Ok Tedi Mining Limited (OTML) is pleased to announce its exceptional performance results for 2024, showcasing yet another successful year of disciplined operational and financial excellence.
In 2024, OTML achieved outstanding strong, safe and reliable production results, surpassing set targets for copper, gold, and silver. The company produced 103,246 tonnes of Copper metal, 265,830 ounces of Gold and 993,274 ounces of Silver, showing and reinforcing its turnaround of the business in the last 18 months.
Despite some operational challenges, this success is attributed to the dedication of our workforce, optimized operational efficiency from the pit to the port, and a seamless execution of the major processing plant shutdown earlier in the year.
OTML delivered robust unaudited financial results, reflecting increased metal prices, efficient cost management, and consistent production levels. The company reported a revenue of K5.7 Billion (US$1.5 Billion) contributing significantly to Papua New Guinea’s economy through royalties of K106M, taxes K346M, compensation K119M, training K30M, Tax Credit Scheme K285M, and a total of K450M in dividends for the year 2024.
The company also celebrated 40 years of production since 1984, highlighting its significant contribution to PNG’s economy over the years.
The year 2024 also brought its share of challenges; among the hurdles faced were shipping constraints, such as fuel, concentrate and cargo shipment issues and evolving operational demands. In addressing the fuel crisis, OTML not only ensured operational continuity but also supported the nation by supplying JET A1 fuel to commercial airlines.
Furthermore, as a responsible corporate entity, the company made significant contributions through key donations at both local and national levels, reinforcing its commitment to the community.
Looking ahead, OTML remains steadfast in pursuing its Growth 2050 Strategy, which focuses on long-term sustainability, operational excellence, and community partnerships. Key initiatives include:
- Environmental Stewardship & Sustainable Growth Projects
- Engineered Waste Rock Dump 1 & 2
- Electrical Haul Truck Drive
- Process Asset Renewal (PAR)
- Pyrite Concentrate (PCon) Pit 4 Construction
- Tailings Storage Facility
- Copper Mark Certification
- Electrification & Energy Transition Strategy
- Accessibility to Diesel & Jet A1 Storage & Supply Facilities in the country
OTML’s Managing Director and CEO, Kedi Ilimbit, stated that “2024 has been an extraordinary year of resilience, collaboration, and achievement for Ok Tedi. These results reaffirm our commitment to creating value for all stakeholders, while upholding our responsibilities to the people of Papua New Guinea and future generations. Our focus on sustainable growth under the Growth 2050 framework ensures that we are well-positioned for the challenges and opportunities that lie ahead.”
“Our unwavering commitment to responsible mining practices and sustainable development has delivered outstanding outcomes for stakeholders, employees, and the communities in which we operate,” said Mr Ilimbit.
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