OceanaGold remits P421 million in taxes to Nueva Vizcaya, Quirino towns

OceanaGold (Philippines) Inc. (OGPI) on Sunday said it paid P421 million in local business tax (LBT) to three municipalities in Nueva Vizcaya and Quirino, reflecting a P100-million increase on the back of higher revenues from the mine.

In a statement, OGPI said P210.931 million was paid to Kasibu, Nueva Vizcaya, P84.372 million to the town of Cabarroguis in Quirino, and P126.558 million to the municipal coffers of Nagtipunan, Quirino.

The miner said the P421 million in business tax payments, compared to the P326 million paid in the past year, was driven by a boost in production and the upward movement in gold prices.

“The LBT we paid this year is higher compared to last year’s because of the higher 2023 revenue of our mine, brought about by our good production and higher prices of gold,” Didipio Mine President and General Manager Atty. Joan Adaci-Cattiling said.

The miner also inked a memorandum of agreement (MOA) with three municipalities, which covers a P5-million allocation to fund environmental management, protection, and conservation in the respective local government units.

“I am hopeful that with the increased tax payments, it will strengthen and diversify the delivery of positive economic outcomes across our host communities,” Adaci-Cattiling said.

The Didipio Mine is an underground gold-copper mine in the provinces of Nueva Vizcaya and Quirino, which entered into a financial or technical assistance agreement (FTAA) in June 1994. The initial term expired in June 2019 and was renewed in July 2019.

OGPI is set to list on the Philippine Stock Exchange (PSE) on May 13, with its maiden offering of 2.8 billion shares priced at P13.33 per share. It earlier secured the approval of the Securities and Exchange Commission (SEC) on March 12.

The company is a subsidiary of OceanaGold Corp., which also operates the Waihi and Macraes mines in New Zealand and the Haile mine in the United States. — DVM, GMA Integrated News