OceanaGolds shares hit on Philippine audit outcome

The Philippines Department of Environment and Natural Resources (DENR) states that OceanaGold’s mine is “beset with social issues”, including a petition of the Nueva Vizcaya province to cancel its financial and technical assistance agreement and claims that blasting has damaged houses. The DENR further cites “perceived dangers of underground mining” and the province’s preference for agriculture and agro-forest over mining as its reasons for the suspension recommendation. The mine was one of the first in the Philippines to achieve ISO 14001 environmental management certification and OSHAS 18001 certification. He also mentioned some of the environmental, health, safety and social awards that the mine had received.