Ok Tedi Mining Limited (OTML) has posted a $US435 million after-tax profit for the first half of 2025, more than doubling its target for the period.
Higher gold prices helped drive the figures, but OTML was also able to increase production and sales above targets. The profitability also includes a revaluation gain of $US100 million, brought on by higher forward prices for its target metals.
The company’s Western Highlands mine produced 226,000 dry metric tonnes of copper concentrate, 54,000 tonnes of copper metal, 501,000 ounces of silver, and 151,000 ounces of gold over the first half of the year.
The company remains on track to meet its previously declared guidance for the full year, including production of 428,000 tonnes of copper concentrate, and revenue of $US1.5 billion.
OTML chief executive officer and managing director Kedi Ilimbit said the strong half-year performance followed on from the company’s 2024 efforts and results.
“These results reaffirm our commitment to creating value for all stakeholders while upholding our responsibilities to the people of Papua New Guinea and future generations,” he said. “Our focus on sustainable growth under the Growth 2050 framework ensures that we are well-positioned for the challenges and opportunities that lie ahead.”
OTML’s Growth 2050 strategy focuses on long-term sustainability, operational excellence, and community benefits. It includes planned development of a range of infrastructure and mining innovations, including a fly-in, fly-out village at Tabubil, a tailings storage facility, and a guided transformation toward digital mining processes.
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