OceanaGold says P1.6-B payment to gov’t highlights mining’s economic role – BusinessWorld Online
OCEANAGOLD (Philippines), Inc. has remitted P466.86 million in additional government share (AGS) to the national government, bringing its total payment over the past two years to P1.6 billion, the company said on Thursday.
The company’s remittance is on top of P870 million in excise taxes and P512 million in local taxes and fees paid in 2024, it said in a statement.
“This significant contribution of almost P1.6 billion in cumulative AGS payments exemplifies the substantial economic benefits that responsible mining can bring,” OceanaGold President and General Manager for External Affairs and Social Performance Joan Adaci-Cattiling said.
The government and OceanaGold share the net revenue from the Didipio gold-copper mine in Luzon, with the government receiving 60% and OceanaGold receiving 40%.
“This arrangement is based on the principle that the government should receive a fair economic return for its mineral resources, while OceanaGold is entitled to a reasonable return on its investments,” the company said.
All taxes and fees paid to the government are deducted from the government’s share of net revenue.
In addition to the government remittance, the company said it also made investments through its development funds.
In 2024, OceanaGold invested P203 million and P102 million in development initiatives in Nueva Vizcaya and Quirino. — Justine Irish D. Tabile
