Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

OceanaGold Corp T.OGC

Alternate Symbol(s):  OCANF

OceanaGold Corporation is an intermediate gold and copper producer. It has a portfolio of four operating mines: the Haile Gold Mine in the United States of America; Didipio Mine in the Philippines; and the Macraes and Waihi operations in New Zealand. The gold, copper, and silver it produces are essential to the renewable energy and transport sectors, life-saving medical devices and technology which connects communities around the world. The Didipio gold and copper mine is in Luzon, Philippines. It produces gold and silver as dore bars and copper in concentrate. The Macraes Operation on the South Island of New Zealand is an active gold producing mine. The operation includes a large-scale surface mine, an underground mine, and an adjacent process plant inclusive of an autoclave for pressure oxidation of the ore. Its Waihi Operation in the North Island of New Zealand is an underground operation. The Haile Gold Mine, located in Kershaw, South Carolina, is a gold mine on the East Coast.


TSX:OGC - Post by User

Bullboard Posts
Post by Awardedon Feb 02, 2017 3:42am
230 Views
Post# 25787521

What Gina said

What Gina said
She is closing 20 mines and suspending 6 (one of 6 is OGC).  This is bad news, especially for those being closed.  The closed mines are those in a functional watershed. She is very concerned about declining water levels and future water shortages.

The link below states that closed firms can appeal the decision. 

"[The] closure becomes final when the President says it is," Lopez told reporters. She said that in closing down these mines, she wants to make a statement that "water is important."

She also says: "Because as a matter of principle, you shouldn't have mines in a watershed. With a suspension, they can operate again, but I don't think they should ever operate a mine in a watershed."

Note that suspension is less serious than closure.  I listened to the video of her presnetation in the below link.  Somewhere in there, I heard her say that the 6 suspended firms shoud be back in operation in 3-6 months when they get their act together by clearing up the violations.

At about the 9-10 minute mark, she talks about the Oceanagold and the reason for suspension.  It appears to be related to a drop in agricultural production in the area and that farmers are not benefitting.  She comments that while OGC has benefitted many communities, they have also destroyed the livelihood of many farmers.  Agricultural production in the area has dropped. OGC is suspended until the issue of agricultural production is fixed.

She candidly states that her issue is not with mining, but rather with social justice and water.  Social justice means that the people of the area must enjoy the benefits of the mining. Resources of that area must benefit the present and future generations of the area.

https://www.rappler.com/nation/160270-denr-closes-mining-operations

The may be difficult.  OGC is a mining company, not an agricultural company. 
Bullboard Posts