OCEANA Gold Philippines Inc. (OGP) recorded a 39.7-percent decline in net income in the first half of the year at $25.7 million compared to $42.6 million in the same period last year.
The company said in a disclosure to the Philippine Stock Exchange yesterday it experienced lower gold and copper production for the period.
OGP booked an 11-percent drop in revenues to $160.9 million from last year’s $180.8 million.
The company produced 49,400 ounces of gold for the period, a reduction of 24 percent from last year’s 65,200 ounces while copper production decreased by 15.9 percent to 5,800 tons of copper from first half 2023’s 6,900 tons.
OGP expressed optimism performance in the second half of the year will be better.
“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. We are also continuing to invest in exploration, both nearmine and regionally, and look forward to sharing results in the future,” said Joan Adaci-Cattiling, OGP president, in a statement.
OGP currently explores the Didipio copper and gold mine traversing the provinces of Nueva Vizcaya and Quirino.
