OceanaGold earnings slip to $14.2-M in Q2 2024

Australian-Canadian-owned mining company OceanaGold Philippines Inc.'s (OGPI) net income fell to $14.2 million for the second quarter of the year, due to lower production of gold and copper.

The net income is lower than $20.3 million for the same period last year.

In a regulatory filing on Wednesday, OceanaGold said that Q2 revenues were $68.8 million, notably lower than $88.3 million in the second quarter last year.

Meanwhile, earnings per share were $0.01. It was $0.04 per share in Q2 last year.

OGPI said gold production in Q2 declined to 23.1 thousand ounces from 32.2 thousand ounces last year.

Meanwhile, copper production dropped to 2.8 thousand tonnes from 3.4 thousand tonnes. 

Gold production was 12 percent lower than the previous quarter, and 28% lower than the corresponding period in 2023, the company said.

Its gold sales were 18,900 thousand ounces, 42 percent lower than 32,700 thousand ounces last year, while copper sales declined to 2,200 thousand tonnes, a 37 percent drop from 3,500 thousand tonnes.

OceanaGold President Joan D. Adaci-Cattiling said the company is anticipating a production increase in the second half of the year, citing the stope sequence and the addition of new underground mining equipment.  

“We expect gold production to increase in the second half of the year as we access higher-grade ore and increase mining rates from the underground,” she said, adding that the company is continuing to invest in exploration, both near-mine and regionally.

OGPI is the operator of the Didipio mining site in Kasibu, Nueva Vizcaya, the first mining project awarded a Financial or Technical Assistance Agreement from the Philippine Government, allowing a 100 percent foreign-owned company to operate large-scale explorations in the country.