OceanaGold Philippines' shares decline in early trades on market debut (updated)

OceanaGold

13/05/2024 02:48

(Recasts lead, adds price update in paragraph 2, background in
paragraph 4-5)
       MANILA, May 13 (Reuters) - 
    Gold miner OceanaGold Philippines Inc's  OGP.PS  shares fell
as much as 6% below their initial public offering (IPO) price in
the first 15 minutes of trading on their market debut on Monday.
        The shares opened at 13.34 pesos ($0.2314) a touch above
 their IPO price of 13.33 pesos, but subsequently lost ground.
    Toronto-listed miner OceanaGold Corp  OGC.TO  sold 20% in
subsidiary OceanaGold Philippines via an 6.078 billion pesos
IPO, the first listing in the Southeast Asian nation this year
and the country's first public debut for a mining firm since
2012.
        The gold and copper miner conducted its IPO to comply
with a regulatory requirement for its operations in northern
Philippines.
  
        OceanaGold's Didipio mine started commercial operations
in 2013 and has a mine life of up to 2035.
  

($1 = 57.64 Philippine pesos)

 (Reporting by Neil Jerome Morales; Editing by John Mair)
 ((neiljerome.morales@thomsonreuters.com))