower levels of the mine throughout much of 2025. It added that it completed draining water from the lower part of the area in the third quarter of this year.

The company’s all-in sustaining cost, or expenses relative to sustaining operations of the Didipio mine in Nueva Vizcaya, stood at $1,214 per ounce.