Didipio Mine sets moderate production targets

After delivering a double-digit improvement last year, the Didipio Mine of Australian-Canadian mining firm OceanaGold Corp. has set a moderate target this year to maintain its production growth.

Based on its latest guidance, Didipio Mine aims to produce around 120,000 to 135,000 ounces of gold and 12,000 to 14,000 metric tons of copper this year. 

Last year, the Didipio mine site across the provinces of Nueva Vizcaya and Quirino produced a total of roughly 138,500 ounces of gold, which was 22 percent higher than the approximately 113,200 ounces produced in 2022. 

Meanwhile, copper production decreased only by one percent from approximately 14,400 metric tons in 2022 to approximately 14,200 metric tons in 2023.

Didipio Mine attributed its increased gold production in the fourth quarter to mining higher-grade breccia stopes. This was facilitated by the completion of the crown pillar strengthening project. 

The project reinforced the ground surface base directly above the underground mine, enhancing the safety of underground mining operations. 

“We are glad to have exceeded the top end of our 2023 production guidance ranging from 125,000 to 135,000 ounces of gold and 12,000 to 14,000 metric tons of copper. 

"Our performance signifies not only the mine’s productivity but also the talent, dedication, and hard work of our employees,” Atty. Joan Adaci-Cattiling, Didipio Mine president and external affairs and social performance general manager said.

With the jump in production, Didipio Mine also increased the amount of production taxes paid to the Philippine government, which reached P1.46 billion last year, from P836 million.

In addition, the Didipio Mine is poised to remit a further government share amounting to P1.1 billion. This remittance follows the Financial or Technical Assistance Agreement, which grants the Philippine government a 60 percent claim to the net revenue.

The Didipio mine, an underground and open pit operation, has an estimated lifespan of 10 years. It primarily produces gold and silver in the form of dore bars, along with copper concentrate. 

The mine boasts proven and probable reserves of 1.23 million ounces and measured and indicated resources of 1.41 million ounces.