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8990 Holdings earnings up 6.6% in third quarter

LISTED mass housing developer 8990 Holdings, Inc.’s net income reached P1.94 billion in the third quarter, higher by 6.6% year on year, on the back of higher real estate sales.

Based on its unaudited financial statements released on Thursday, 8990 Holdings said real estate sales in the three months ending September hit P5.34 billion, higher by 11% versus its level in the same period last year.

In the three months ending September, sales from the firm’s real estate business accounted for over 99% of the company’s revenues.

However, the company’s costs and expenses increased by 5% to P2.57 billion in the third quarter compared to P2.45 billion previously.

For the first nine months of the year, 8990 Holdings registered a net income of P5.40 billion, up by 63% compared to the P3.31 billion recorded in the year before.

“Our outstanding results, both for the third quarter of 2021 and for the first nine months of the year, definitely show an increase in confidence for the future from our core market of first-time homebuyers and end users,” 8990 Holdings President and Chief Executive Officer Anthony Vincent S. Sotto said in a separate press release.

“We are confident that with our products geared specifically to our core housing market, 8990 will finish 2021 strongly and signal the economy’s recovery for 2022 and beyond,” he added.

The firm noted that the country’s real estate sector is beginning to recover from the effects of the global health emergency amid the government’s continued rollout of its vaccination program against the coronavirus disease.

In addition to horizontal mass housing projects, 8990 Holdings also develops medium-rise condominiums and high-rise building projects.

Shares of 8990 Holdings inched down by 0.37% or four centavos to finish at P10.74 apiece on Thursday. — A.Y. Yang

Entertainment News (11/05/21)

3SF Festival bares 20 finalists

ORGANIZERS of the Three Shots Film  (3SF) Festival revealed the finalists to its new and unique competition. Media Underground or MUD Studios challenged students 16 to 25 years old to make a short film — fiction, documentary, or animation — using only three shots and three cuts for a story composed of a beginning, middle and end, with a minimum running time of one minute and a maximum of 15 minutes. Making it to the Top 20 are Cedric Dalangin (Sa Tanan Nga Adlaw), Calvin Ponteblanca (Feelingerong Feline) and John Thomas Trinidad (Boom Tiyaya) from University of the Philippines-Diliman; Mark Wilson S. Catindig (Ip-) and Christine Anne C. Crisostomo (Kabtang), Lyceum of the Philippines University-Manila; Lyka Calingasan (Lamang Lupa) and Janina Cortez (4:00 p.m.), De La Salle-College of Saint Benilde; Angelo P. Gillo (Ninong, Enge Arep) and Mark Jhon Villanueva (Living), University of the East-Caloocan; and Rainner S. Cion (Sakaling Makalipad), Far Eastern University-Manila; Jhody Alessandra Sacramento (Laruan), St. Dominic College of Asia; Jermaine Tulbo (Bulawan), Meridian International College; Ma. Aizil Blues Turen (Alpas), San Sebastian College-Recoletos, Manila; Peter Solano (Do or Die), Universidad de Manila; Alyssa Maxine B. Balayo (Nilaga), University of Santo Tomas; Faith Carisa Lacanlale (Bagito), UP Baguio; Francis Lester S. Lacambra (Per Kilo), Gordon College, Olongapo City; Francis Ryan Basa Pabiania (Paghibi sang Langit), Silliman University, Dumaguete; Preanne Nicole Parojinog (Kalat), Malayan Colleges Mindanao, A Mapúa School, Davao; and Dominic Howell Dumogho (Sumalangit Nawa), Father Saturnino Urios University, Butuan City. The 3SF Festival finalists will be available for viewing on MUD’s website https://www.mud-studios.net/ from Nov. 5 to 11. Awarding ceremonies will be held on Nov. 12, 8 p.m. The Best Film, Best Direction, and Best Cinematography winners will receive cash prizes and plaques of recognition. The festival will also hand out a People’s Choice award.

