OceanaGold (Philippines) Inc. (OGPI) has remitted USD20.3 million or P1.1 billion as government share in the profitable operations of the Didipio gold and copper mines in Nueva Vizcaya and Quirino. The remittance was sent Tuesday to the Department of Environment and Natural Resources (DENR).
Under the agreement, the government has a 60-percent share in the net revenue generated from the mines operated by OGPI.
In accordance with the terms, all taxes and fees paid the government are deducted from its 60 percent share of the net revenue generated by the enterprise.
Lawyer Joan Adaci-Cattiling, OGPI president and general manager for external affairs and social performance, said the remittance marks the mining firm’s first remittance.
“As the first mining contractor to be a holder of a financial and technical assistant agreement (FTAA), we are proud we are able to contribute further to the growth of the country and the mining industry. This is a first not only for Didipio Mine but also for the Philippines and we hope that we will be able to continue improving our operations and showcase how the Philippines offers great potential for the mining sector,” Cattiling said in a statement.
DENR Secretary Maria Antonia Yulo-Loyzaga said the OGPI remittance goes directly to the Bureau of the Treasury (BTR).
OGPI first entered into an FTAA with the government in June 1994. This was renewed in July 2021 with the execution of the FTAA Addendum and Renewal Agreement.
