More than three years after mothballing the project after a capital expenditure blowout from $US155 million ($NZ187 million) to $US320 million in May 2008, Oceana is scheduled to be pouring its first concrete at the already partially developed open-pit site by November, with first mining set for January.
Oceana was caught out by the global financial crisis and was unsuccessful in a global search for development funding. However, since mid-2009 it has amassed $320 million in three capital raisings, most of which will go into Didipio's development.
Oceana chief executive Mick Wilkes said in a market update that tendering for the concentrate off-take agreement had begun, with "strong interest from leading metals trading companies".
"This process will continue through the remainder of the year, when a contract is expected to be finalised," he said.
Equipment bought during the mothballed period, including mills and flotation tanks, are being relocated to the Philippines, access-road upgrades are under way and accommodation facilities for more than 500 construction staff should be completed by the end of the month.
Oceana's New Zealand operations are expected to deliver between 255,000 and 270,000 ounces of gold this calendar year, while Didipio is forecast to produce on average 100,000 ounces of gold and 14,000 tonnes of copper during its 16-year life.