DC blockbusters and series on HBO GO

DC blockbusters, including James Gunn’s The Suicide Squad and other series featuring crime-fighting heroes, can now be streamed on-demand on HBO GO. Mr. Gunn gives a new twist to Warner Bros. Pictures’ DC franchise on the team-up of the most notorious criminals as they put their lives on the line to save the world. The film stars Viola Davis, Margot Robbie, Idris Elba, Michael Rooker, Sylvester Stallone, and John Cena. Viewers can watch more DC movies anytime on HBO GO, including box-office hits Man of Steel, Wonder Woman, Zack Snyder’s Justice League, and the series Arrow, Batwoman, DC’s Legends of Tomorrow, DC’s Stargirl, Doom Patrol, and more. Monthly subscription is priced at P99 which can be charged to a SKY subscriber’s monthly bill. HBO GO is also accessible as a built-in app on SKY EVO, SKYcable’s latest digibox innovation.

Robinsons Malls,  Ben&Ben team up for Christmas song

THIS year, Robinsons Malls has chosen the popular, nine-member group Ben&Ben to get mall visitors into the holiday mood. With their cool vocal stylings and relaxing chords, the “famband” is the perfect complement to the mall chain’s aim to be the favorite place of Filipinos eager to celebrate with family and friends. For this new partnership, Ben&Ben created a fresh take on the popular Christmas song “Tuloy na Tuloy pa rin ang Pasko” which is expected to receive heavy airplay in music streaming platforms and at Robinsons Malls nationwide. Fans can likewise look forward to performances by the band exclusively presented by Robinsons Malls.

K-drama Happiness premieres on iQiyi

KICKING off on Nov. 6 on iQiyi is the new K-drama HAPPINESS, which takes place in a time when infectious diseases are the new normal. Set in a newly constructed apartment where the higher floors are for sale and the lower floors are rented out, the series depicts the subtle psychological battle and the class discrimination that occurs. Police officer Yoon Sae-bom (Han Hyo-joo) and her high school classmate Jung Yi-hyun (Park Hyung-sik) are also trapped in the apartment, fighting for survival as fear and distrust spreads amongst its residents. Directed by Ahn Gil-ho, the series stars Han Hyo-joo, Park Hyung-sik, and Jo Woo-jin. Beginning Nov. 6, new episodes of Happiness will be released at 12 p.m. every Saturday and Sunday on the iQiyi International app or iQ.com.

The Sopranos prequel premieres on HBO GO

THE MANY Saints of Newark, the feature film prequel to David Chase’s groundbreaking, award-winning HBO drama series The Sopranos, premieres exclusively on HBO GO on Nov. 11. Viewers can also stream or download all six seasons of The Sopranos on HBO GO now. In The Many Saints of Newark, young Anthony Soprano is growing up in one of the most tumultuous eras in Newark’s history, becoming a man just as rival gangsters begin to rise up and challenge the all-powerful DiMeo crime family’s hold over the increasingly race-torn city. Caught up in the changing times is the uncle he idolizes, Dickie Moltisanti, who struggles to manage both his professional and personal responsibilities — and whose influence over his nephew will help make the impressionable teenager into the all-powerful mob boss we’ll later come to know as Tony Soprano. The Many Saints of Newark stars Alessandro Nivola, Leslie Odom, Jr., Jon Bernthal, Corey Stol, Michael Gandolfini, Billy Magnussen, Michela De Rossi, John Magaro, Ray Liotta, and Vera Farmiga. Alan Taylor, who won an Emmy for his directing work on The Sopranos, helmed the film from a screenplay by series creator David Chase and Lawrence Konner. One can subscribe to HBO GO online at http://www.hbogoasia.ph/ or the mobile app via the App Store or Play Store for ₱99.70/month. Or access HBO GO via Cignal, Globe and Skycable. HBO GO is also available on Android TV, Apple TV, LG TV and Samsung Smart TV.

