The Ok Tedi Mining Limited (OTML) Board Chairman Dr. Roger Higgins is concerned with the media reports on the purported removal of Mr Musje Werror.
Mr Werror remains the Managing Director and CEO of Ok Tedi Mining Limited.
Dr. Higgins makes particular reference to and agrees with the statement by the Minister for State Enterprise Hon. William Duma that only the OTML Board has the power to terminate its Managing Director and that has not been done.
The Board understands the expectations of the government whose interest in OTML is managed by Kumul Minerals Holdings Limited (KMHL) on behalf of the Trustee Shareholder and Minister for State Enterprise.
The Board appreciates that our majority Shareholder KMHL is concerned with the economic factors, including international copper and gold prices, as well as international energy prices, that exert pressure on the financial position of the mine, and has commissioned an independent peer review of the mine.
The OTML Board and Management are fully supportive and cooperating with the review Consultant so as to deliver an outcome that can be beneficial to the company and all our stakeholders.
Dr Higgins notes that the OTML board will meet in December and consider a dividend distribution as is normal practice.
It is important that there is stability and confidence in the governance structure of the company and that a focus of the Board and Management is on safely meeting production targets.