MANILA, Philippines — Australian-Canadian mining firm OceanaGold Philippines Inc. (OGPI) has renewed its gold buying agreement with the Bangko Sentral ng Pilipinas (BSP) for another three years.
Under the renewed agreement, OGPI will continue to sell no less than 25 percent of its annual gold doré production to the BSP until March 2028.
Doré is an alloy or solid mixture of gold and other metals like silver. The initial sale agreement between OGPI and BSP was executed in May 2022.
The gold sale agreement supports the economy by helping the BSP in securing the country’s gross international reserves, according to OGPI.
“This demonstrates our steadfast and continued commitment as a partner for economic development and sustaining overall growth amid global uncertainties,” said Joan Adaci-Cattiling, OGPI president and general manager for external affairs and social performance.
“Beyond compliance with our financial or technical assistance agreement with the Philippine government, we view this agreement as part of our purpose of mining gold for a better future,” Adaci-Cattiling said.
In 2024, OGPI sold a total of 6,628 ounces of gold doré to the BSP, about 29 percent of its total production last year.
The mining firm sold 9,453 and 12,865 ounces of gold doré to the BSP in 2022 and 2023, respectively. The sale represented 28 percent and 27 percent of OGPI’s total gold doré output during the respective years.
OGPI reported a 13–percent increase in its net profit last year, buoyed by lower cost of sales and expenses despite lackluster sales caused by unfavorable weather conditions.
OGPI said its net income last year reached $30.3 million, higher than the $26.8 million posted in 2023.
The miner’s bottom line expanded on the back of lower costs and expenses that offset the drop in its revenues last year.
OGPI’s revenues declined by 7.5 percent year-on-year to $342.91 million from $371.1 million due to lower gold and copper sales as a result of lesser output.