OceanaGold (TSX: OGC; ASX: OGC) closed 32% higher on the Australian Stock Exchange on Dec. 7 after announcing that the Philippine government is moving forward to finalize a long-delayed renewal of an agreement governing the company’s Didipio gold-copper underground mine.
Philippines President Rodrigo Duterte has instructed the nation’s Department of Environment and Natural Resources to work with OceanaGold and the Department of Finance on a new Financial for Technical Assistance Agreement (FTAA), the company said.
OceanaGold kicked off the renewal of the 25-year permit in 2018. After it expired in June 2019, the company kept Didipio operating under a temporary licence, but a blockade backed by the local government forced the Brisbane-based miner to suspend operations a few weeks later.
The FTAA’s renewal has been slowed down by the Covid-19 pandemic, claims that Didipio had been operating outside the Indigenous Peoples’s Rights Act, and the Bugkalot tribe had been seeking to expand its domain over parts of the FTAA area.
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