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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (178784)	5/13/2024 1:00:45 PM
From: LoneClone	Read Replies (1) of 192471

OceanaGold Philippines' shares drop on market debut after IPO ca.finance.yahoo.com Reuters Updated Mon, May 13, 2024 at 2:43 a.m. PDT·1 min read OGC.TO -5.63% OCANF -5.00% MANILA, May 13 (Reuters) - Shares of gold miner OceanaGold Philippines Inc ended 6.16% lower on its trading debut on Monday after a 6.078 billion pesos ($105.10 million) initial public offering (IPO), the first IPO in the Philippines' this year. The shares opened at 13.34 pesos, a touch above their IPO price of 13.33 pesos, but subsequently lost ground to cap the day at 12.50 pesos each. Toronto-listed miner OceanaGold Corp sold 20% in subsidiary OceanaGold Philippines via the IPO, the Philippines' first public debut for a mining firm since 2012. "We expect our mining operations to provide substantial dividend returns to our shareholders," OceanaGold Philippines President Joan Adaci-Cattiling said in a statement. Future dividends will be declared and paid to shareholders quarterly, she added. The gold and copper miner's IPO was to comply with a regulatory requirement for its operations in northern Philippines. Its Didipio mine started commercial operations in 2013 and has a mine life of up to 2035. The Philippines is working to revitalise its mining sector to boost its economy. It is a major nickel ore supplier to top metals consumer China, and also has substantial copper and gold reserves. ($1 = 57.83 Philippine pesos)

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