MANILA, Philippines — Australian-Canadian mining firm OceanaGold Philippines Inc. (OGPI) earned almost 36 percent less in the first quarter as revenues dropped due to lower gold output.
In a regulatory filing, OGPI said its net income fell by 35.65 percent year-on-year to $7.4 million from $11.5 million a year ago.
Revenues fell by 14 percent to $79.3 million from $92.1 million.
Costs of sales dipped by five percent on an annual basis to $52 million from $54.6 million.
“Revenue decreased… primarily due to lower gold sales offset by higher average realized gold prices,” the company said.
Total gold production in the first quarter slid by more than a fifth to 20,600 ounces from 26,300 ounces. Meanwhile, its copper output increased by 13 percent to 3,400 metric tons (MT) from 3,000 MT.
Gold sales, however, plunged at a faster rate of 44 percent to 17,800 ounces from 31,800 ounces. Copper sales remained flat at 3,200 MT.
The company registered an average gold price of $2,858 per ounce, about 34 percent higher than the $2,136 recorded in the first quarter last year.
Average copper price realized also rose by 10 percent year-on-year to $4.3 per pound from $3.9 per pound.
“During the first quarter, we safely produced gold and copper in line with our guidance. I am pleased to declare another strong dividend payment to start the year, having now returned $86 million to our shareholders via dividends in a one-year period since the May 2024 IPO (initial public offering),” said Joan Adaci-Cattiling, president of OGPI.
“We expect to increase our mining rates in the coming quarters and remain focused on safely and responsibly delivering on our guidance for the year, capitalizing on record high metal prices and continuing to generate strong returns for our shareholders,” she added.
For 2025, OGPI targets to produce between 85,000 and 105,000 ounces of gold and between 13,000 MT and 15,000 MT of copper.
