Mine: K100mil to shareholders

OK Tedi Mining Ltd announced a 2019 interim dividend of K100 million to be paid to shareholders on Sept 30.
This follows a final 2018 dividend payment of K200 million paid in the first quarter of this year.
Chairman Sir Moi Avei, pictured, said the company was pleased to be in a position to make a distribution to the state, which owned a 67 per cent stake in Ok Tedi, and Western entities representing the Fly River provincial government, CMCA and mine communities, who owned 33 per cent of the company.
“The company continues to perform strongly, generating sufficient profit and cash to enable a dividend payment whilst funding an investment of more than K700 million to replace and relocate the mine in-pit crusher, meeting annual sustaining capital requirements of about K160 million, investing more than K60 million per annum on resource development that includes near-mine exploration, and maintaining its debt free position,” Sir Moi said.
He noted that the result had been achieved despite two separate periods of three weeks where dry weather prevented river access to bring supplies in and take saleable product out and added the strategically important crusher project was expected to be complete by mid-2020 enabling access to the higher grade ore under the existing crusher that would see an increase in production and cash generation in 2022 and beyond.
“I wish to thank management and staff for their efforts to date in 2019, and the shareholders for their continued and valued support.”