OceanaGold (Philippines), Inc. has earmarked P768.43 million under its final mine rehabilitation and decommissioning plan (FMRDP) for the Didipio gold and copper mine in Kasibu, Nueva Vizcaya, as part of preparations for the mine’s planned closure in 2037. In a statement on Sunday, the company said P551.4 million had already been deposited into the fund, BusinessWorld reported.
The FMRDP is a regulatory requirement for mining operations in the Philippines, ensuring that sufficient funds are set aside to restore the environment and support communities once mining ceases. The Didipio mine, which produces gold and copper, has been a major contributor to the local economy and government revenues through taxes and royalties. The planned closure in 2037 will involve extensive decommissioning work, including site cleanup, water management, and rehabilitation of disturbed areas.
The company’s allocation of P768.43 million reflects its commitment to responsible mining practices and regulatory compliance. In the broader mining industry, such rehabilitation funds are crucial for mitigating long-term environmental impacts and securing the welfare of host communities. OceanaGold has also been subject to public scrutiny over its operations in Nueva Vizcaya, but the FMRDP aims to ensure that the mine’s eventual closure is managed in a transparent and sustainable manner.