Ok Tedi Mining Ltd (OTML) is strengthening its operations to deliver maximum return to PNG shareholders, mine impacted communities and the people of Papua New Guinea.
Managing Director and CEO Kedi Ilimbit said this when speaking to OTML and Business Partner employees during a roadshow conducted from the 06th to the 09th of June.
The roadshow was conducted to inform employees about Ok Tedi’s new Vision, and the improvements that are being undertaken to strengthen the mine’s operation to ensure maximum return was achieved for mine impacted communities, PNG shareholders and the people of Papua New Guinea.
“Our focus currently is to ensure existing systems and processes we have in place are improved to strengthen our operations and derive maximum value of the resources we have during and beyond the current Life of Mine plan of 2033,” he said.
OTML’s New Vision is ‘We operate with excellence, maximising the value of our mineral resource in an environmentally responsible way, to deliver sustainable economic and social benefits to our communities and the people of PNG’.
“With this new Vision, we are excited about Ok Tedi’s future, and will be working with all our employees, business partners, communities and shareholders to make Ok Tedi the best it can be as it provides us guidance about why Ok Tedi exists and what is the desired result of our efforts,” he added.
The Company expects to generate over PGK19 Billion in social benefits for the benefit of PNG over the next 10 years within the current life of mine plan. OTML has tripled its value in the last 6 years with an extended mine life to 2033 with a possibility of further extension.
The Ok Tedi Mine is 100% PNG owned with the State of PNG through the Kumul Minerals Ok Tedi Ltd owning 67% while three Western Province entities hold the remaining 33%.
Since mining operations commenced in 1984, the mine has generated PGK13 Billion in dividends to PNG shareholders, PGK10.2 Billion in taxes/duties, PGK1.5 Billion in compensation payments, and PGK1.3 Billion in royalties. The mine has also paid PGK972 Million in Community Mine Continuation Agreement (CMCA) payments since 2001 and spent PGK515 Million in Tax Credit Scheme projects since 1997.