OceanaGold's shares hit on Philippine audit outcome

Shares in Melbourne-headquartered OceanaGold fell 8% on Tuesday before trading was halted, after the Philippine government’s nationwide environmental mine audit recommended the suspension of the company’s flagship Didipio gold and copper mine on the island of Luzon. The environmental check-up, ordered by President Rodrigo Duterte, has recommended that 20 mines be suspended, in addition to the ten that were previously shuttered. Only 11 of the country’s 41 operating metallic mines have been recommended for continued operation, including Australian junior Red 5’s Siana gold mine.