BY LEANDER C. DOMINGO
THE Philippine government has renewed the Didipio Mine Financial or Technical Assistance Agreement (FTAA) for an additional 25 years beginning June 19, 2019, according to the Australian OceanaGold Corporation.
In a statement, OceanaGold said the renewed FTAA reflects similar financial terms and conditions while providing additional benefits to the regional communities and provinces hosting the operation.
OceanaGold operates the Didipio Gold and Copper Project in the upland town of Kasibu in Nueva Vizcaya province.
“We are pleased to confirm the renewal of the Didipio Mine’s FTAA and thank the government for their endorsement and renewal. We have worked through the renewal process in partnership with the government and regulatory agencies,” Michael Holmes, president and chief executive officer of OceanaGold, said.
Holmes said the company is looking forward to restarting its activities and continuing working in partnership with the regulators, communities, employees and other stakeholders.
He said OceanaGold maintained the mine and associated facilities in a state of operational standby.
“The company’s first operational priority is the rehiring and training of its Philippine workforce, which will include a focus on safeguarding workers from the current risks associated with Covid-19,” Holmes said.
“Didipio operates to the highest environmental and social standards and has been recognized as one of the most responsible in the country.”
The firm’s management suspended its Didipio Mine when the initial validity of its FTAA with the Philippine government covering 25 years expired.
The initial 25-year FTAA took effect on June 20, 1994 and expired on June 20, 2019, a year after OceanaGold lodged its renewal application.
An FTAA is a permit issued to a multinational company sharing technology and resources to explore and extract minerals in the Philippines.
Didipio residents said they look forward to going back to their jobs that OceanaGold created either directly or indirectly.
The long-delayed renewal of FTAA led to the layoff of 80 percent of its workforce, or more than 620 workers, in the suspended mining operations in the Didipio Mine.
This excludes thousands of workers in different business and service sectors that were indirectly created by the advent of large-scale mining operations in the province, particularly that of OceanaGold.