Ok Tedi Mining Limited (OTML) today announced that a dividend of PGK300 Million will be paid to shareholders on or before 31 December 2022.

OTML Chairman Dr Roger Higgins thanked employees, contract partners and mine impacted communities for their support throughout 2022.

He added that “while 2022 was always going to be a challenging year as the Company transitions to higher grade ore sources, and faced the additional cost associated with a sharp escalation in oil price, we are pleased to report Ok Tedi remains profitable and continues to deliver for our shareholders”.

Dr Higgins also said that “we now look forward to copper grade improving by more than 20% in 2023 as the transition continues” adding that this and a further extension of mine life (from 2032 to 2033) in the latest Strategic Business Plan recently approved by the OTML Board gives rise to growing optimism”.

He concluded by noting that the Company also continues to investigate further mine life extension scenarios.