Buoyed by soaring gold prices, OceanaGold (Philippines) Inc. saw first-quarter net income jump almost fivefold to $34.7 million as its Didipio mine delivered solid gold and copper production.

In a disclosure on Thursday, the listed miner said first-quarter revenue doubled to $158.4 million from $79.3 million in the same period last year, while free cash flow surged to $80.1 million from $8 million.

The company produced 20,400 ounces of gold and 3,200 tonnes of copper from January to March.

Gold and copper

“During the first quarter, we safely and responsibly produced gold and copper in line with our guidance. With today’s strong gold prices and solid production results we generated $80M of free cash flow during the quarter and announced another healthy quarterly dividend for our shareholders,” OceanaGold Philippines president Joan Adaci-Cattiling said.

“We also re-started exploration drilling in the lower levels of the Didipio mine and continue to advance drilling at near-mine targets such as True Blue. We remain focused on safely and responsibly delivering on our guidance for the year, capitalizing on record high metal prices and continuing to generate strong returns for our shareholders,” she added.

First quarter dividend reached $44.7 million

The company declared a first-quarter dividend of $44.7 million, or $0.0196 per share, payable on 17 June to shareholders on record as of 21 May.