Recently on companyinsight.net.au, Mick Wilkes the MD of Oceanagold was interviewed on the updates of their gold project in the Philippines. Below are some excerpts of this interview, to see the full version please visit: Company Insight - Oceanagold
Highlights of Interview
Recent & expected improved operating performance of New Zealand operations. Strong progress at Didipio. Production timing, production levels & operating costs. Explains Philippines mining sector reform & implications for OGC. Success of locally owned Didipio Community Development Corporation ('DiCorp'). Explains recently signed US$225 million debt facility, giving funding flexibility. Feedback about OceanaGold from the Diggers & Dealers conference. Current investor proposition & future growth for the Company.
Q: What are the implications for OceanaGold after the Philippines Government signed the 'Executive Order 79' which covers Philippines mining sector reform?
MD & CEO, Mick Wilkes: The Executive Order is designed to ensure a more responsible, sustainable and equitable mining industry in the Philippines. So, we view the Executive Order as a positive for reform for the mining industry in the Philippines, but more importantly for us because it will clear the way for the approval for an extension of our current exploration permit. We expect this approval to come through in the next month or two and we are ready to drill some near mine prospects.
MD & CEO, Mick Wilkes: The Executive Order is designed to ensure a more responsible, sustainable and equitable mining industry in the Philippines. So, we view the Executive Order as a positive for reform for the mining industry in the Philippines, but more importantly for us because it will clear the way for the approval for an extension of our current exploration permit. We expect this approval to come through in the next month or two and we are ready to drill some near mine prospects.
Importantly, the Government has said they will regulate more rigorously small scale mining to improve environmental management. They also want to improve the transparency of the mining industry which will increase the confidence of foreign investors to invest in mining in the Philippines.
Q: The Company has discussed the strong local support for the project and the establishment of the locally-owned cooperative 'DiCorp'. Can you elaborate on DiCorp and how it is involved with the project?
MD & CEO, Mick Wilkes: The Didipio Community Development Corporation ('DiCorp') is an entity initiated by OceanaGold, and DiCorp's shareholders are long term residents around Didipio. Its purpose is to help develop skills to provide services for the long term operation of mines.
The shareholders will benefit from being able to develop these skills, but also through sharing in the profits that DiCorp generates. DiCorp already has around 80 employees and that will increase to around 200 over the next 6 months as more contracts are awarded at the Didipio mine site.
DiCorp is already contracted to maintain the access road, operate the employee bus service, carry out the waste collection service and it also has the cleaning contract for the mining camp. These types of companies have been set up successfully in other countries and it is turning out to be very successful for DiCorp's shareholders and for OceanaGold.
MD & CEO, Mick Wilkes: The Didipio Community Development Corporation ('DiCorp') is an entity initiated by OceanaGold, and DiCorp's shareholders are long term residents around Didipio. Its purpose is to help develop skills to provide services for the long term operation of mines.
The shareholders will benefit from being able to develop these skills, but also through sharing in the profits that DiCorp generates. DiCorp already has around 80 employees and that will increase to around 200 over the next 6 months as more contracts are awarded at the Didipio mine site.
DiCorp is already contracted to maintain the access road, operate the employee bus service, carry out the waste collection service and it also has the cleaning contract for the mining camp. These types of companies have been set up successfully in other countries and it is turning out to be very successful for DiCorp's shareholders and for OceanaGold.
