OceanaGold (Philippines) Inc. (OGPI), operator of the Didipio Gold-Copper Mine, on Tuesday announced the remittance of additional P1.1-billion share to the Philippine government, making it the first mining company to submit additional payment under the existing terms of its financial and technical assistance agreement (FTAA).
OGPI president Joan Adaci-Cattiling said the company’s first payment of additional government share pursuant to the net revenue calculation is on top of the taxes, duties and fees earlier paid by OGPI.
“As the first mining contractor to be a holder of an FTAA, we are proud that we are able to contribute further to the growth of the country and the mining industry. This is a first not only for Didipio Mine but also for the Philippines and we hope that we will be able to continue improving our operations and showcase how the Philippines offers great potential for the mining sector,” she said.
The company expects to remit additional government share payments annually.