MULTINATIONAL gold producer OceanaGold Corp. on Thursday said its Didipio gold-copper mine in Nueva Vizcaya would ramp up operations this year.
“We expect to reach full underground production rates early in the second quarter of 2022 and, as a result, expect full year production of between 100,000 and 110,000 ounces of gold along with 11,000 to 13,000 metric tons (MT) of copper,” OceanaGold said in a statement.
For the full year, the mine’s by-product all-in sustaining cost (AISC) is expected to range between $500 to $600 per ounce sold, while by-product cash costs are expected to range between $350 to $400 per ounce sold.
The company said its capital requirements are primarily related to underground mining and general operating costs related to plant upgrades.
“Didipio will continue to sustain modest growth capital ranging between $5 [million] to $10 million per year related to the continued build-out of panel two of the underground mine. We will resume drilling of the Didipio ore body in 2022 with an aim to extend mine life through discoveries at depth,” OceanaGold said.
Beyond 2022, Didipio is expected to produce between 110,000 and 120,000 ounces of gold per year and 12,000 to 14,000 tons of copper per year at similar AISC and cash costs.
OceanaGold acquired the underground gold and copper mine in 2006 through a merger with Climax Mining Ltd.
Commercial production as an open-pit operation began in 2013. By 2015, the mine transitioned to underground operations. — Luisa Maria Jacinta C. Jocson