Empowered women

NEXTGEN ORGANIZATION OF WOMEN CORPORATE DIRECTORS
The Philippine population is about 50-50% male to female and our workforce is also about that ratio. However, when it gets to the boardroom, especially for publicly listed companies, the number drops significantly to 17% female board directors.  The question is: should we be happy with 17% when studies show that companies with women in their boards result in better growth and performance?

This led to the formation of NextGen Organization of Women Corporate Directors (NOWCD), a non-profit group of women directors in boards of publicly listed and private companies. The goal is to increase women in board leadership positions by providing education and tools that keep members engaged, informed and high performing as directors. NOWCD will provide valuable local and international networks, training and capacity building to equip its members for their board roles and responsibilities.

Incorporated in September 2021 with Boots Garcia as chair and Chit Juan as president, NOWCD is affiliated with the Women Corporate Directors Foundation (WCD), the world’s largest community of women corporate women directors. Currently there are 30 members (by invitation) including Baby Nuesa, Maricelle Narciso, Nina Aguas, Nenette Lavares, Laurie Westfall, Mariana Zobel de Ayala, Gina Lorenzana, Gianna Montinola, Ida Tiongson, Lydia Echauz, Gianna Montinola, Jasmine Oporto, and Filipina CEOs Sharon Dayoan, Marife Zamora, Carol Dominguez and Riza Mantaring, among others.

WOMEN BUSINESS COUNCIL
WomenBizPH has just completed its very successful I AM WOMAN book and webinar series and already, there’s the Women Rise Research Project led by President Mylene Abiva, Chiqui Escareal Go and Atty. Dick Baladad.

When the lockdown started in 2020, economic activities were practically at a standstill. With the financial challenges, many small businesses were not able to bounce back and recover from the impact of the lockdown. So to better grasp the needs of Filipino Women Entrepreneurs, Women Rise took a close look at sunrise industries, the factors for their success and challenges to progress, such as the use of financial technology and the impact of national and local business environments. The Women’s Business Council also connected the Women Rise Research Study respondents to Department of Trade and Industry (DTI) and Small Business Corp., the financial arm of DTI, to learn more about the BAYANIHAN Cares Financial Assistance program. Financial support will now be available for the participants to expand their business or pivot to a new industry through the initiative of WomenBizPH.

Women Rise’s recommendation is that capacity building activities will strengthen businesses agency and build resilience, such as:

• business resilience planning;

• evidence-based planning;

• understanding the current business environment, including the potential sunrise industries;

• financial technology; and

• adapting technology to boost their business.

FINEX WOMEN IN FINANCE
In line with Agriculture Secretary William Dar”s PLANT! PLANT! for food security, FINEX Women in Finance led by Chair Terrie Magleo and Director Tiffi Zulueta sponsored the “Weedibles and Weedicinals” webinar emceed by Nikki Tang and moderated by Edith Dychiao. Yes!  Weeds are useful.  Many are edible and medicinal so no Filipino should go hungry.  Do you know the weed for anti-aging, a memory enhancer, strong in vitamins B1, B2 and B6 for memory and nerves and even a facial moisturizer all in one? What weed is against dengue, good against anxiety and also has a calming effect?

MAKATI GARDEN CLUB
Christmas is just around the corner. Makati Garden Club led by Chair Mindy Perez Rubio, President Ching Caluag, and board members Ninit Paterno, Emily Cruz, Ruby Roa, Sonya Garcia, and Sandra Fernandez are all busy preparing for the Holiday Event on Nov. 12-19 with 10% discount on Christmas items. Beautiful items from COZY IN NATURE by DARA are also available. Also, watch out for gardening workshops scheduled for next year!

Never a dull moment with these empowered women!

(The views expressed herein do not necessarily reflect the opinion of these institutions.)

 

Ms. Flor G. Tarriela was the first chairwoman of the Philippine National Bank. She was the first and only independent director/chairwoman in the commercial banking industry. She is a former Undersecretary of Finance and the first Filipina vice-president of Citibank N.A. She is a trustee of FINEX and an Institute of Corporate Directors fellow. A gardener and an environmentalist, she established Flor’s Garden in Antipolo, an ATI Accredited National Extension Service Provider and a DOT Accredited Agri Tourism Site.

