gold production

OceanaGold to plant more trees in Nueva Vizcaya, Quirino

scholars palnting seedlings

BAYOMBONG, Nueva Vizcaya—In line with President Aquino’s Executive Order 26 dated Feb. 24, 2011, creating the National Greening Program (NGP), an Australian mining company which operates the Didipio gold-copper project at the mineral-rich town of Kasibu, Nueva Vizcaya, has donated a total of 101,620 forest-tree seedlings distributed for free in the different villages of the upland town from 2011 to 2012.
OceanaGold Philippines Inc. (OGPI) and the Cagayan Valley regional office of the Department of Environment and Natural Resources (DENR) have previously forged a memorandum of agreement (MOA) that launched the national reforestation project in the two provinces two years ago.
Aside from gmelina, mahogany and acacia, fruit tree seedlings like cacao and rambutan were also dispersed in barangays Papaya, Wangal, Capisaan, Belet, Binogawan, Tadjie, Alloy, Pudi, Upper Tucod and Poblacion in Kasibu and barangays Tucod, Dibibi, Cabarroguis in Quirino province.
The national government-initiated program in collaboration with different stakeholders and partners aim to undertake the planting of 1.5 billion trees covering 1.5 million hectares in a span of six years from 2011 to 2016 in order to mitigate climate change, ensure security of water supply, conserve biodiversity and establish reforestation and agro-forest to alleviate poverty.
In signing the memorandum of agreement (MOA), OGPI, the first private company in the region responding to the greening program was represented by OGPI Country Director Bradley Norman, while DENR-Cagayan Valley technical director for forest-management services Wilfredo Malvar represented regional executive director Benjamin Tumaliuan.
In support to the program, OGPI has manifested commitment and intention to establish the reforestation project in partnership with the environment department.
As lead agency, the DENR will identify, conduct survey and conduct mapping of the proposed area. It shall, likewise, provide technical assistance and supervision during the plantation development.
The company shall provide funding to labor and seedling requirements of the project.
“Students composed mainly of OGPI scholars were tapped on site preparations and seedling production,” said OGPI Senior Vice President for Communications and External Affairs Ramoncito Gozar.

Recipient of various awards for its reforestation programs, including the Best Mining Forest Awards, OGPI has committed to support a 50-hectare reforestation project in the open and denuded villages in the municipality of Kasibu, 20 hectares of it will be established within the municipal proper.

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OCEANAGOLD ANNOUNCES FULL YEAR 2011 RESULT

MEDIA RELEASE

OCEANAGOLD ANNOUNCES FULL YEAR 2011 RESULT
(All References in US Dollars)

(MELBOURNE) OceanaGold Corporation (ASX: OGC, TSX: OGC, NZX: OGC) (the “Company”) has delivered a 17% increase in EBITDA (earnings before interest, taxes, depreciation and amortisation) to $163.9 million on the previous year.
In its Full Year 2011 Results released today, the Company reported record full year revenue of $395.6 million from an average gold price received of $1,587 per ounce, a 29% increase on FY2010 revenue of $305.6 million. Revenue for fourth quarter 2011 of $106.6 million also exceeded the same quarter last year by 14%.
FY2011 gold sales were 249,261 ounces at an average cash cost of $875 per ounce.
The Company’s cash operating margin for the year expanded by 25% to $712 per ounce compared to the 2010 result of $570 per ounce.
Fourth quarter gold production of 65,750 ounces was an 11% increase on the previous quarter and brought FY2011 gold production to 252,499 ounces. This was slightly below our expectations for the quarter and the year.
Fourth quarter net earnings increased 31% on the previous quarter to $14.3 million resulting in a FY2011 result of $44.2 million which was comparable to FY2010.
Exploration expenditure for the year was $10.7 million with a focus on New Zealand. The Company announced an expanded resource and likely mine life extension to at least 2017 at Frasers Underground in the fourth quarter.
The Company’s Didipio Project in the Philippines also continued to make strong progress throughout the year meeting key construction milestones including commencement of concrete pouring, near completion of the construction accommodation camp, mobilisation by the mining contractor to site and the arrival of the first shipment of structural steel. All major construction contracts for the project have now been awarded or are in the process of being tendered.
OceanaGold CEO, Mick Wilkes, said “Our New Zealand operations posted relatively stable earnings in 2011 and continue to generate positive free cash flows. With the construction of the Didipio Project progressing according to plan and scheduled to commission in fourth quarter 2012 combined with exploration opportunities in New Zealand and the Philippines, the Company is on the right track to achieve its strategic targets.”
Other highlights from the OceanaGold Full Year 2011 Results include:
• Exited the year with a strong cash balance of $170.0 million, a 4% increase on the third quarter.
• Increased metallurgical recovery rate for the fourth consecutive year to 82.9% (versus 81.6% in FY2010).
• Mill throughput improved by 7% to 7.6Mt compared to the previous year
Conference Call / Webcast
The Company will host a conference call / webcast to discuss the FY2011 Financial Results. The call will take place at 8.30 am on Friday, 17 February (Melbourne, Australia time) / 4.30pm on Thursday 16 February (Toronto, Canada time). Details are available on the OceanaGold website at http://www.oceanagold.com.

