Miner thanks Govt for increasing tax credit ceiling

OK Tedi Mining Ltd (OTML) has commended the Government for the increase in the tax credit scheme ceiling from 0.75 per cent to 2 per cent as announced in the 2022 National Budget.
A statement from OTML said the change, along with strengthening production from the mine, would see “a significant increase in annual tax credits from current levels approximating K25million per annum to more than K100million per annum over the life of the mine”.
The funds will be used to develop priority projects in health, education, law and justice and transport infrastructure and utilities in Western and West Sepik.
OTML managing director and chief executive officer Musje Werror said the Government had recognised the need for more funds to develop remote areas.
He said OTML had spent more than K300million on tax credit scheme projects in the two provinces since its inception in 1997.
“We want to connect these two provinces by a road from the north to the south and open up the region for the people to have better access to services and develop their local economies,” Werror said.
“This is the legacy that OTML wants to leave behind.”
Other major projects being considered include the upgrading and sealing of the Daru town roads and airport extension, construction of a new District court house in Kiunga, upgrading of the Kiunga District Hospital, refurbishment of the Aiambak Secondary High School, sealing of the Kiunga/Tabubil Highway, road to Vanimo and Hela, construction of the Atemkit/Kavorabip road and construction of the road from Alice Pit to the border.
Werror said the new projects would be aligned with the national and provincial governments’ priorities and managed through OTML’s projects and contracts management processes.