Trafigura agrees to buy copper from OceanaGold’s Didipio project

Trafigura Beheer BV, a global commodity trading firm, has agreed to buy all of the copper/gold concentrate from OceanaGold's Didipio project in Luzon, northern Philippines.

The offtake would be for a minimum five years when production starts at the mine, OceanaGold said in a statement. Didipio is to be commissioned in the fourth quarter.

Financial terms of the agreement weren't released. A binding contract is expected to be signed "in the near future," OceanaGold said.

Under the arrangement, Trafigura will manage all land and sea transport of the concentrate, which would be delivered to the firm's copper smelting customers in Asia.

Didipio is expected to produce 100,000 ounces of gold and 14,000 tonnes of copper a year over the mine's estimated 16-year life.

Shares of OceanaGold last traded at $2.45 on the NZX and have declined 9.5 percent this year.

BusinessDesk.co.nz

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