OceanaGold Completes IPO for Its Interest in the Philippines

OceanaGold Corp.’s subsidiary, OceanaGold Philippines, Inc. (OGPI) completed an initial public offering (IPO) of 20% of the outstanding common shares of OGPI on the Philippines Stock Exchange (PSE). The shares are listed under the ticker OGP, and trading began on May 13, 2024.

OGPI holds OceanaGold’s interest in the Didipio mine. In July 2021, the company renewed the Didipio Mine Financial or Technical Assistance Agreement (FTAA) with the Philippine Government for an additional 25-year period. The term of the agreement began on June 19, 2019. With an agreement in place, OceanaGold restarted operations, which were suspended during 2019.

Located in Luzon, Philippines, the Didipio mine produced 138.5 million oz of gold and 14.2 metric tons of copper in 2023 from open-pit and underground operations.

The FTAA among other things called for the listing of at least 10% of the common shares in OGPI on the PSE within three years. The final offering price was ?13.33 per share for 456 million common shares of OGPI and gross proceeds totaling ?6.08 billion (approximately $106 million) were raised. The company said the proceeds from the IPO will be applied to OceanaGold’s $160 million debt.

As featured in Womp 2024 Vol 06 - www.womp-int.com