otml

Ok Tedi to pay interim dividend of K160 million

Business

OK Tedi Mining Limited (OTML) will be paying an interim dividend of US$50 million (K160 million) this month.
OTML chairman Sir Moi Ave, pictured, attributed this to a strong first half-year performance.
“The mine has exceeded forecast metal production year-to-date. And in recent months, we have seen a higher than forecast copper price further strengthening profitability,” Sir Moi said.
“Mining on the West Wall continues to be challenging with complex geotechnical and hydrogeological conditions and heavy rainfall in July and August.
“These factors are being carefully managed. Our focus continues on safety, reliability, productivity and costs control.
“As a further sign of confidence in the business, the board recently approved an investment of US$200 million (K624.89 million) to replace and relocate the mine in-pit crusher which will allow access to higher grade ore.”
Following the transfer of additional equity from the state to Western entities, the dividend will be split with about K107 million to the state and K53 million to the Fly River provincial government, CMCA (Community Mine Continuation Agreement) and mine communities.
OTML is a state-owned company that operates an open-pit copper, gold and silver mine in the Star Mountains of Western.
The company holds a large portfolio of exploration leases in the vicinity of its Mt Fubilan mining operations and is actively undertaking near mine exploration.

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