Philippine Mining Industry Heating Uphttps://seekingalpha.com/news/4062576-oceanagold-files-for-philippine-subsidiary-ipo
From their last investor conference presentation
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If I move to Didipio. Didipio is a mine in the Philippines as it's a different style of ore body. It's a copper-gold porphyry, very predictable, single ore body. You can see there on the right-hand side, it's again, shown in section, the little grey area at the top is the form of open pit that was the start of mine for Didipio. And then we went underground and you can see there how it developed the underground ore body is around this copper-gold porphyry. But we're presently mining in that blue area. And what this graph shows from August of last year was the success of our drilling campaign getting deep underground and drilling deeper into the inferred material highlighted in yellow, and how the draw results significant intercepts were so prevalent, which gives us a high degree of confidence of adding to the inferred material and bringing that eventually into reserve and the mine plan going forward. So very exciting upside there at Didipio.
I would point out to investors listening today that as part of our obligations to the government in the Philippines during the course of this year, we expect to divest 20% of the Philippines asset by means of a public float on the Philippines Stock Exchange that will go to Filipino investors. It was part of the renewal of our permit to operate there from 2021. So we're very excited about the prospect of bringing new Filipino and international investors into the ownership of Didipio. Well, the proceeds of that 20% divestment will come to the OceanaGold Corporation and we'll look to basically apply that to a balance sheet and increase our cash holdings as a consequence."