Ok Tedi Mining Limited (OTML) Managing Director and Chief Executive Officer, Kedi Ilimbit announced a 2024 final dividend payment of PGK250 Million that will be paid in December, bringing the total dividends paid in 2024 to K450 Million.
This announcement was made last week Thursday at a dinner event hosted to celebrate the Company’s 40th year of production after the OTML Board of Directors’ approval at their recent board sitting onsite from the 11th -14th of November.
The company declared an interim dividend payment of PGK200 Million earlier this year.
OTML has contributed PGK13.4 Billion in dividends to the country over the last 40 years.
Mr Ilimbit said, “Ok Tedi mine has changed over time, going from foreign ownership to 100 percent Papua New Guinean-owned and led mine. The dividend payments demonstrate that the business has been well managed.”
He further added, “We started strong at the beginning of this year with high production and despite the collapse of an electrical transmission tower in the last quarter, the metal prices are favourable, and we will finish the year strong.”
Also of notable importance is the Company’s new ‘reset, restore, reinvigorate strategy which has seen a whole new restructure of the Company’s operations and the associated improvement in performance and productivity.
Mr Ilimbit thanked the workforce for another successful year of production and looks forward to continued successful operations while delivering on its commitment towards the people of Western Province and Papua New Guinea.
OTML Board Chairman Jeffrey Innes thanked the management and the workforce for their collective efforts, and the support from the local communities to deliver this dividend to the people of PNG.
“As the mine life extends to 2050, we plan on making OTML a US$2 Billion a year revenue-making company.”
“Over the next 27 years, our company is poised to generate a projected K40 billion (US$8.5 billion) in revenue. This will further enhance our contribution to the country and ensure that our operations continue to deliver value for many years to come.”