OceanaGold’s shares take a knock as Philippines proposes Didipio closure
PERTH (miningweekly.com) – The ASX share price of triple-listed gold miner OceanaGold fell by nearly 16% on Thursday after the Philippines government flagged OceanaGold’s Didipio operation as the subject of a proposed suspension order.
In a press briefing, the Philippines Department of Environment and Natural Resources (DENR) Secretary Gina Lopez cited alleged declining agricultural production as the reason for Didipio’s proposed suspension.
Lopez ordered the closure of at least seven mines, five of which are nickel projects, as part of the government’s fight to save the environment.
OceanaGold on Thursday said it had not received any formal suspension order and that mining and processing activities at Didipio were continuing unabated.
CEO and president Mick Wilkes said there was no legal basis for any proposed suspension, maintaining that the operation was not in violation of any laws, rules or regulations, and that the operation was not posing any threat to the public.
“This decision announced by the Secretary is unjustified nor does it have any basis in law. We have not received any show cause notice from the DENR, nor have we received a suspension order. Should we ultimately receive a suspension order, as suggested today, we have very strong legal grounds to have it overturned.
“Our Didipio mine is a partnership with the government of the Philippines through the Office of the President and has a strong social licence to operate. We are a large employer of Filipino nationals and our operation delivers significant benefits to the local communities,” he added.
OceanaGold’s shares were trading at a low of A$3.74 at the close of business on the ASX, down from a high of A$4.73 a share.
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