RE:Why was the FTAA not renewedEsther1
I first invested in OceanaGold in 2009 and I have tried to follow events. I guess that qualifies me as an old timer.
I was impressed by Res3archGuru being able to bring the FTAA contract agreement to our attention. That appears to be the new (unsigned) contract that is currently before the President. It refers to the Philippine Mining Act of 1995 and that fact indicates that is it is the proposed agreement that is currently before the President. The FTAA that is applicable to OceanaGold was signed in 1994, before the creation of the Philippine Mining Act of 1995.
Accordingly, the renewal provisions (section 4.5a) of the proposed agreement indicates what OceanaGold can do in the future, not what was possible or what it should have done in the past.
The original 1994 agreement has the following clause
3.1 The initial term of this Agreement shall be twenty-five (25) Contract Years from the Effective Date renewable for another period of twenty-five (25) years under the same terms and conditions.
I have not yet read the proposed agreement in detail, but it appears that it will not be renewed under the same terms and conditions.