- ENDS -
For further information please contact:
Ms Nova Young
Investor Relations Officer
info@oceanagold.com
Tel: +61(3) 9656 5300
About OceanaGold
OceanaGold Corporation is a significant Asia Pacific gold producer with projects located on the South Island of New Zealand and in the Philippines. The Company’s assets encompass New Zealand’s largest gold mining operation at the Macraes goldfield in Otago which is made up of the Macraes Open Pit and the Frasers Underground mines. Additionally on the west coast of the South Island, the Company operates the Reefton Open Pit mine. OceanaGold produces approximately 230,000 – 250,000 ounces of gold per annum from the New Zealand operations. The Company also owns the Didipio Project in northern Luzon, Philippines which is in construction and expected to commission in Q4 2012. Currently, Didipio is expected to produce 100,000 ounces of gold and 14,000 tonnes of copper per year over an estimated 16 year mine life.
OceanaGold is listed on the Toronto, Australian and New Zealand stock exchanges under the symbol OGC.

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OceanaGold set to start copper mine in NV

OceanaGold set to start copper mine in NV 

By JAMES REGAN

SYDNEY, June 16 (Reuters) – OceanaGold on Wednesday said it has overcome obstacles to mining in the Philippines and will start producing copper in concentrate from its long-delayed Didipio mine project in 2013 at an annual rate of 18,000 tonnes.Gold production from the mine, under construction in Luzon island, will ramp up to 100,000 ounces a year by the end of 2014, Mick Wilkes, OceanaGold’s chief executive told Reuters.

Wilkes said compensation agreements were reached with local landowners, a trust fund established and sponsorship of educational scholarships. OceanaGold in January said it had upheld ”ethical, responsible and sustainable” mining, in reaction to a recommendation by the government’s human rights body that Manila take back the company’s mining rights for violating rights of indigenous people.

The Philippine government wants to promote mining to lure more foreign money and boost jobs, but opposition from the Catholic church and indigenous people due mainly to the environmental impact of the projects has resulted in slow investments in the sector.

The Xstrata – controlled Tampakan project, the largest undeveloped copper-gold prospect in Southeast Asia and the centerpiece of the Philippine government’s goal to attract investments into its moribund mining sector, is under threat from a local government ruling that banned open-pit mining.

The Philippines is counting on $1 billion of investment in mining projects this year after investments last year of $956 million fell short of expectations.Enough exploration ground existed around the Didipio site to potentially lift annual output to 200,000 ounces of gold and 30,000 tonnes of copper, according to Wilkes.

OceanaGold said at the time it was concerned the human rights agency did not formally notify the company of its recommendation before the report was made public.Wilkes said strong commodities markets were working in favor of the project.

”What really helps us in the current market is our copper production as it means we are getting a large portion of our revenue from copper,” Wilkes said in an interview. OceanaGold currently produces in excess of a quarter of a million ounces of gold a year from two mines in New Zealand and is looking to expand into Southeast Asia. The company last year raised C$115 million to finance development of the Didipio mine, which was suspended in December 2009 due to rising cost estimates.

