Lower gold production drags OceanaGold Q1 income
Dore bar —PHOTO FROM OCEANAGOLD PHILIPPINES
MANILA, Philippines — Lower gold production dragged down OceanaGold Philippines’ net income in the first quarter, reaching $7.4 million.
The company, the local subsidiary of Australian-Canadian mining firm OceanaGold Corp., told the local bourse its earnings in the first three months declined by 35.6 percent from $11.5 million a year ago.
Gold produced in the January-March period dropped by 21.6 percent to 20,600 ounces from 26,300 ounces in the same period last year.
Copper production, meanwhile, increased by 13 percent to 3,400 metric tons from 3,000 metric tons.
The company operates the 7,750-hectare Didipio mine, which straddles the provinces of Nueva Vizcaya and Quirino.
Gold, historically a store of value and a “safe haven” asset, is hitting record-high prices at the global market, driven by strong demand from central banks and a string of geopolitical uncertainties.
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