Oceanagold Corp. said in a statement Wednesday that it would progressively ramp up construction on the Didipio Project in northern Luzon in the coming weeks.
The project has been redesigned to take advantage of the currently high metal prices.
The company expects the commissioning of the project as scheduled in the fourth quarter of 2012.
“Over the past six months we have been working hard to unlock significant value through adjustments in the design of the mine, processing plant and infrastructure, which posted average annual gold production increase of 45 percent and average annual copper production increase of 69 percent over the life of the mine,” managing director and CEO Mick Wilkes said in a statement sent via e-mail.
“This robust project will be transformational for OceanaGold and give us a significant platform to expand further into the Philippines and throughout Asia-Pacific,” he said.
The project cost is expected to reach $185 million. Of the amount, $12 million was spent as of May 31, leaving $173 million to complete the project.