10 hours ago
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BAYOMBONG, Nueva Vizcaya — Listed company OceanaGold Philippines Inc. (OGP) and Bangko Sentral ng Pilipinas (BSP) have renewed their gold buying agreement for another three years, with OGP offering to sell at least 25 percent of its gold doré production to the BSP.
Joan Adaci-Cattiling, OGP president and general manager for external affairs and social performance, said the company continues to support the Philippine economy by prioritizing BSP and its gross international reserves through this renewed agreement.
"This demonstrates our steadfast and continued commitment as a partner for economic development and sustaining over-all growth amid global uncertainties," Adaci-Cattiling said.
From March 2025 to March 2028, OGP will offer for purchase not less than 25 percent of its annual gold doré production to the BSP under the renewed agreement.
Doré is an alloy or solid mixture of gold and other metals like silver.
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"Beyond compliance with our financial or technical assistance agreement with the Philippine government, we view this agreement as part of our purpose of mining gold for a better future," Adaci-Cattiling said, adding that the initial agreement between OGP and BSP was executed in May 2022.
Meanwhile, Marjorie Idio, OGP investor relations manager, noted that in 2024, OGP sold a total of 6,628 ounces of gold doré or 29 percent of its gold doré production to the BSP, of which 5,356 ounces were sold under the BSP's gold buying guidelines after the expiration of the purchase agreement in May 2024.
In 2022 and 2023, Idio added that OGP has sold 9,453 and 12,865 ounces of gold doré to the BSP, respectively, repre-senting 28 percent and 27 percent of its total gold doré production for the respective year.
