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OceanaGold's Didipio gold and copper mine in the Philippines may be suspended and shares in the company have slumped by 16 per cent in the space of an hour after a government official in the developing nation named Didipio among four mines that would have their permits suspended.
In a stunning case of deja vu, Gina Lopez, the secretary of the Philippines department of environment and natural resources, announced on Thursday that Didipio was one of several gold or nickel mines that would have their permits suspended.
The announcement comes just over four months since Mr Lopez announced suspensions of 75 per cent of mines in the developing Asian nation.
Shares in OceanaGold slumped on the back of the news, closing down 15.6 per cent at $3.84, while shares in ASX-listed nickel miners Western Areas and Independence Group both surged in the wake of the announcements.
Most of the mines suspended are nickel mines, and the announcement continues the policy shocks in the nickel sector, which was battered last month when Indonesia relaxed a ban on raw-material exports.
Western Areas shares rose 10.9 per cent in afternoon trade to close at $2.75, while Independence Group shares rose 3.2 per cent to $3.90.
The Didipio ban is a bitter blow for OceanaGold, which was never actually forced to close in the wake of Mr Lopez' September announcement, and has since been awarded an environmental award by controversial Philippino president Rodrigo Duterte.
OceanaGold said it had not been informed of the suspension, which appears to suggest Didipio was hindering local farm output, and the company said that Didipio was still operating.
"There is no legal basis for any proposed suspension," Melbourne-based OceanaGold said in a statement.
Chief executive Mick Wilkes said if he received a suspension order the company had "very strong grounds to have it over-turned".
"The Didipio operation is not in violation of any laws, rules or regulations, and the operation is not posing any threat to public, security, health, safety or otherwise," he said.