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Bullboard - Stock Discussion Forum 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... see more

TSX:OGC - Post Discussion

OceanaGold Corp > Philippines political situation
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Post by HenrySC on May 27, 2021 9:09pm

Philippines political situation

No, Esther, I don't think folks here know the political situation there. A year or two ago I said that OGC shareholders actually needed to read the FTAA, because folks thought the company owned something at Didipio when the company did not. OGC still owns nothing in the Philippines. 

OGC is paying some amount of money every month to maintain the Didipio site in a state of preparedness. I wish we could learn the exact amount. Continuously pumping water out of a mine excavation costs a lot of money.

In May, 2022, the Philippines elects a new President, and Duterte will be gone. The current leader in the polls is his daughter-- but she said she's not running! And Duterte doesn't want her to run. 

His political opponents have said that they plan to put Duterte in prison after the election-- again, the election is only 11 months away. So even if Duterte signs the new FTAA tomorrow for OGC to re-open the mine, there's obviously a great possibility that it will be shut right back down right after the election. Oh, but the Philippines courts won't allow that, you say..... Ha !!

This should never have reached this point, of course. Two years ago, when the FTAA was not renewed, OGC should have said "Okay, that's the way it is, and we're pulling out." Think of the $Millions that move would have saved. I think at the time that there was a new venture in Nevada that was being considered by OGC. But that had to be abandoned-- I'm guessing because of a money shortage at the time? Maybe someone here knows more of the details about that.
Comment by Esther1 on May 27, 2021 9:58pm
[ The mistake Henry, was that OGC should have ensured that the FTAA was renewed/ renogotiated to an appropriate time period before pumping in a ton of money. That is it in a nutshell. There are 4 other FTAA agreements in the Philippines and none have been shut down, either was OGC. As usual it was poor leadership that caused the problem and that has been addressed. OGC clearly states how much ...more  
Comment by Esther1 on May 28, 2021 4:53pm
It is 1.5 million per month to maintain Didipio Henry.  
Comment by HenrySC on May 30, 2021 8:12pm
Wow !! Thank you, Esther.... or maybe no thank you. This is shocking-- $50,000 each day!! Seven days a week, 365 days a year. I don't think diesel fuel to run some water pumps costs $50,000 per day.  There has to be something else going on at the Didipio mine. I have my opinions as to what, but I am not willing to post them publically.
Comment by Res3archGuru on May 30, 2021 9:40pm
Did you guys read the last update of DENR regarding the Implementing Rules and Regulations (IRR) of Executive Order No. 130?   Here is my crystal ball timeline of when we will get the FTAA renewed. April 14, 2021 : Executive Order 130 was signed by President Rodrigo Duterte  May 19- 20, 201 : presentation of the draft Implementing Rules and Regulations (IRR) of ...more  
Comment by Unicorn9000 on May 30, 2021 11:30pm
You are probably not far off. June 12 is Philippines independence day. I wonder if he would sign before or just after June 12 to uplift some people. on the other hand. Duterte could care less about indigenous votes.... unlike in Canada, indigenous don't have much clout. and their votes hardly matters as vote buying is what works in the PH. not sentiments.