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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 Elvis436on Mar 01, 2020 2:16am
222 Views
Post# 30752326

A check over the Philippines History

A check over the Philippines Historyhttps://www.gbreports.com/wp-content/uploads/2014/09/Philippines_Mining2013.pdf

If you have the time, you can read in this article, that the problems are not new.

some facts:

The Catholic Church has long been the biggest NGO opposing mining in general 

The Supreme Court of the Philippines once took a verdict that any FTAA is against the constitution and illegal, the former government of Aquino opposed this.

The local governments are regularly bribed by small illegal miners, which cause a lot of environmental damage in their region. Otherwise the proceeds from legal mining don't reach the local communities and if years later, which takes longer than an election period of a local governor, who therefore is in favor to local illegal mining because being bribed but against legal mining because of no benefit for himself and his community.

Didipio is mentioned, and Mick Wilkes. His utterings today sound naive, to learn the Philippinos how good responsible mining is.

What is not mentioned in this article is, that Oceanagold long hesitated to build up the mine although possessing the FTAA for years, and that the former government in 2010 or 2011 forced them to do so, otherwise their FTAA (which long was only toilet paper - see the jurisdiction of the Supreme Court above) would be canceled.

So after all Oceanagold was so kind to build up a mine for the Philippinos in an uncertain jurisdiction without the government taking care to grant the FPIC in advance (which was invented after the first FTAA was given in 1994), and now is in a trap to lose it's investment at the highest possible price. The article shows that the outcome may have been foreseeable.
Bullboard Posts