OceanaGold PH sees growth despite Q1 drop
OceanaGold Philippines Inc. sees better earnings this year because of the ongoing improvements at its Didipio gold and copper mine in northern Luzon.
David John Bickerton, asset president of Didipio Operations, said the local unit of Australian-Canadian mining firm OceanaGold Corp. remains confident in its “strong balance sheet and sound financial fundamentals” even though its earnings dropped in the first three months of this year.
Bickerton said the company expects higher mining rates “throughout the year” as the mine site’s underground optimization work is underway.
“Further, our production was actually better than in the previous quarter but also in line with our guidance which clearly highlights our continued recovery from the weather events,” Bickerton said during the Philippine Stock Exchange’s STAR Investor Day held online.
OceanaGold Philippines treasurer Gemma Brooke McDonald said the company is optimistic about gold prices although they are still cautious about price fluctuations.
“We’re seeing that price globally really be driven up by safe haven demand and central bank borrowing by a lot of people. We’re optimistic, but we’ll see what happens there,” McDonald said.
“It’s fair to assume that we’ll continue to look to disperse to shareholders as much as we can but still remain conservative in the case that gold price fluctuations occur,” she added.
OceanaGold Philippines reported a net income of $7.4 million in the first quarter of 2025, down by 35.6 percent, as revenues and gold production declined.
Revenues fell by 14 percent to $79.3 million mainly due to lower gold sales offset by higher average realized gold prices.
