OceanaGold Clarifies Status of Didipio Operations in The Philippines (TSE:OGC)

OceanaGold (OGC.TO) confirmed that it has not received any formal order from the Department of Environment and Natural Resources (DENR) in the Philippines regarding the suspension status of its Didipio operations in the country. At a press conference held by DENR Secretary Lopez and Senior Undersecretary Jasareno, OceanaGold Didipio operation was mentioned as one of the 23 mining companies listed that may have their operations suspended, due to alleged outstanding social issues. The company is currently seeking clarification and further details and said mining and processing activities are continuing at the Didipio Mine. It will consider all avenues, including working collaboratively with the DENR, to facilitate the immediate resolution of this matter. The stock closed at $4.71 on Monday, at the top half of 52-week range $1.79 – $5.56.

The stock decreased 14.01% or $0.66 on September 27, hitting $4.05. About 6.35 million shares traded hands or 193.98% up from the average. OceanaGold Corporation (TSE:OGC) has risen 31.93% since February 22, 2016 and is uptrending. It has outperformed by 20.23% the S&P500.

OceanaGold Corporation is an Australia gold mining and exploration company. The company has a market cap of $2.43 billion. The Firm is engaged in the production of gold. It has a 19.1 P/E ratio. The Firm operates through three divisions: New Zealand, the Philippines and the USA.

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