Canada-based gold and copper producer OceanaGold has concluded the sale of its Blackwater project in New Zealand, with the transaction bringing in $30m in cash.

The company anticipates an after-tax accounting gain of around $10m in Q2.

This development follows the fulfilment of all relevant regulatory clearances and closing conditions.

The sale agreement with Tasman Mining, a subsidiary of Federation Mining, was announced in January this year.

Tasman Mining exercised its exclusive option to acquire OceanaGold’s interest in the Blackwater project, which had been under a project deed since July 2018.

OceanaGold operates globally, with assets including the Haile Gold Mine in the US, the Didipio Mine in the Philippines, and the Macraes and Waihi operations in New Zealand.

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OceanaGold’s subsidiary, OceanaGold Philippines (OGPI), raised $106m through an initial public offering (IPO) on the Philippines Stock Exchange last month.

The offering involved the sale of 20% of OGPI’s common shares, a step required under the renewed financial or technical assistance agreement for the Didipio Mine operations.

The IPO was a secondary offering, with shares priced at 13.33 pesos each, resulting in a total of 6.08bn pesos for 456 million shares.

After accounting for fees and taxes, the proceeds from the offering will be directed towards reducing OceanaGold’s debt, which was reported at $160m as of 31 March 2023.

The decision to list OGPI’s shares was first made public in April.