Ok Tedi Mining Limited (OTML) announced a final dividend payment of PGK350 Million to its shareholders on 28th December 2023, bringing the total dividend to K450 Million for the year.

The Company had declared an initial interim dividend payment of PGK100 Million on 26th October citing a positive outlook for a final dividend payment in December 2023.

OTML Board Chairman, Jeffrey Innes, thanked employees, contract partners and the mine impacted communities for their support throughout 2023.

He said that 2023 was a restore and reset year for OTML marked by the appointment and restructure of a new senior leadership team.

Mr Innes said the need for this change in leadership was to bring forth a comprehensive overhaul of restoring, resetting, and reinvigorating the entire business while focusing strategic emphasis on business improvement, cost efficiencies and liquidity, stakeholder engagement, long-term planning and implementation of Tax Credit Projects aligned with the National Government Development Strategy 2050.”

With the OTML Board approval of the Mine Life Extension up to 2050, Mr Innes said the Company envisions sustainable growth up to 2050, with a particular focus on energy transition.

Mr Innes said Key strategic Growth 2050 projects are in place and progressing well based on the Company’s current Strategic Business Plan and is expected to generate K30 billion (US$8 billion) in cash flow.

He added that the “El Nino onset also affected the OTML operations for a while in November however the Company has implemented its Dry Weather Management Plan to see it through the challenges and is pleased to declare that Ok Tedi remains profitable and continues to deliver to our shareholders”.