In 2024, Ok Tedi Mining Limited (OTML) celebrated 40 years of production. It also announced that, in the next 26 years, it would deliver K40 billion in social benefits, taxes, royalties and dividends.
The amount ($15.7 billion) was announced by OTML managing director and chief executive officer Kedi Ilimbit at the 2024 PNG Investment Week Conference in December.
Ilimbit acknowledged amount, and said the onus would be on the company’s shareholders to ensure the dividends were used “for the benefit of everybody”.
“K40 billion is a lot of money,” he said. “The challenge to our shareholders is how do we make use of these social benefits to improve the lives of our people.”
Ilimbit also revealed OTML’s 2050 growth strategy in his address, including a number of key undertakings to achieve a mine life extension for the Ok Tedi copper-gold-silver mine.
These include environmental stewardship projects, electric drive haul truck re-fleeting, and construction of a new fly-in, fly-out (FIFO) village, among others.
“These are exciting times ahead for OTML and we are confident that we will deliver on the life of mine extension and generate revenue for our shareholders,” Ilimbit said.
In the last four decades, OTML has produced 5.4 million tonnes of copper, 16.4 million ounces of gold, and 38.1 million tonnes of silver.
Subscribe to PNG Mining and receive the latest news on product announcements, industry developments, commodities and more.
