Ok Tedi Mining Limited (OTML) is celebrating its 40th anniversary of operation, marking four decades of resilience and excellence in the mining industry in Papua New Guinea.
Starting in August 1984 as a gold mining operation by Broken Hill Property Limited (BHP), OTML transitioned to a copper-gold mine in 1987. From 2015 to present, OTML is a fully 100 per cent PNG owned mine.
OTML’s journey is characterized by both challenges and triumphs.
Throughout its history, OTML has demonstrated resilience in the face of adversity. These include:
- Navigating two significant droughts in 1997 and 2015;
- The volatility of the world market and global gold and copper prices;
- Legacy issues of its operations impact on the Ok Tedi and Fly River systems and the communities that depend on them;
Despite these challenges OTML continues to remain resilient and has operated successfully by providing economic and social benefits to Western Province and Papua New Guinea over the last 40 years. They include:
- K13.4 billion in Dividends;
- K1.4 billion in Royalties;
- K10.2 billion in Tax/Duties;
- K1.6 billion in Compensation;
- K1 billion in CMCA Payments;
- K664 million in Tax Credit Scheme Projects;
- Investing K146 million in education and training of graduates, apprentices, trade trainees, and school and university scholarships.
- World class operational and environmental mitigation and monitoring measures.
OTML remains optimistic in continuing its operations for another 40 years. This is evident in the renewal of it’s Special Mine Lease (SML) to 2042 and the Company Boards in-principle agreement to extend mine life to 2050.
A series of events will be held in November to mark the 40th anniversary celebrations. These festivities will not only commemorate the past but also look forward to the future with optimism.