OceanaGold has threatened to take legal action if the Philippine government follows through with any move to force the miner to suspend operations at its Dipidio mine, which has been the subject of recent wrangling between the company and the government.
Shares in the miner slumped on the suspension fears, closing down 15 per cent at $3.84.
At a press conference earlier Thursday, the Philippine government named the company's Dipidio mine as the subject of a proposed suspension order due to alleged declining agricultural production in the area of the mine
In response, the miner's chief executive Mick Wilkes slammed the decision as "unjustified".
The country said it will close as many as 23 mines and suspend six others following a recent review due to concerns that environmental permits have been breached.
Environment and Natural Resources Secretary Regina Lopez ordered the closure of at least seven mines, including five nickel ore producers, and the suspension of a gold mine operated by Australia's Oceanagold Corp, for causing environmental destruction.
"Why is mining more important than people's lives?," Environment and Natural Resources Secretary Regina Lopez said at a press conference.
Oceanagold suspended trading in its shares briefly last September following statements by Philippine government officials indicating the mine could be closed.
Oceanagold said it has received no notice of any formal suspension of operations at the mine, which remains in operation.
"This decision .. is unjustified nor has any basis in law," Mr wilkes said. "Wer have not received any show cause notice from [the government] nor have se received a suspension order.
"Should we ultimately receive a suspension order as suggested today, we have very strong legal grounds to have it overturned."
Last October, the miner said an Audit Report received from the government related mostly to the need to further educate a broader group of stakeholders on specific aspects of the operations.