Nickel Asia net income surges in Jan.-Sept.

NICKEL Asia Corp. (NAC) posted a 168% increase in its net income attributable to the equity holders of the parent company to P6.17 billion in the first nine months of the year on the back of higher ore sales and ore prices.

The listed mining firm said in a stock exchange disclosure on Thursday that its total revenues for the January to September period increased 39% to P21.06 billion compared to P15.11 billion last year.

Of the company’s revenues, the sale of ore and limestone contributed P20.03 billion, followed by services and other revenue at P663.27 million, and sale of power at P371.63 million.

In the nine-month period, NAC sold 14.4 million wet metric tons (WMT) of nickel ore at an average realized price of $27.96 per WMT, improving from the 14 million WMT at $20.10 per WMT logged a year ago.

Broken down, NAC exported 8.73 million WMT of saprolite and limonite ore to Japan and China at an average price of $38.69 per WMT during the period, higher than the 7.5 million WMT at $30.53 per WMT in 2020.

The company also delivered 5.68 million WMT of limonite ore to its Coral Bay and Taganito high-pressure acid leach (HPAL) plants at an average price of $8.20 per pound of payable nickel for the period compared to the 6.52 million WMT at $5.97 per pound recorded last year.

Meanwhile, the company’s operating expenses in the nine-month period also increased 20.7% to P4.85 billion from P4.02 billion a year ago.

NAC President and Chief Executive Officer Martin Antonio G. Zamora said the electric vehicle industry remains the main driver of nickel demand over the long-term period.

“Chinese stainless-steel production was up 12% year on year and nickel ore prices as well as London Metal Exchange nickel price have continued its upward momentum, despite the slowdown in Chinese gross domestic product growth,” Mr. Zamora said.

In a separate disclosure on Thursday, NAC said its board of directors approved the creation of a nonstock, nonprofit foundation called NAC Foundation, which will be in charge of corporate social responsibility initiatives. It has an initial funding of P20 million.

On Thursday, shares of NAC rose 2.37% or 13 centavos to end at P5.61 apiece. — Revin Mikhael D. Ochave

PBA joins East Asia Super League

With teams from China, S. Korea, Japan, and Taiwan

By Nelson T. Beltran, Philippine Star Sports Editor

AFTER some period of hemming and hawing, the Philippine Basketball Association (PBA) signed up with the East Asia Super League (EASL) in the end, making it a pioneer member of the regional loop where top PBA ball clubs slug it out with counterparts from China, South Korea, Japan, and Taiwan.

After four test tourneys in Japan and in Macau, the EASL has set a first full-fledged season, featuring a home-and-away format touching off next year.

The PBA board has approved its EASL participation coming with a PBA representation in the EASL board.

“We’re to field two teams. It will be determined by drawing lots among the top four (in a certain PBA tourney that serves as the qualifier),” said PBA chairman Ricky Vargas.

The PBA first joined the EASL in the second edition of its Super 8 in Macau in 2018, with the NLEX Road Warriors and the Blackwater Elite competing with the Guangzhou Long Lions, the Xinjiang Flying Tigers, the Seoul Samsung Thunder, the Incheon Electroland Elephants, the Rizing Zephyr Fukuoka and the Formosa Dreams. NLEX finished fourth behind Guangzhou, Seoul and Incheon.

In 2019, EASL rebranded from its initial name Asia League and drew the participation of Blackwater, the TnT KaTropa and the San Miguel Beermen in its Terrific 12 edition. San Miguel entered the semis but lost a nail-biter against the Zhejiang Lions, 91-89.

Emerging as champs in the league’s four preseason tourneys were the Chiba Jets of Japan in 2017, Guangzhou in the 2018 Super 8, the Ryukyu Golden Kings of Japan in the 2018 Terrific 12 and the Liaoning Flying Leopards in the 2019 Terrific 12.

