BY LEANDER C. DOMINGO
KASIBU, Nueva Vizcaya (June 10)—Partnering with the Philippine government in boosting the country’s international reserves, OceanaGold’s Didipio Mine in the upland town of Kasibu in Nueva Vizcaya has made its first sale of gold doré to the Bangko Sentral ng Pilipinas (BSP).
This first sale on May 30, 2022 implements the purchase agreement (PA) between OceanaGold Philippines Inc. (OGPI) and BSP that requires OGPI to offer for purchase to the BSP not less than 25 percent of Didipio Mine’s annual gold doré production at fair market prices and under mutually agreed-upon terms.
A dore bar is a semi-precious alloy of gold and silver. It is usually created at the site of a mine and then transported to a refinery for further purification.
The proportion of gold and silver may vary. Dore bars weigh as much as 25 kilograms.
During the signing of the PA on May 5, 2022, BSP Governor Benjamin Diokno underscored the importance of the agreement in the pursuit of sustainable and inclusive economic growth, supported by responsible gold sourcing and sound reserve management.
The purchase agreement with the BSP is part of Didipio Mine’s compliance with the renewal terms of its Financial or Technical Assistance Agreement or FTAA with the Philippine government.
“The agreement supports the BSP’s strategic direction of further strengthening the country’s management of its gross international reserves, which support economic activities and effectively cushion against adverse impacts to the economy,” Diokno said.
“As a responsible partner of the government in resource development, we look forward to enhancing our partnership with the BSP and significantly contributing to the further strengthening of our country’s economy,” lawyer Joan Adaci-Cattiling, OGPI president and general manager, said.
She added that the partnership exemplifies the Didipio Mine’s commitment to the Philippines as well as the “pride of all employees, LGUs (local government units), stakeholders of the Didipio Mine to contribute to the country’s reserves.”
The signing ceremony was also attended by BSP Monetary Board Member Peter Favila, Monetary Board Member Felipe Medalla, Deputy Governor Mamerto Tangonan, Managing Director Mary Anne Lim and Managing Director Rosabel Guerrero.
Officials from key government agencies served as witnesses to the signing of the PA who included Department of Environment and Natural Resources Acting Secretary Jim Sampulna, Department of Finance Undersecretary Bayani Agabin, head of the Extractive Industries Transparency Initiative; and Juancho Pablo Calvez, Revenue and Integrity Protection Service of the Department of Finance and Mines and Geosciences Bureau (MGB) officer in charge.
Also present during the signing event were MGB Region 2 (Cagayan Valley) Director Mario Ancheta and Didipio village captain Ereneo Bobola.
After the restart of processing in early November, the Didipio Mine produced 14,863 ounces of gold and 2,323 tons of copper, exceeding the company’s 2021 guidance range of 7,000 to 12,000 ounces of gold and 1,000 tons of copper.
The mining company said the ramp-up of operations to full production rates is advancing ahead of schedule.