Oceana suspends costly Luzon venture
June 30th, 2008
Filed under: Mine - Didipio, Mineral - Copper, Mineral - Gold, Operator - OceanaGold, Region 02 - Nueva Vizcaya
From: www.odt.co.nz
By Simon Hartley
Oceana has suspended development of its crucial gold and copper mine in the Philippines as it seeks to raise $US185 million ($NZ244 million), which could include a joint venture, merger or new share placement.
Triple-listed in Toronto, Australia and New Zealand, Oceana has seen its share value plunge drastically during the past three months, losing more than 65% on the Australian exchange, raising the question that the demise of its market capitalisation from more than $A500 million to $A140 million makes it a prime takeover target
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