OceanaGold facelifting image, seeks joint venture with Chinese rivals

Bayombong, Nueva Vizcaya – In a bid to widen its chances of securing $185-million additional funds to operate in the Philippines, OceanaGold is taking time to do some image boosting while its construction work in Didipio remains suspended.

Jamila Abassi, newly appointed Director for Corporate Social Responsibility went around having talks with local stakeholders here since Monday. Her itinerary included the offices of NGOs opposing the Didipio Project and the capitol where Gov. Luisa Lloren Curesma holds office.

Cuaresma turned hostile to the company after failing to collect the quarry taxes the local government demanded OceanaGold to pay. Fighting back, OceanaGold filed a grave coercion case against her at the Ombudsman after she allegedly used her executive powers to stop the construction of the mine.

NGO’s remained steadfast in their advocacy against large-scale mining. “We had a candid conversation with Jamila Abassi, and our unity as NGOs here is to present to her documented records of OceanaGold’s poor rating in terms of corporate social responsibility in the past,” said Merlinda Calubaquib of the Philippine Rural Reconstruction Movement, one of the NGOs that met with Abassi on Wednesday. Calubaquib is referring to the Fact Finding Mission Report now being investigated by the Commission on Human Rights. The report is a summary of the findings of a three-day NGO mission in Didipio on first week of April.

No less than Commissioner Leila de Lima ordered a full investigation of the reported cases of human rights violations, mostly arising from illegal demolition of houses and the Black Saturday shooting incident that wounded one villager named Emilio Pumihic.

Meanwhile, Reuters reported Wednesday that the troubled Melbourne-based company is seeking joint venture with rival companies, including Sino Gold Mining Ltd and Gold Fields, to raise $185-million fund to start its operation in Didipio.

"These options include funding through debt and to a lesser extent equity, and also through possible joint venture arrangements, asset sales, or equity investments into the Filipino assets or OceanaGold Corp as a whole," Reuters quoting Darren Klinck, spokesman for the company.

OceanaGold stocks fell to an all time low ($0.825 per share) since bad news about the company’s performance in Didipio began to plague the Philippines and Australian media. #