Mine doing well after government took over, says chief executive

THE Ok Tedi Mining Ltd (OTML) is debt-free and doing well after the Government and landowners took over in 2015.
Managing director and chief executive Peter Graham revealed this during the Frieda River copper and gold project development forum in Tabubil on Friday.
He said when the mine resumed in 1984, 4.83 million tonnes of copper, 14.8 million ounces of gold and 32.7 million ores of silver were produced.
K65 billion was generated from the sale of those minerals.
Graham said on average, the mine contributed 7.4 per cent to the Gross Domestic Product of the country.
He said the company made a profit of K16 billion after tax. And after 35 years, it continued to be a successful business.
The State received K11.5 billion and Western received K10.5 billion while BHP and Inmet Mining Corporation took K1.7 billion.
However, Graham said the mine would wind up in 2027.
He said other achievements included the increase in mine production by 37 per cent between 2013 and 2019, and cost reduction by 25 per cent.
“The pollution issue is of great concern to OTML as we continue to fund K60 million for dredging activities to protect the Fly River and the riverine system,” he said.
“The company is a supporter of equal participation.
“For the workforce, we have 11 per cent women and 89 per cent males. We are working to balance that,” he said. Graham said on top of the dividends and royalties, OTML spent a lot in social benefits which include K24 million for Tabubil-Kiunga road, K21 million for Tabubil hospital, tax credit of K25 million for three years for the Tabubil-Telefomin road, and K250 million through Ok Tedi Development Foundation.