OceanaGold, Trafigura forge pact on copper-gold output from Didipio

Mining investor OceanaGold Corporation has followed through on its commitment to sell to commodities concentrates firm Trafigura all the copper and gold that will come from its Didipio project in northern Luzon.   OceanaGold’s offtake pact with Trafigura, which was revealed on Friday, will run for at least five years starting from when production commences at Didipio, where pre-commissioning works are in progress.   Expected output from Didipio is pegged at 100,000 ounces of gold and 14,000 metric tons (MT) of copper annually over 16 years of estimated mine life.   In China, Trafigura owns and operates concentrate storage facilities that support its concentrates trading activities   The Offtake Agreement stems from the Heads of Agreement (HOA) both firms entered into on 10 July 2012.   The HOA provides that OceanaGold will sell 100 percent of the copper/gold produced at Didipio to Trafigura at competitive terms and conditions, inclusive of treatment and refining costs.   Trafigura will take delivery of the copper/gold concentrates and be responsible for land and sea transport from the mine site to the smelters.   OceanaGold Corporation, which has projects on the South Island of New Zealand, is listed on the stock exchanges in Toronto, Australian and New Zealand. — ELR, GMA News