The league has been idle the last two years due to pandemic, but chief executive officer Matt Beyer and chief finance officer Henry Kerins, both Hong Kong-based, have been continuing work to firm up the planned official launch and drum up interest for the FIBA-sanctioned regional loop.

SECOND CONFERENCE
Meanwhile, the PBA board convenes in a meeting today to draw options for a tournament format and venue in anticipation of all eventualities for Season 46 second conference set to start late this month.

The main issue is the format that would fit the pandemic protocols imposed by the government.

The league chairman said a possibility is a home-venue-home setup if the current quarantine status in the National Capital Region eases down to Alert Level 2.

Mr. Vargas said they will lay down options for a possible extension of the current alert level or in case it shoots up.

But the league is all set for the second conference that will bring back imports with a height limit of 6-foot-6. TnT chases a season double with McKenzie Moore as reinforcement.

The problem with generic employer e-mail addresses

Is it advisable to answer job advertisements from a company that has no professional business e-mail address and website? BusinessWorld is publishing a lot of these ads that are too small to be noticed and read. What do you think? — Suspicious Susie.

Many decades back, dynamite was used to clear farmland for development. A salesman for explosive products was known for his extreme attitude on safety. Since he had covered the same area for 30 years, he knew most of his customers on a first-name basis.

One day, he met a new customer, a man who had just bought a farm and needed explosives to flatten the field. The new customer asked if he could be billed for the explosives later. “Well,” the salesman asked, “have you ever used dynamite before?” The new customer replied in the negative. “Then I’m afraid, I’ll have to ask for cash in advance.”

Even today, we must be extremely careful with our dealings, including job opportunities. Better to be safe than sorry. Also, you can’t argue against having a professional e-mail address and website that tells you many things about an employer’s brand.

Having a professional e-mail address costs about $3 a month in many cases. It should cost less if you have hundreds of employees working for your organization. An employer must spend something to promote a business name and protect its reputation, including the people behind it.

CALCULATED RISK
Your response to such ads also depends on your personal circumstances. If you’re unemployed and with no other options, you may answer those ads with a sense of calculated risk. Let me give you an example: Before the pandemic, my youngest son applied for work with a small lending company without a website. He sent his curriculum vitae to a generic e-mail address listed in the job ad.

He was accepted after only two interviews, which I found unusual.

The job offer was conditional on the submission of basic pre-employment documents and the payment of a fee to cover his medical examination. That’s a red flag. He asked the human resource (HR) manager about the company and the people behind it. He then asked, “Sir, if you don’t mind, isn’t your business required to have a license by the central bank?”

The HR manager gave an evasive answer. That’s another red flag. After several days, my son received a call that the job offer was withdrawn and gave a vague explanation. The employer’s actions confirmed my suspicions that it was one of those fly-by-night companies.

I’m not saying we should be suspicious of all employers with generic e-mail addresses. Far from that. I myself use a generic e-mail address as an alternative to my office e-mail. You must take extra steps to discover more about that company before it’s too late. On the other hand, organizations with expensive-looking e-mail addresses and fancy-looking websites don’t necessarily tell us they’re legitimate and trustworthy.

But why waste time on organizations that are unmindful of their reputation? Focus your attention on major employers. It can be a challenge to be accepted by those companies, but the experience of going through their interview process might help you gain confidence when you undergo the same process with other employers.

THE PATH FORWARD
It’s a good idea to know about a prospective employer, not only for purposes of acing the job interview but to clarify the reasons for the vacancy and why the company is resorting to an external hire instead of promoting people from within.

The more interested you are in the inner workings of a prospective employer, the better you will understand if it is a good fit with your career aspirations. It can be discouraging to prepare for an interview and a complicated story from an employer. That’s why it is essential for anyone to have a sense of clarity on the path forward at the close of an interview process.

