Post by
HenrySC on Aug 29, 2020 9:57pm
I read "it". You should, too.
This follows up my earlier 'Didipio Ownership' post.
I can't believe what I read regarding the FTAA. Sure wish I had read it over a year ago. Go to the Oceanagold company website.
Click on 'Didipio Mine'. Then click on "Financial or Technical Assistance Agreement".
It's all there in black & white, and in just a few sentences. OGC has absolutely no legal ownership whatsoever in the mine. The FTAA is (WAS) a limited-time agreement that gave OGC the "title" to operate the mine and in return, get to keep a percentage of the gold recovered.
As of June, 2019, OGC has no legal standing regarding the mine. The FTAA expired. When you look at it, the Philippines government and Duterte have done nothing wrong or illegal. OGC basically had a "lease" to operate a gold mine, and the "lease" expired.
So why has OGC been paying hundreds of (former) workers for over a year to do nothing?
Duterte and the other gov't officials are laughing their behinds off at OGC.
Why didn't OGC leave the Philippines last fall and take all the transportable equipment back to Australia?
Duterte and the Philippines gov't have absolutely no obligation to give OGC another FTAA. Duterte can give the Didipio mining operations to any mining company he wants to.
My guess? No company is crazy enough to want to get involved with the Philippines gov't. Couple that with the desire to look like the gov't cares about the environment, etc.
And that's why we are where we are at today.
I can't believe that OGC management chose to waste so many $$Millions over the past year.