MGB to review expansion permit given to OceanaGold

The Mines and Geosciences Bureau said it will review the permit granted to OceanaGold Philippines Incorporated (OGPI) earlier this year that gives the gold-copper mining company an extra five years to explore possible areas of expansion.

MGB Director Leo Jasareno said the review was prompted by complaints from Nueva Vizcaya residents about OceanaGold’s possible expansion in the province.

OceanaGold operates the Didipio Mine,  high-grade gold-copper open pit an underground mine located around 270 kilometers north of Manila.

The mine is one of the lowest-cost gold mines in the word, with nominal production of 100,000 ounces of gold and 14,000 tons of copper.  It has an estimated reserve of 1.59 million ounces of gold and 210,000 tons of copper. It has its full-year operation in 2014.

OceanaGold’s mining claim covers around 15,000 hectares, but ut has only explored and developed around 900 hectares.

Jasareno said there is a formal request to cancel the renewal of the exploration permit for five years. (PNA)