manilatimes42d ago
KASIBU, Nueva Vizcaya — In a move that will delight shareholders, OceanaGold Philippines Inc. (OGP) has declared a fourth-quarter dividend of $38 million (more than P2.2 billion), equivalent to $0.0167 per share or roughly P0.98 per share, payable to shareholders of record on March 5, 2026.According to OGP, the dividend is a testament to the company’s strong financial performance in 2025, when net income more than doubled year-on-year to $76.5 million, driven by elevated global gold prices.The company’s flagship Didipio Mine in this copper- and gold-rich upland town was the main contributor to the robust financial performance, with revenue rising nearly 28 percent to $438.8 million.Despite a modest decline in gold output, the mine produced 90,700 ounces of gold and 13,300 metric tons of copper, with record average realized gold prices of $3,494 per ounce (more than P200,000).OceanaGold’s strong performance has enabled the company to declare total dividends of $112 million for the year, bringing cumulative payouts since its May 2024 listing to $181 million.The company ended the year debt-free with a net cash position of $84 million and generated $130 million in free cash flow, a record for the company.The dividend declaration is expected to benefit shareholders, including those who have invested in the company’s Philippine Stock Exchange-listed shares.The company’s share price has been buoyed by the strong financial performance, and the dividend payout is likely to further boost investor confidence.OceanaGold’s chairman of the board, Brian Martin, said, “The company remains focused on maximizing underground productivity, advancing exploration, and driving initiatives that enhance efficiencies.”Exploration expenditure totaled $5.5 million in 2025, with drilling programs at the True Blue, D’Fox, and Napartan prospects. The company completed all mandatory relinquishments under its Financial or Technical Assistance Agreement (FTAA) and established final property boundaries.The company plans to spend $10 million on exploration in 2026, including drilling programs at the True Blue, D’Fox, and Napartan prospects near the Didipio Mine.The Didipio mine is a significant contributor to the local economy, providing employment and generating export earnings. The company has also remitted substantial taxes and government shares tied to production under its FTAA with the Philippine government.Didipio began commercial operations in 2013 as an open pit mine and transitioned to underground mining in the latter half of the decade. The operation benefits from a dual output of gold and copper, with ownership largely held by OceanaGold and a minority interest listed on the Philippine Stock Exchange.The mine’s contribution to regional development initiatives and local government coffers has been substantial, with past reports indicating payments in the billions of pesos in government revenues and business taxes.OceanaGold has emphasized its commitment to “responsible operations and underground productivity enhancements as it navigates resource depletion challenges and works to sustain the life of the mine.”Shareholders can look forward to receiving their dividend payments on March 5, 2026, while the company continues to focus on maximizing value for its stakeholders.