Ok Tedi Mining Limited (OTML) generated a record PGK684 million in December, its highest revenue for the year.
The copper-gold miner said increased production and favourable metal prices were behind the jump.
“We saw productivity improvements throughout the entire production chain from mine to mill and port,” OTML managing director and chief executive officer Kedi Ilimbit said.
“In addition, improved uptime and reliability on our crushing and processing plants compounded with exceptional operational efficiencies in the mine saw more quality ore being processed during the month.”
OTML produced 45,000 dry metric tonnes of copper concentrate in December, generating K398 million ($160.9 million).
The company also saw a boost of PGK278 million from gold sales, and PGK8.9 million from silver.
“We are continuously looking at transformational strategies to improve overall production efficiency whilst being cost effective,” Ilimbit said.
“With these foundations, OTML will continue to generate revenue, remain profitable, and deliver to its shareholders and the rest of PNG.”
OTML said other factors contributing to the record revenue included strategic business improvements, operational efficiency, cost management, and uninterrupted copper shipments to buyers.
“Support functions in the business including supply, logistics and power systems all worked in sync with the production team to deliver this exceptional performance,” Ilimbit said.
“Effective cost controls were put in place by the dry weather incident management team including fuel conservation, contractor management, and rationalisation of critical supplies.”
In a further commitment to driving growth across its operations, OTML recently delivered a final dividend of PGK350 million to its shareholders, bringing the total dividend for the year 2023 to PGK450 million.
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