By Ruth Abbey Gita-Carlos | Philippine News Agency
Canadian gold and copper producer OceanaGold Corp. has pledged to invest $1.9 billion for the continued operation of the Didipio Mine in Nueva Vizcaya, while mining company B2Gold Corp. has conveyed its plan to invest approximately $14 million for the expansion of its Masbate Gold Project and new exploration initiatives.
The investment pledges were discussed during President Ferdinand R. Marcos Jr.’s separate meetings with executives of OceanaGold, B2Gold, and Filminera Resource Corp. at the Fairmont Pacific Rim Hotel in Vancouver, Canada on Friday (Canada time).
In a statement, the Presidential Communications Office (PCO) said OceanaGold’s planned expansion is expected to generate new jobs and stimulate the Philippine economy.
“More jobs and local growth are expected as an expansion worth USD1.9 billion is set to strengthen the Philippine mining ecosystem following the President’s productive meeting with Oceanagold Corp.,” the PCO said.
It said the high-grade mining operation balances resource optimization with a minimized environmental footprint across Nueva Vizcaya and Quirino.
OceanaGold is considering extending the operational life of the world-class Didipio Gold-Copper Mine until 2037.
Based on the company’s 2023 technical report, the mine’s operation would end in 2035.
Didipio operated as an open-pit until it transitioned to an underground mine in 2018.
Meanwhile, PCO said B2Gold plans to provide technical and exploration expertise to assess opportunities for extending the operational life of the Masbate Gold Project.
“President Ferdinand R. Marcos Jr. met with executives of B2Gold Corp. and Filminera Resources Corp. in Vancouver on the sidelines of his Official Visit to Canada to discuss the companies’ planned investments of approximately USD14 million for the solar plant expansion at the Masbate Gold Project and ongoing exploration programs,” the PCO said.
During the meeting, the Canadian gold producer also presented its new exploration initiatives through the B2Gold Philippines Exploration Office, which was established following the company’s positive experience operating in the Philippines.
The investment pledge, the PCO said, reflects B2Gold’s continued confidence in the Philippine mining industry.
The Masbate Gold Project is a major open-pit gold mining operation in the Philippines jointly operated by B2Gold subsidiary Philippine Gold Processing and Refining Corp. and Philippine firm Filminera.
In 2025, the Masbate Gold Project generated more than P10 billion in taxes for local and national governments.
The PCO noted that the project’s extensive tax contributions helped elevate its host town, Aroroy, from a lower-income fourth-class municipality to a thriving first-class municipality, resulting in improved public infrastructure, educational assistance, and training programs for local scholars.