Your inquisitive mind could be a double-edged sword to a prospective employer who may think of you as the best fit for any organization that believes in an industrial democratic system. Or you could be considered a nuisance applicant who could rock management’s boat. Whatever you decide, it’s better to shake things up and know how the dice will roll for the sake of your future.

 

Have a chat with Rey Elbo via Facebook, LinkedIn or Twitter or send your workplace questions to elbonomics@gmail.com or via https://reyelbo.consulting

How PSEi member stocks performed — November 4, 2021

Here’s a quick glance at how PSEi stocks fared on Thursday, November 4, 2021.

Philippine labor force situation (Sept. 2021)

THE UNEMPLOYMENT RATE rose to 8.9% in September, as bad weather left nearly 900,000 without work in the farm sector and strict lockdowns claimed over 340,000 factory jobs, the Philippine Statistics Authority (PSA) reported on Thursday. Read the full story.

Philippine labor force situation (Sept. 2021)

PHL AirAsia sees tourism starting to recover as flights resume to key destinations

REUTERS

PHILIPPINES AIRASIA, Inc. said Thursday that the return of more destinations to its network has been driven by their opening for leisure travel, signaling the beginnings of a “recovery” for the tourism industry.

“Aside from Caticlan (Boracay), Bohol and Cebu, leisure travelers may now also fly to Puerto Princesa, Iloilo Province, Bacolod, Davao and Tacloban to enjoy their much missed getaways,” Philippines AirAsia said in a statement.

Such destinations now only require vaccination cards in lieu of a coronavirus test or a medical certificate.

“Reopening of leisure travel for most parts of the country signals recovery for the tourism industry,” the low-cost airline said.

It also said that the easing of restrictions provides a “welcome boost to end the year on an encouraging note.”

In its analysis published on Oct. 19, the Center for Asia Pacific Aviation said, citing International Air Transport Association projections for next year, that “‘Within-Asia’ traffic… is forecast to be still nearly 90% below 2019 levels for the full year 2022.”

“Before the coronavirus pandemic, the Asia Pacific region accounted for about a third of global RPKs (revenue passenger kilometers). But in 2022, the region will now remain approximately three-quarters below Europe and North America,” it added.

AirAsia said it logged a 50% increase in seats sold in October.

Load factor for the same month also grew 76%, with Boracay, Cebu, Tacloban, Bohol and Iloilo as the leading destinations.

“The spike in forward bookings is also seen to increase further with the recent decision of the Department of Tourism’s to fully subsidize the RT-PCR (reverse transcription-polymerase chain reaction) test for qualified local tourists,” the airline said.

The airline said last month that it was hoping to rehire laid-off workers in the Philippines by the second quarter of 2022.

The airline also plans to reopen some of its regional routes, including Hong Kong, Singapore, Taiwan, Thailand, and Malaysia. — Arjay L. Balinbin

Prices for some Christmas Eve dinner foods expected to rise 4-8%

PHILSTAR

THE PRICE of some foods typically consumed on Christmas Eve may rise between 4% and 8%, according to the Philippine Amalgamated Supermarkets Association (Pagasa).

Pagasa President Steven T. Cua said in a television interview Thursday that selected foods for Christmas Eve dinner, known as “Noche Buena” could see price increases of up to P2 depending on the size of the product.

“We have to plan what we need to buy so that we can meet our budget. Always have a list of things to buy. Consumers can stick to a budget,” Mr. Cua said.

According to Mr. Cua, price increases for such foods will need to be carefully managed because they will affect the entire supply chain. In terms of volume, however, he expects supply to be sufficient because of weak demand.

“As long as people have money, either from ayuda (cash aid), remittances, or 13th month pay, they will buy groceries and Noche Buena items,” Mr. Cua said.

The Department of Trade and Industry (DTI) has said that only four of 11 Noche Buena product categories that it tracks are covered by active price hike petitions, including ham, tomato sauce, pasta, and cream.

