The Didipio Mine in 2023 registered a 22 percent year-on-year increase in gold production that met its full year production guidance.
The mine, straddling the provinces of Nueva Vizcaya and Quirino, produced a total of approximately 138,500 ounces of gold, higher than the approximately 113,200 oz produced in 2022.
Copper production decreased only by 1 percent from approximately 14,400 metric tons in 2022 to approximately 14,200 MT in 2023.
Gold prices last year was also higher at USD1,974 an ounce last year from USD1,811 while the price of copper per pound was up USD3.87 in 2022 compared with USD3.83 an oz to US$3.87 a pound.
The Didipio Mine paid the government P1.46 billion, mostly as production tax last year compared with the P836 million paid in 2022.
“We are glad to have exceeded the top end of our 2023 production guidance ranging from 125,000 to 135,000 oz of gold and 12,000 to 14,000 metric tons of copper. Our performance signifies not only the mine’s productivity but also the talent, dedication, and hard work of our employees,” lawyer Joan Adaci-Cattiling, Didipio Mine president and external affairs and social performance general manager, said.
The increase in gold production was traced in part to higher grade breccia stopes being mined in the fourth quarter, which was facilitated by the crown pillar strengthening project’s completion. The project strengthened the bottom of the mine’s ground surface directly above the underground mine, allowing for safer underground mining activities.
Furthermore, the Didipio Mine is also set to remit an additional government share of P1.1 billion in accordance with its financial or technical assistance agreement that entitles the Philippine government to 60 percent of the net revenue (less costs, taxes, duties, fees and other expenses paid or accrued by OceanaGold (Philippines), Inc.
For 2024, the Didipio Mine targets producing between 120,000 oz and 135,000 oz of gold and 12,000 to 14,000 metric tons of copper.
