Friday, 15th December 2006 (2781 views)

Gloria Macapagal-Arroyo, the president of the Philippines, has recognised the merger of two gold mining firms who have been praised for developing sustainable mining.

OceanaGold's merger with Climax Mining was part of the celebrations at the 25th anniversary of the Australia-New Zealand Chamber of Commerce on the Philippines, with Angelo Reyes, the minister for the environment and natural resources, signing the formal merger agreement.

In her speech, President Arroyo pointed out the strong links between the Philippines, Australia and New Zealand that had been highlighted by the merger and praised the firms for their efforts with local communities and the environment.

Stephen Orr, CEO of OceanaGold, said: "OceanaGold is honoured that our support for the emerging Philippines mining industry has been recognised by President Arroyo and that the government is committed to developing a sustainable mining industry based on international corporate social responsibility best practice."

The two companies now have a forecast gold production of over 550,000 gold equivalent ounces by 2009, with OceanaGold taking responsibility for the development of the Didipio gold copper project.

 

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