Ok Tedi Mining Limited (OTML) is celebrating its “exceptional” performance in the first quarter of 2025, backed by significantly improved profitability.
OTML managing director and chief executive officer Kedi Ilimbit attributed the improvement to higher commodity prices and copper sales volumes.
“We delivered 28,000 copper tonnes, and 74,000 gold ounces and generated revenue of $US460 million (K1.85 billion) demonstrating our focus on disciplined and committed performance and continuous business improvement,” he said.
Other highlights from the quarter included a three per cent improvement in the total injury frequency rate, dropping to 0.19 for the quarter. The lost time injury frequency rate remained the same at 0.00.
OTML produced over 113,000 tonnes of concentrate in the first quarter, along with 28,000 tonnes of copper metal and 74,000 ounces of gold. Production for both metals increased by five and seven per cent, respectively.
Gross revenue for the quarter was 54 per cent higher compared to the first quarter of 2024, while royalties paid hit $US8.7 million (K34.9 million), higher than the $US5.5 million paid in 2024.
“With these significant achievements and solid start to the year, we remain committed to deliver Kedi (Ilimbit)’s expectation to copy 2024 performance and paste into 2025 and add the extras to meet our full year 2025 guidance,” OTML said.
OTML is on-track to meet its full-year guidance, with first quarter results in-line with indications provided in March. This includes delivering $US24.9 million (K100 million) in total returns to shareholders throughout the quarter.
At quarter’s end, OTML reported a strong and flexible balance sheet with $US69 million (K277.9 million) in cash and $US118 million (K477.9 million) in total liquidity.
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