Oceanagold halts shares trading after Philippine project said suspended

Australia-listed Oceanagold has halted the trading of its shares on Tuesday after its Dipidio gold-copper project in the Philippine island of Luzon was named in media reports as being suspended by Filipino authorities.

The trading halt is necessary as the company expects to make an announcement to the market in relation to its Dipidio mine, it said.

The Philippines has ordered another 20 more mines to be suspended after it released its mining audit results on Tuesday. Only ten mines – out of the Philippines’ 40 – had passed the country environmental audit, and should the 20 be eventually halted, it will bring total closures to 30, Reuters reported.

Oceanagold had said in August that it welcomed the mining audit, describing itself as a “‘green, environment-friendly mining company”.

The Dipidio mine can produce 100,000 ounces per year of gold and 14,000 tonnes per year of copper.

The Philippines’ gold production rose 12 percent to 20.6 tonnes of gold last year, according to data from the Mines & Geosciences Bureau. The country also produced 83,835 tonnes of copper in concentrate, down nine percent on the previous year.