OTML welcomes visit by Prime Minister Marape
Ok Tedi Mining Limited (OTML) today welcomed Papua New Guinea’s eighth Prime Minister, Honourable James Marape who visited the mining township of Tabubil. In welcoming the Prime Minister and his delegation OTML Managing Director and Chief Executive Officer Peter Graham said it was an honour to host Prime Minister Marape and his delegation on this first official visit.
Mr Graham said that with the State being the largest shareholder of Ok Tedi Mining, “we are pleased to have the opportunity to demonstrate the achievements of our workforce and brief the Prime Minister on our plans for the future of the Company”. He added that “while Ok Tedi’s performance in 2018 was adversely impacted for three weeks due to an earthquake in February of that year, the Company was still able to make a valuable contribution within PNG”.
Mr Graham confirmed that Ok Tedi had generated sufficient earnings in 2018 to distribute PGK300 million in dividends, with two-thirds payable to the State and one-third to three Western Province entities. He also noted that as a result of a seven week dry weather period at the end of 2018, which prevented the shipping of product to OTML customers, the Company had paid 100 million kina in the 2018 year itself and the balance of 200 million kina in the first quarter of 2019 once normal river passage had resumed.
The Prime Minister will overnight in Tabubil with a planned visit to the Ok Tedi Mining Operations site including the PGK800 million Crusher Replacement Project site tomorrow (Sunday 23rd June).