Philippines govt progresses Didipio talks
PERTH (miningweekly.com) – Dual listed gold miner OceanaGold has been given new hope, after the Office of the President of the Philippines instructed the Department of Environment and Natural Resources to engage with the company and the Department of Finance to finalise the renewal of the financial or technical assistance agreement (FTAA).
Operations at OceanGold’s Didipio mine remain suspended, but the company has previously said that the operation was in a state of readiness that would allow for a rapid-restart either through lifting the restrictions imposed on access, or completing a renewal of the FTAA.
The ASX- and TSX-listed miner on Monday said that the order from the Office of the President comes after the recent grant of a certification of non-overlap to the company, which states that the FTAA area is outside of ancestral domain of the Indigenous Cultural Communities, or the Indigenous People.
“The company’s FTAA has the strong endorsement of the residents in the local communities in and around the Didipio mine, including Indigenous Peoples. The company looks forward to the continued engagement with the national government with the goal of finalising the FTAA renewal,” OceanaGold said in a statement.
Under the terms of the FTAA, Didipio’s net revenue (as defined in the FTAA) is shared with the Philippine government. The government’s share, which includes all taxes and royalties paid, is 60% and OceanaGold is entitled to 40%.
The FTAA includes a defined five-year recovery period during which time OceanaGold can recoup the capital investment made to develop and construct the mine. During the recovery period and on an ongoing basis, OceanaGold pays taxes, royalties, and other fees.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
