OceanaGold Corporation in Vancouver, Canada, announced that its wholly owned subsidiary, OceanaGold Philippines, Inc. (OGPI) has completed the initial public offering of 20% of the outstanding common shares of OGPI on the Philippine Stock Exchange (PSE). Trading began on May 13, 2024. The shares are listed under the ticker ‘OGP’.
To mark PSE’s first IPO listing this 2024 by OGPI, OGP COO Peter Sharpe and OGP President Atty. Joan Adaci-Cattiling rang the bell in the Philippine Stock Exchange last May 13, 2024.
Present during this pivotal occasion is DENR Usec. Atty. Juan Miguel Cuna, Canadian Ambassador David Hartman, Australian Deputy Ambassador Dr. Moya Collett, OGP Director and General Manager for Didipio Operations David Bickerton, and PSE ManCom.
From a statement by OceanaGold Corporation, “OGPI holds the Company's interest in the Didipio Mine and, pursuant to the terms of the renewed Financial or Technical Assistance Agreement ("FTAA"), was required to list its common shares on the PSE. The Offering was a secondary offering of common shares and the proceeds were received by a wholly-owned subsidiary of OceanaGold.”
“The final Offering price was ₱13.33 per share for 456,000,000 common shares of OGPI and gross proceeds totaling ₱6.08B (approximately US$106M1) were raised. Available proceeds from the Offering, net of fees and taxes, will be applied to the repayment of OceanaGold's debt. The Company had $160M of debt at March 31, 2023.”
OGP has achieved many notable milestones in the country. They are the first mining company in the Philippines to be granted the FTAA by the Philippine government, the first company with an FTAA to be listed in PSE after 12 years, and the first company to provide Community and Provincial Development Funds to Nueva Vizcaya and Quirino provinces. Their contribution to the provinces from 2021 until 2023 amounts to Php325.7 million. OGP also made its first payment of additional government share last month.
Last year, on June 9, 2023, OceanaGold (Philippines) Inc. sold their gold doré to Bangko Sentral ng Pilipinas (BSP).
PSE President and CEO Ramon S. Monzon said, “The FTAA renewal is definitely a win-win situation for all stakeholders. OGP gets to continue its mining operations; the government continues to share in 60% of OGP’s net revenues; OGP continues to actively serve and support close to 60 barangays, providing much needed employment and supplier opportunities, farm to market roads, multi-purpose buildings, water systems, as well as health services and scholarship programs; and, of course, PSE adds a leading mining firm to its roster of publicly listed companies.”
“As part of OceanaGold Corporation, OGP adheres to its parent company’s approach to responsible mining, which is guided by an all-encompassing ‘Responsible Mining Framework.’ The framework defines how Oceana Gold Corporation strives to operate every day, at every level of its business, to manage potential economic, environmental, and social impacts and risks, while leveraging the potential to enhance the positive outcomes for all its stakeholders. This is reflected in OGP’s commitment to sustainable practices, which includes reforestation and rehabilitation projects as well as using 100 percent recycled water in its processing plant.”
Footnote:
[1] - Calculated at an exchange rate of US$1=₱57.32, subject to change
Reference:
https://www.pse.com.ph/oceanagold-philippines-inc-debuts-on-the-pse/
https://investors.oceanagold.com/2024-05-13-OceanaGold-Completes-IPO,-Raises-US-106M-for-the-Sale-of-20-Interest-in-OGPI
Photo credit:
Top photo – Philippine Stock Exchange, Inc
Photo with BSP – Bond, Gerard (March 8, 2024). “Mining Gold For A Better Future”. A presentation at the Philippine Mining Club Luncheon.
