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The tailings storage facility at OceanaGold’s Didipio gold mine in the Philippines. Credit: OceanaGold.
In a disclosure, OceanaGold Philippines Inc said it had priced its IPO at 13.33 pesos per share, a discount of 23% to a maximum potential price of 17.28 pesos included in the filing to securities regulators. OceanaGold plans to sell up to 456 million common shares or a 20% stake in OceanaGold Philippines, which would give the unit a market capitalization of 30.39 billion pesos.
The Philippines is seeking to revitalize its mining sector to boost the economy. It is a major nickel ore supplier to top metals consumer China, and also has substantial copper and gold reserves.
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