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Wednesday, 21st January 2009 (1785 views)

OceanaGold has revealed that it is considering restarting development at its Didipio copper-gold mine project on a smaller scale than initially planned.

Horacio Ramos, the firm's mines and geosciences bureau director, stated: "Instead of having a bigger operation, they want to cut back on their expenditures and lower their production level so that they can proceed with the project."

The property in the northern Philippines may be expanded in the future by OceanaGold to reach its initial production targets and the company is now seeking government approval for its revised plans.

OceanaGold placed the Didipio mine in Nueva Vizcaya province under care and maintenance last month, but now plans to restart development and seek a joint venture partner.

Based in Manila and listed on the Toronto, Australian and New Zealand stock exchanges, OceanaGold is a gold producer with a portfolio of operating, development and exploration assets in the Pacific Rim on the south island of New Zealand and the Philippines.

 

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