OceanaGold Corp T.OGC

Why was the FTAA not renewed

[Esther1]

Does any old timers know why previous management did not renew the FTAA  as section 4.5a allows, before they put in any capital   

Why would OGC pump in hundreds of millions of dollars when their existing FTAA would run out many years before they could fully realize on their efforts and capital?
Surely this must have come up often, and strenuously.  

I would say that the problems that OGC have in the Philippines are mostly of their making.   

That being said, I do believe that the FTAA will be renewed sometime this month, in a similar agreement as before, but with a warning to strict adherence to its enviromental provisions, and some provision for the company to facilitate vaccinations in the labour force as well as local area.

[Awarded]

Esther1 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

[Esther1]

Thank you Awarded.  A poor oversite on my part.  Also thank you Res3archGuru for posting the new  proposed FTAA. 1)  I have located and read the original FTAA now, and there was an opt out, at any time, to convert to a 25 year term ( mineral production sharing agreement)  Section 8.5 (a) and also mentioned in other parts of the agreement.  ( not sure of pros and cons

[Res3archGuru]

  Implementing Rules and Regulations of Executive Order No. 130.  Click here : The reason of the FTAA Delay is the Policy DAO 2017-10 issued by former DENR and Environmentalist Gina Lopez  DAO 2017-10 annuled , ultimately lifting the Ban on Open Pit Mining Patience Pays Off!! 

[Esther1]

Good stuff Res3archGuru. We shall see if patience pays off very soon, hopefully.  Please excuse my ignorance of the actual Didipio mine, but is it not an underground mine, not open pit, like it was originally?

[DirkStHouse]

They were allowed to continue production until the paperwork was done. But then the illegal blockade started and oceana decided to play softball. Instead off asking the military in or so. Which was in the ftaa. Then the never ending silly courtcases trying to remove the blockade. funny thing is that now the blockade is gone, everyone ignores the agreement that production was allowed to continue

[DirkStHouse]

Don't forget that we kept building the new underground mine while not being allowed to sell ore. Dirk