As of May 31, the company held about $173 million in cash – enough to complete construction of the project, according to Wilkes, who helped develop Laos’ first copper and gold mine and has also run mining projects in Australia and Papua New Guinea. ”Didipio shows strong economics with cash costs for the first 6 years averaging negative $79 an ounce, net of by-product copper credits using a $3 per pound copper price,” Wilkes said.

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OceanaGold execs meet Nueva Vizcaya Scholars

http://www.tribuneonline.org/business/20110504bus8.html

Ranking officials of Australia’s OceanaGold Mining (Philippines) Inc. met recently with the firm’s scholars who are currently enrolled at the Nueva Vizcaya State University (NVSU) and Quirino State College (QSC), “to have a dialog with them and to make them aware of the positive contributions of the mining industry to the national and community development programs.”

Eighteen OceanaGold scholars and 30 community members in Barangay Didipio, where the firm’s gold-copper project is located, attended the meeting which was held at the Little Theatre in NVSU in Bayombong, Nueva Vizcaya.

The OceanaGold officials present were Bradley Norman, senior vice president; and Joan Adaci-Catiling and Lucy Exconde, vice president for legal affairs and senior manager for sustainability, respectively; and NVSU officials Dr. Edwin Ramon, vice president for academic affairs; and Dr. Evelyn Taban and Gigi Gonzales, campus scholarship coordinators.

For five consecutive years, OceanaGold has been working in partnership with the Didipio Community Development Association Inc. to provide support for education initiatives in Didipio.

The partnership is an important building block for improving opportunities for the local youth scholars and for providing them a stable platform to continue their education through OceanaGold’s scholarship program.

Even before the start of its operation, OceanaGold has assisted a big number of students from Quirino and Nueva Vizcaya provinces by providing them educational assistance and scholarship grants.

“Last year, we spent for our scholarship program some P1.8 million and as of last March this year, our expenditures for the said program, totaled P152,982. Fourteen of our scholars from NVSU and QSU had just finished their courses in agro-forestry, education and tourism. At present, we have 30 scholars at the same universities,” according to Chito Gozar, OceanaGold vice president for communications and external affairs.

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Australian firm to begin mining in Nueva Vizcaya

Australian firm to begin mining in Nueva Vizcaya

by Francis C. Hidalgo Jr.

Monday, January 24, 2011

BAYOMBONG, Nueva Vizcaya: Despite being recently found by the Commission of Human Rights (CHR) to have allegedly committed human rights violations, an Australian mining company is set to conduct large-scale commercial operations in Nueva Vizcaya province by 2013.

OceanaGold Philippines Inc. has opposed the CHR’s findings—which affirmed the complaints of the residents of Didipio village in the province’s Kasibu town, where the firm’s multibillion-peso mining venture is based—saying that they are committed to uphold the human rights of the community and comply with all the laws.

Mick Wilkes, chief executive officer of the Melbourne-based Ocean Gold Corp. (OGC)—OGPI’s parent company—said that they continue “to operate [in the province] in accordance with the Philippine Mining Act in partnership with the national government and [other] stakeholders.”

According to the mining executive, OGPI “is fully committed to the development of the Didipio project. The company continues to maintain its obligations under the FTAA [Financial and Technical Assistance Agreement].”

“With . . . the processing plant now underway . . . the project is [now] fully financed [and has the] necessary permits to achieve commercial production [by] 2013,” he said.

OceanaGold, through the FTAA made during the administration of former President Fidel Ramos, was contracted by the national government to undertake the $320-million Didipio gold-copper project.

The venture was the first large-scale mining project approved in the country under the revitalized Mining Act of 1995.

The project’s development into full commercial operations was one of the flagship projects of the Ramos government in its efforts to revive the country’s moribund mining industry.

Former President and now Rep. Gloria Arroyo of the Second District of Pampanga, who authored the 1995 Mining Act as a senator, affirmed OGPI’s agreement with the national government for the full-scale development of the Didipio project, provided that it adheres to the government’s thrust of sustainable mining.

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