Oceana Gold has resumed delivering gold and copper
concentrate from its northern Philippine mine site to the
local port, after its trucks were seized more than two weeks
ago by local government agencies.
In a brief market update yesterday, Oceana said it had
resumed port deliveries and its trucking capacity was being
increased to reduce the site stockpiles, in preparation for
the export of its first shipment next month.
''Approximately 9000 tonnes of copper-gold concentrate has
been produced to date with one-third of this delivered to the
port thus far,'' the company said.
Oceana is hoping copper production from the Philippines will
offset the spiralling cash cost of producing gold from its
East Otago and Reefton mines; by as much as 20% to 35%.
The truck seizures were prompted by interpretations covering
tax exemptions, with Oceana's Didipio project being the first
to come under a financial and technical assistance agreement.
Ore extraction and processing had continued despite the
Oceana shares were up slightly yesterday, at $3.20, but well
off a late-October peak of $4.50.