OceanaGold eyes small mine acquisitions

Listed mining firm OceanaGold (Philippines) Inc. (OGP) is keen on acquiring smaller mining projects in the country, banking on the investment appeal of the Philippines’ mineral-rich resources and a more welcoming regulatory environment.

- By DEXTER BARRO II

OGP Chairman of the Board Brian Martin said the company is considering bolt-on acquisitions, or the purchase of a smaller company, to further bolster its gold and copper production.

“For the right opportunity, would we consider bolting on a smaller project or an exploration-stage asset? Absolutely,” he said in a virtual investor conference last week.

Martin said this plan would likely be a long-term target given the limited number of production-ready mining assets in the country.

In the short term, OGP is intent on finding another massive ore body, similar to its Didipio mine, within its permit area of around 7,000 hectares (ha).

The mining firm is spending $5 million this year for exploration activities across its financial or technical assistance agreement (FTAA) area that surrounds the gold and copper mine.