In June 2011 OceanaGold commenced construction of the high grade gold copper Didipio Mine located in Luzon, northern Philippines. Commissioning of the mine commenced in Q4 2012 as planned and first copper concentrate was produced in December 2012.
Commercial production was declared as of April 1, 2013.
Didipio is held under a Financial & Technical Assistance Agreement (FTAA). Based on the most recent NI 43-101 technical report in July 2011, the mine design forecasts an average annual production of approximately 100,000 ounces of gold and 14,000 tonnes of copper in concentrate for an anticipated 16 year mine life. Using a US$3.00/lb copper price, Didipio will produce gold at: negative US$79/oz over the first 6 years of the mine life demonstrating very robust economics. (Based on NI 43-101 report dated July 2011).
- Mine Type: Open pit (LOM) + Underground year 8+
- Resources: 2.11 Moz gold + 0.29Mt copper (M&I)
- Resources: 0.4 Moz Au + 0.05 Mt copper (Inferred)
- Reserves: 1.69 Moz gold + 0.24 Mt copper
- Estimated Mine Life: 16 years
- Production (ave annual LOM): 100 Koz gold + 14 Kt copper
- Cash Costs*: Years 1-6 negative US$(79)/oz gold
- Cash costs*: LOM US$372/oz gold
*Net of bi-product copper credits using US$3.00/lb copper
Model of Didipio Deposit