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    gold investing

    OceanaGold, B2Gold Stocks Plunge on Philippine Mine Audit Results

    Pia Rivera
    Sep. 28, 2016 01:00AM PST
    Precious Metals
    TSX:BTO

    The Philippines announced results from its environmental audit, and two gold companies were included in the list: OceanaGold and B2Gold.

    OceanaGold (TSX/ASX/NZX:OGC) and B2Gold (TSX:BTO,NYSEMKT:BTG) failed the environmental audit rolled out by the Philippines’ Department of Environment and Natural Resources (DENR).
    OceanaGold’s gold-copper mine in the Philippines–Didipio–is an open pit and underground operation. The company reported that in H1 2016, 90,887 oz gold and 12,244 t copper were produced from the Didipio mine. OceanaGold also operates the Macraes and Waihi Gold Mines in New Zealand and constructing the Haile Gold Mine in South Carolina, USA.
    According to the DENR, the inclusion of OceanaGold to the list was due to alleged outstanding social issues. OceanaGold has issued a statement confirming that it has not received any formal order from the DENR and is currently seeking clarification and further details. Mining and processing activities are continuing at the Didipio Mine.
    Haywood Securities’ “Buy” Recommendation on OceanaGold

    Despite the 14 percent plunge, investment firm Haywood Securities sent out a research note on September 27, stating a “Buy” recommendation and a target price of $6.50. Haywood Analyst Geordie Mark stated that the firm believes OceanaGold will be able to resolve the issues raised in the audit.
    OceanaGold closed Tuesday, September 27 at $4.05 per share, compared to $4.67 per share on Monday, September 26.
    B2Gold’s Masbate Gold Project

    B2Gold was also notified that it will be receiving a Show-Cause Order for the Masbate Gold Project, related to the operations of Filminera Resources Corporation and Philippine Gold Processing and Refining Corporation. B2Gold announced that the findings are related to administrative issues, and not any environmental or social issues. According to the press release, “B2Gold is confident that these issues will be resolved by working with the government agencies.”
    Operations continue at the Masbate Gold Project. In the second quarter of 2016, the Masbate mine produced 57,188 ounces of gold.
    Shares of B2GOld plunged by 12 percent on Tuesday, September 27 and closed at $3.38 per share.
    During the press briefing, DENR Secretary Gina Lopez said that she is open to meeting with the mining companies to discuss ideas on “what can be done in the area so people don’t lose their jobs.”
    Upon receipt of the notice from the DENR, the mining companies are given seven days to explain why they should not be suspended.
     
    Don’t forget to follow us @INN_Resource for real-time news updates!
    Securities Disclosure: I, Pia Rivera, hold no direct investment interest in any company mentioned in this article.

    haile gold minepia riverageordie marknew zealandtsx:btogold investinghaywood securities
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