Publicly-listed OceanaGold (Philippines) Inc. (OGP) and the Bangko Sentral ng Pilipinas (BSP) renewed their gold buying agreement for another three years.
“We continue to support the Philippine economy by prioritizing BSP and its gross international reserves through this renewed agreement. This demonstrates our steadfast and continued commitment as a partner in economic development and sustaining overall growth amid global uncertainties,” said OGP president and general manager for external affairs and social performance Joan Adaci-Cattilling.
Under the renewed agreement, which covers the period March 2025 to March 2028, OGP will continue to sell at least 25 percent of its annual gold doré production to the BSP.
Gold doré is a semi-pure alloy of gold mixed with other metals such as silver. The initial agreement between OGP and BSP was signed in May 2022.
“Beyond compliance with our Financial or Technical Assistance Agreement [FTAA] with the Philippine government, we view this agreement as part of our purpose—mining gold for a better future,” said Adaci-Cattiling.
OGP sold 6,628 ounces of gold doré to the BSP in 2024, accounting for 29 percent of its annual production. Of this, 5,356 ounces were sold under BSP’s gold buying guidelines following the expiration of the original agreement in May 2024.
OGP sold 9,453 ounces in 2022 and 12,865 ounces in 2023, representing 28 percent and 27 percent of its annual gold doré output, respectively.
