In June 2011 OceanaGold commenced construction of the high grade gold copper Didipio Project located in Luzon, northern Philippines. The project is expected to commission in Q4 2012.
Didipio is held under a Financial & Technical Assistance Agreement (FTAA). Based on the most recent NI 43-101 technical report in July 2011, the mine design forecasts an average annual production of approximately 100,000 ounces of gold and 14,000 tonnes of copper in concentrate for an anticipated 16 year mine life. Using a US$3.00/lb copper price, Didipio will produce gold at: negative US$79/oz over the first 6 years of the mine life demonstrating very robust economics.