Oceana Gold Philippines Inc. reported a 10.7 percent drop in net income for the first nine months of 2024, posting only USD29.2 million compared to USD32.7 million for the same period in 2023. The mining company cited reduced gold and copper production as main factors behind the decline.
In a disclosure to the Philippine Stock Exchange, the company reported a slight 0.7 percent increase in revenue, which rose to USD263 million from USD261.2 million in the prior year. Despite the modest revenue growth, production figures showed a significant decrease. Oceana Gold produced 77,300 ounces of gold, down 19 percent from 95,700 ounces in the first nine months of 2023. Copper output also fell by 10.7 percent, with the company reporting 9,200 tons of copper produced, compared to 10,300 tons last year.
The company operates the Didipio mine, which straddles the provinces of Nueva Vizcaya and Quirino, where both gold and copper are extracted.
