OceanaGold’s Jan-Jun bottom line ballooned by 206%
OceanaGold Philippines more than tripled its net income in the first half of 2026 as soaring gold prices more than offset lower production from both its gold and copper operations.
The local unit of the Australian-Canadian mining company on Thursday reported a net income of $64.7 million for the six months ending June, up 206 percent from the same period last year.
Revenue climbed 62.6 percent to $285.3 million from $175.5 million a year earlier, reflecting stronger realized metal prices despite lower production volumes.
Output decreased
Production, however, declined across both of its key metals.
Gold output fell to 41,800 ounces in the first half from 45,100 ounces a year earlier.
Copper production slipped to 5,900 metric tons from 7,100 metric tons over the same period.
This continued in the second quarter alone, when gold production declined 12.7 percent year-on-year to 21,400 ounces. Copper production fell by more than a quarter to 2,700 metric tons.
Even so, the sharp rally in gold prices continued to underpin the company’s financial performance.
The firm’s cash flow surged 126.55 percent to $62.3 million in the first half from $27.5 million a year earlier.
