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10/05/21

21:43

Post #: 53077755
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Originally posted by Sjlasx: ↑

Déjà vu or genuine progress.

From Manilla Times May 8th 2021

https://www.manilatimes.net/2021/05/08/business/green-business/govt-finalizes-ftaa-renewal-for-oceanagold/871229

Govt finalizes FTAA renewal for OceanaGold
By LEANDER C. DOMINGO, TMT
May 8, 2021

KASIBU, Nueva Vizcaya: The national government has finalized the updated financial and technical assistance agreement (FTAA) with Australian-Canadian mining firm OceanaGold Philippines Inc. (OGPI).

OGPI’s 25-year FTAA became effective on June 20, 1994 and its initial term expired on June 20, 2019, a year after it lodged its renewal application. Its mining operation is considered among the most environment-friendly in the Philippines.

An FTAA is a permit issued to a multinational company that will share technology and resources to explore and extract minerals in the Philippines.

The Mines Geosciences Bureau (MGB) in Region 2 (Cagayan Valley) said its national office has concluded its discussions on OceanaGold’s license renewal and that the new FTAA awaits the signature of Secretary Roy Cimatu of the Department of the Environment and Natural Resources.

According to the MGB, after Cimatu’s signature, the FTAA will be forwarded to the Office of the President for President Rodrigo Duterte’s signature.

Once finalized, MGB said the new deal under the new FTAA between the government and OGPI will give the government a predetermined share in the mining project.

MGB Director Wilfredo Moncano said OceanaGold’s renewal is still with Cimatu for his signature on the recommendation made by the Philippine negotiation panel comprised of the Department of Environment and Natural Resources, the MGB and the Department of Finance.

Didipio residents said they look forward to going back to their jobs that OGPI created either directly or indirectly.

The long-delayed renewal of OGPI’s FTAA with the national government led to the layoff of 80 percent of its workforce, or 620 workers, in the suspended mining operations in the Didipio Mines.

This excludes thousands of workers in different business and service sectors that were indirectly created by the advent of large-scale mining operations in the province, particularly that of OGPI.

According to the MGB, once signed by Duterte, the new FTAA will allow OGPI to reopen Didipio operations, which is one of the largest gold and copper mines in the country.

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interesting that OGC have updated their webpage today with a section on “building careers at Didipio.

OGC Price at posting: $2.60 Sentiment: Hold Disclosure: Held
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