The DTI said no such applications were submitted for fruit cocktail, cheese, sandwich spread, mayonnaise, the variety of Edam cheese known as keso de bola, spaghetti, and macaroni. — Revin Mikhael D. Ochave 

DoF’s Dominguez proposes climate financing via multiple channels

REUTERS

FINANCE Secretary Carlos G. Dominguez III said climate financing should be done through grants, investment, and subsidies to improve vulnerable communities’ ability to adapt to climate risks.

Mr. Dominguez, who represented the Philippines at the 26th United Nations Climate Change Conference (COP26) in Glasgow, said that climate financing should be done through this three-point “blended approach.”

He had been pushing for more climate financing from wealthy economies that have not offered enough to help developing nations reduce their carbon footprints as they transition to clean energy.

Such countries bear the most responsibility for their historic emissions, he said in the lead up to the conference.

In a statement issued by the Department of Finance (DoF) Thursday, Mr. Dominguez said: “Grants should come in the form of educational or technical assistance programs to help people conceive and execute localized projects on the ground.”

Investment should focus on projects that create business opportunities and jobs that lead to energy self-reliance, he added.

Subsidies must address the financial costs communities take on to transition to climate-resilient economies as they start moving away from power plants that use fossil fuel.

“This blended approach should be at the heart of climate finance. Given that such funds come from investors and taxpayers, accountability and transparency must be ensured,” Mr. Dominguez said at the 4th High-Level Ministerial Dialogue on Long-Term Finance.

“Beneficiary countries need to constantly assure their donors and taxpayers and investors that their money is being used prudently.”

The dialogue tackled the progress made by countries to come up with a financial system to support climate resilience. Representatives from the UK, Uruguay, the NatWest group, and the Organisation for Economic Cooperation and Development also joined the meeting.

The Philippines has committed to reduce greenhouse gas emissions by 75% from 2020 to 2030. Of the 75% target, just 2.71% can be achieved with internal resources, while the remaining 72.29% is conditional on international assistance. — Jenina P. Ibañez

OceanaGold starts processing at Didipio mine

OCEANAGOLD.COM

CANADIAN-AUSTRALIAN mining firm OceanaGold Corp. said it started mineral processing at its Didipio gold and copper mine project in Nueva Vizcaya and Quirino provinces, a few months after securing a contract renewal from the government.

Scott Sullivan, OceanaGold chief operating officer, said the start of milling is two weeks ahead of schedule, following the completion of plant upgrades and maintenance activities, while the start of mining activity was one month earlier than planned.

“Following the confirmation of the Didipio Mine Financial or Technical Assistance Agreement (FTAA) renewal, Didipio is producing gold and copper again, which will be an important source of free cash flow generation for the company and a significant contributor of socio-economic benefits for the region and country,” Mr. Sullivan said in a statement Thursday.

“As the underground mining operations continue to ramp up over the course of the next eight to nine months, the primary ore feed will be sourced from low-grade stockpiles, of which the company has approximately 23 million tons of ore on surface,” he added.

According to OceanaGold, the Didipio process plant is estimated to hit throughput at a pace of 3.5 million tons per annum over the next few weeks.

It added that for the rest of 2021, the company expects to produce between 7,000 and 12,000 ounces of gold and 1,000 tons of copper with estimated all-in costs of between $100 and $150 per ounce on a by-product basis.

OceanaGold said it continues to ramp up operations to full production to rates of 10,000 ounces of gold and 1,000 tons of copper a month, while it managing risks from the coronavirus disease 2019 (COVID-19) pandemic.

In July, OceanaGold said it obtained a renewal of its FTAA for another 25 years, applied retroactively from June 19, 2019.

Modifications to the FTAA include a listing requirement of at least 10% of OceanaGold Philippines, Inc. shares on the Philippine Stock Exchange within the next three years, augmenting the percentage of gross revenue allotted for community development, and the transfer of its main office to a host province within the next two years.

The Mines and Geosciences Bureau has called the reopening of the Didipio mine an important boost to the national economy, along with the issuance of Executive Order No. 130, which lifted the ban on new mineral agreements. — Revin Mikhael D. Ochave 

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