Ok Tedi Declares a Final Dividend Payment for 2018
Ok Tedi Mining Limited today announced that a Final 2018 Dividend of K200 million will be paid to shareholders in February 2019. This payment is in addition to the Interim 2018 Dividend of K100 million paid in July 2018.
Following the transfer of additional equity from the State to Western Province entities in April 2018, 67% of these dividends are paid to the State, with the remaining 33% paid to the Fly River Provincial Government, CMCA and Mine communities.
OTML Chairman Sir Moi Avei KBE commented “I want to thank employees, contract partners and mine impacted communities for their support throughout 2018 as it is their efforts that enabled the Company to not only pay dividends but also make a K50 million donation to the Earthquake Appeal in March 2018. Sir Moi added “Ok Tedi is proud of its performance and contribution to Papua New Guinea.”
Managing Director and CEO Peter Graham noted: “2018 was a particularly challenging year with an earthquake in February directly impacting production for more than three weeks, and extended dry weather in November and December preventing shipment of vital material in and copper concentrate product out for seven weeks”. He added: “After payment of the final dividend Ok Tedi will retain adequate cash reserves to fund exploration and resource development investments, meet normal sustaining capital requirements, and complete the balance of the K700 million in-pit crusher replacement project whilst remaining debt free.”