Ok Tedi Mining (OTML) head Kedi Ilimbit has announced the company will finish the year on a high, with a final dividend payment of K450 million ($174 million).
The final figure includes an interim dividend payment of K200 million made earlier in the year and a final dividend payment of K250 million set to be paid in December.
Speaking at the company’s recent 40th anniversary celebrations, Ilimbit said the dividend payments were a reflection of a well-managed business.
“Ok Tedi mine has changed over time, going from foreign ownership to [a] 100 per cent Papua New Guinean-owned and led mine,” he said.
“We started strong at the beginning of this year with high production and despite the collapse of an electrical transmission tower in the last quarter, the metal prices re favourable, and we will finish the year strong.”
OTML recently implemented its new ‘reset, restore, reinvigorate’ strategy, aimed at restructuring its operations and providing improvements in performance and productivity.
Company board chairman Jeffrey Innes thanked the management team and broader workforce for their efforts over the year.
“As the mine life extends to 2050, we plan on making OTML a $US2 billion a year revenue-making company,” Innes said.
“Over the next 27 years, our company is poised to generate a projected K40 billion ($15.5 billion) in revenue. This will further enhance our contribution to the country and ensure that our operations continue to deliver value for many years to come.”
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