Business
OceanaGold (ASX:OGC) share price shoots up 33% today. Here’s why
The OceanaGold Corp (ASX: OGC) share price has surged after the gold producer announced the Philippines Government has agreed to finalise the renewal of its Didipio gold mine contract. At the time of writing, the OceanaGold share price has climbed by 33.16% to $2.53.
Why the OceanaGold share price surged on the news
OceanaGold has been the operator of the Didipio gold mine in the Philippines since 2013, a site which is 270km north of Manila.
The company has been operating the mine under a ‘Financial or Technical Assistance Agreement (FTAA)’ contract. In July 2019, the agreement was subject to a temporary order issued by the provincial governor to restrain activities of the mine, pending renewal of the FTAA contract.
The…
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