- Write by:
-
Wednesday, October 14, 2020 - 11:00:08 PM
-
622 Visit
-
Print
Mining News Pro - OceanaGold announced on Tuesday that it has implemented the permanent layoff of 496 employees at its Didipio gold and copper mine, located across the Nueva Vizcaya and Quirino provinces on the island of Luzon, Philippines.
Along with the termination of direct employees, approximately 400 people working as contractors are also impacted, according to the miner.
“The company may be required to implement a second-round of permanent lay-offs in mid November and has provided notices to affected employees,” OceanaGold said in a press release.
Since July 2019, local government units have blocked access to and from the Didipio mine site.
Authorities claim they have been largely bypassed in a permit renewal process, which existing laws place under the national government’s realm.
“Today is a sad day for the company and for the many hundreds of workers and their families whose livelihoods have been impacted by the local government blockade of the public road pending the Financial or Technical Assistance Agreement (FTAA) renewal, which has constrained our ability to continue operations over the past 15 months,” said OceanaGold CEO Michael Holmes.
“The company has actively participated in community-led dialogue. Despite these efforts, a small group of local leaders have refused to consider access arrangements that would have preserved these jobs.”
Didipio, which began production in 2013, has Measured and Indicated resources of 1.3 million ounces of gold and 160,000 tonnes of copper.
Midday Tuesday, OceanaGold’s stock was down 1.6% on the TSE. The company has a C$1.28 billion market capitalization.
Short Link:
https://www.miningnews.ir/En/News/606171
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Copper miner Antofagasta Plc is holding meetings with investors this week for its first dollar bond offering in nearly ...
Copper needs to reach $12,000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new ...
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner ...
Teck Resources, Canada’s largest diversified miner, saw its copper production jump by 74% in the first three months of ...
Aurubis AG, Europe’s largest refined copper producer, has started a project in its Bulgarian smelter which will expand ...
No comments have been posted yet ...