News

OceanaGold Commits US$1.9 Billion to Extend Philippine Gold Mine to 2037

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Canadian miner OceanaGold (TSX:OGC) has committed US$1.9 billion to expand and extend the operational lifespan of its flagship Didipio gold and copper mine in the Philippines.The investment will push the operational life of the high-grade Didipio project, located across the provinces of Nueva Vizcaya and Quirino, to 2037.The extension overrides the company’s 2023 technical report, which had previously slated the mine for closure in 2035.“More jobs and local growth are expected as an expansion worth US$1.9 billion is set to strengthen the Philippine mining ecosystem following the President's productive meeting with Oceanagold Corp.,” the office stated.The Didipio project, acquired by OceanaGold through a 2006 merger with Climax Mining, ranks as the Philippines' second-largest producer of gold and copper. The site achieved commercial production in 2013 and operated strictly as an open pit until transitioning to underground mining in 2018. The upcoming US$1.9 billion capital injection will allow the company to assess opportunities to increase underground extraction rates while continuing to process blended ore stockpiled from the earlier open-pit phase. The pledge anchors the asset's future just weeks after the country's Supreme Court dismissed the firm's prolonged dispute over historical excise taxes.On June 18, the Supreme Court released a penned decision denying OceanaGold’s claims for a combined US$3.3 million refund on excise taxes paid between 2013 and 2014. The litigation centered on the interpretation of the "recovery period" defined in the company's Financial and Technical Assistance Agreement (FTAA) originally executed in 1994. Under the framework, OceanaGold was exempt from excise taxes for up to five years from the start of commercial operations to allow for the recovery of pre-operating and exploration expenditures. OceanaGold paid the taxes under protest, arguing the 2008 market delays constituted a force majeure event that justified deferring the tax-exempt recovery period. The Supreme Court rejected this argument, ruling that the company failed to present adequate evidence to substantiate the claim and could not unilaterally alter the contract's strict timetable.Don’t forget to follow us @INN_Resource for real-time news updates!Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Platner Senate campaign taking 'time to reflect' on path forward after sexual assault allegation

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Platner and his campaign denied the accusations made by 41-year-old Maine resident Jenny Racicot in a POLITICO article published Monday.

OPEC+ raises output but cartel's future hangs in balance

A handful of OPEC+ countries have agreed to increase their output targets from August but the cartel is fighting for its survival after the UAE's departure. A French company is using the Seine to cool down Paris' buildings. And, Sky says it's buying ITV's broadcast channels and streaming service for £1.6bn.

SpaceX joins the Nasdaq-100 on Tuesday. Here's what it means for the stock

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The stock's relatively small index weighting will likely limit passive buying pressures on the share price.

CNBC Points Pro: Which credit cards earn more points, Citi or American Express?

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Points expert Jason Stauffer compares Amex cards to Citi credit cards.

To future-proof your career in the age of AI, do 3 simple things: You'll 'remain valuable,' says expert

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Dan Schawbel, who's spent over a decade researching how technology reshapes careers, says employees who do these 3 things in the age of AI will "come out ahead."

Dividend cuts could be coming for these stocks, Wolfe warns

Wolfe Research screened for stocks that are at risk of lowering, or eliminating, the payouts made to shareholders.

Here's our plan for both Honeywell stocks after a divergent first week of trading

Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.

Cotton Posting Monday Gains

Cotton futures are trading with 100 to 112 point gains across most contracts, with the exception to the nearby July contract. Crude oil is down 57 cents, with the US dollar index up $0.104 at $100.725. The Cotlook A Index was down 75 points on July 3 at 85.80 cents....

Corn Rally Extending to Midday on Warmer/Dryer Forecasts

Corn futures are trading with 13 to 15 cent gains so far on Monday. There were 150 deliveries issued against July futures on Thursday evening. The CmdtyView national average Cash Corn price is 13 ¾ cents higher at $4.07 1/2. Monday morning’s Export Inspections report showed corn shipments of 1.642...