OceanaGold Philippines (OGP) is determined to achieve its 2024 production target of 120,000 to 135,000 ounces of gold, despite lower output in the first quarter.
OGP general manager for operations David Bickerton said the mining firm is setting its sights on higher production levels for the rest of 2024 at its Didipio gold and copper mine in Nueva Vizcaya.
“We’re still moving material that we need to move. It’s just that it’s related to grade,” he said.
OceanaGold is facing a temporary challenge over lower ore grades in the early months of 2024, but the company said it remained confident in meeting its annual production target.
They are actively looking at expanding underground mining operations as a potential solution to increase the throughput rate.
Bickerton said while the first-quarter production was short at 25,500 ounces, he remains confident output would pick up in the second half onwards.
He expects the lower yield in the early months to be balanced out as the year progresses.
The gold miner exports 74 percent of semi-processed gold to the ABC Refinery in New South Wales, Australia, while the balance stays within the Philippines for sale to the Bangko Sentral ng Pilipinas (BSP).
OceanaGold recently secured a new partner for a reseller contract for copper concentrate, finding refineries and handling the sales process.
“Obviously by using a reseller, we can also make sure that we’re getting the best price possible for our product,” Bickerton said.
The high quality of Didipio gold allows them to penetrate the global market to places like Korea, Japan and other countries, he said.