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UPDATE 2-OceanaGold Philippines' shares drop on market debut after IPO

Reuters
Updated ·1-min read

(Recasts with closing price, adds company statement in paragraphs 4-5, background in paragraph 7)

MANILA, May 13 (Reuters) - Shares of gold miner OceanaGold Philippines Inc ended 6.16% lower on its trading debut on Monday after a 6.078 billion pesos ($105.10 million) initial public offering (IPO), the first IPO in the Philippines' this year.

The shares opened at 13.34 pesos, a touch above their IPO price of 13.33 pesos, but subsequently lost ground to cap the day at 12.50 pesos each.

Toronto-listed miner OceanaGold Corp sold 20% in subsidiary OceanaGold Philippines via the IPO, the Philippines' first public debut for a mining firm since 2012.

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"We expect our mining operations to provide substantial dividend returns to our shareholders," OceanaGold Philippines President Joan Adaci-Cattiling said in a statement.

Future dividends will be declared and paid to shareholders quarterly, she added.

The gold and copper miner's IPO was to comply with a regulatory requirement for its operations in northern Philippines. Its Didipio mine started commercial operations in 2013 and has a mine life of up to 2035.

The Philippines is working to revitalise its mining sector to boost its economy. It is a major nickel ore supplier to top metals consumer China, and also has substantial copper and gold reserves. ($1 = 57.83 Philippine pesos) (Reporting by Neil Jerome Morales; Editing by John Mair, Martin Petty)