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OceanaGold ships maiden concentrate from Philippines operation

10th April 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – Dual-listed OceanaGold on Tuesday said it had shipped the first concentrate from its Didipio mine, in the Philippines.

The company said the first shipment of about 5 000 dry tons of copper/gold concentrate had left the San Fernando port, en route to Hibi, Japan.

OceanaGold expected the first payment for its concentrate by mid-April.

"Commissioning activities continue to progress well at the Didipio mine. To date, we have produced over 15 000 dry tons of copper/gold concentrate and the first shipment of the Didipio concentrate is another significant milestone for the operations team.

“The process plant continues to ramp-up well and recoveries of copper are approaching steady-state expectations. Gold recoveries are also increasing and will be further boosted as the gold head grade increases,” OceanaGold MD and CEO Mick Wilkes said in a statement.

Transporting the concentrate to the port hit a snag in February, when, as a result of clarifications on tax exemptions sought by the company, some of the trucks used for transporting concentrate were held by local government agencies, forcing the company to temporarily suspend concentrate movements. Transport resumed in March.

OceanaGold said it had about 1 500 dry tons of concentrate at the port, and about 8 800 dry tons of concentrate at the mine site.

The next 5 000 t shipment was expected later this month.

Wilkes said as the company optimised the transportation logistics and regularly shipped concentrate to smelters, it expected to announce commercial operations during this quarter.

Edited by Creamer Media Reporter

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