OceanaGold to restart Didipio mine after new deal with the Philippines

Australia’s OceanaGold Corp. (TSX, ASX: OGC) said on Wednesday the Philippines has renewed its contract for the Didipio gold and copper mine for another 25 years, after almost two years of the operation being halted due to a dispute with a provincial government over the company’s license to operate.

The renewed Financial or Technical Assistance Agreement (FTAA) applies retrospectively from June 19, 2019, and keeps financial terms and conditions unchanged, OceanaGold said. It does however provide an additional 1.5% of gross revenue to be allocated to regional communities and provinces that host the operation, the company noted.

Shares climbed almost 3% on the news, closing at A$2.46, the highest price in July so far.