Oceana Gold Philippines Inc. reported a 13.1 percent increase in net income in 2024 reaching USD30.3 million versus only USD26.8 million in 2023. The growth was primarily driven by higher gold and copper prices despite a 30 percent drop in gold production and a 13.4 percent decline in copper output.
In a disclosure to the Philippine Stock Exchange, the company said the average price of gold surged 23.3 percent to USD2,434 per ounce as copper prices also rose 7.5 percent, reaching USD4.16 per pound. This price uplift helped offset the production reduction, with gold output falling to 97,000 ounces and copper production dipping to 12,300 tons.
Despite these challenges, Oceana Gold’s revenue dropped 7.6 percent to USD342.9 million for the year, down from USD371 million in 2023. This performance was bolstered by its operations at the Didipio mine stradling the Nueva Vizcaya and Quirino provinces.
Looking ahead, Oceana Gold projects gold production this year to be bolstered by operational enhancements, including a redesigned mine plan and additional underground equipment as part of its USD55 million capital investment. The company also anticipates continuing exploration at its Napartan site in Nueva Vizcaya.
Overall, Oceana Gold’s ability to maintain profitability amidst production challenges reflects its strong positioning in a market benefiting from elevated metal prices.
