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New Zealand's biggest goldminer is effectively mothballing its huge gold-copper mining site at Didipio in the northern Philippines province of Nueva Vizcaya.
"The deterioration of global economic conditions has required that we take prudent measures in order to secure and preserve our assets in the Philippines," said Oceana Gold Corp chief executive Stephen Orr.
"In these uncertain times, we are focused on maximising revenue and reducing expenditures."
He wanted to strengthen the New Zealand listed company's financial position.
"We recognise the inherent value that the Didipio project and our exploration portfolio in the Philippines represent for shareholders but the uncertainty around current financial markets dictates that we affect this strategy."
Oceana Gold said it would instead rely on New Zealand's biggest gold mine, the Macraes operation in Otago, and a new mine in the Reefton goldfield.
Some analysts questioned whether the demise of its market capitalisation from more than $641 million to $179 million made it a prime takeover target.
Shares last traded at 33c on the NZX.
- NZPA
