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 transportation suspension.
Oceana shares were up slightly yesterday, at $3.20, but well off a late-October peak of $4.50.
