Trafigura to buy concentrate from OceanaGold’s Filipino project
Didipio is expected to produce 100,000 ounces of gold and 14,000 tonnes of copper a year over the mine's estimated 16-year life.
BUSINESSDESK: Global commodity trader Trafigura Beheer BV has agreed to buy all the copper/gold concentrate from OceanaGold’s Didipio project in Luzon, northern Philippines.
The offtake would be for a minimum five years when production starts at the mine, OceanaGold said. Didipio is to be commissioned in the fourth quarter.
Financial terms of the agreement weren’t released. A binding contract is expected to be signed “in the near future”, OceanaGold said.
Under the arrangement, Trafigura will manage all land and sea transport of the concentrate, which would be delivered to the firm’s copper smelting customers in Asia.
Didipio is expected to produce 100,000 ounces of gold and 14,000 tonnes of copper a year over the mine’s estimated 16-year life.
Shares of OceanaGold last traded at $2.45 on the NZX and have declined 9.5% this year.
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Trafigura to buy concentrate from OceanaGold’s Filipino project
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