08:21 AM EDT, 04/15/2024 (MT Newswires) -- OceanaGold Corp ( OCANF ) on Monday said its subsidiary OceanaGold Philippines, Inc. (OGPI) received preliminary approval from Philippine regulators to hold an IPO of 20% of its stock.

Following the approval from the Philippine Securities and Exchange Commission and the Philippine Stock Exchange, the offering remains subject to certain conditions. OGPI holds OceanaGold's ( OCANF ) interest in the Didipio Mine and under Philippine law must list its common shares in the Philippines. The offering is expected to be completed in May.

The offering is a secondary offering of OGPI's common shares, with the proceeds from the offering, net of taxes and listing expenses, to be used by OceanaGold ( OCANF ) to pay down its debt. The company had drawn bank debt of $135 million as of the end of last year.

Preliminary Q1 2024 operating results for the Didipio mine will also be included in the offering's prospectus. For the quarter ending March 31, the Didipio mine produced 26,312 ounces of gold and 3,015 tonnes of copper, which is in-line with its full-year plan and 2024 guidance. Gold sales for the quarter totalled 31,863 ounces of gold and 3,180 tonnes of copper.

Didipio remains on track to deliver its 2024 guidance, with the mine expected to produce between 120,000 and 135,000 ounces of gold and 12,000 to 14,000 tonnes of copper at an All in Sustaining Cost of between $750 and $850 per ounce.