OceanaGold and Govt Finalising FTAA Renewal
The Philippine government and Australian-Canadian miner OceanaGold Corporation (OceanaGold) are now finalising the terms of their Financial and Technical Assistance Agreement (FTAA).
This is for the continuation of the operations of the Didipio gold and copper mine in Nueva Vizcaya.
In a regulatory filing with the Toronto Stock Exchange and Australian Securities Exchange, OceanaGold said that it had several meetings with the Philippine government to finalise this agreement.
“The Company will continue to engage with government officials and will work with stakeholders for a safe restart of operations at Didipio,” OceanaGold said. “The timeline for the renewal remains uncertain and achieving steady-state production will be dependent on the timing of the renewal and workforce recruitment efforts.”
The request has been forward to the Office of the President for more than a year already, but in December last year, the government resumed these negotiations.
“We expect the renewal will be returned to the Office of the President for review and approval in the near-term,” Michael Holmes, president and CEO of OceanaGold, said. “We look forward to working with stakeholders and Government officials to safely restart operations and continue the significant socio-economic benefits when the renewal has been approved. OceanaGold is a responsible gold mining Company that is focused on operating to the highest social and environmental international standards and considers Didipio the template for responsible mining globally.”
In October last year, more than 496 employees were laid off and an estimated 400 people were affected too.