Mine pays K350mil dividend

OK Tedi Mining Limited (OTML) last Thursday paid its shareholders a dividend of K350 million, bringing the total to K450 million for the year 2023.
Chairman Jeffrey Innes said OTML had, on Oct 26, declared an initial interim dividend payment of K100 million, citing a positive outlook for a final dividend payment last month.
He thanked employees, contract partners and the mine-impacted communities for their support throughout last year.
He said 2023 was a restore-and-reset year for OTML, marked by the appointment and restructure of a new senior leadership team.
Innes said the need for this change in leadership was to bring forth a comprehensive overhaul of restoring, resetting and reinvigorating the entire business while focusing strategic emphasis on business improvement, cost efficiencies and liquidity, stakeholder engagement, long-term planning and implementation of tax credit projects aligned with the Government’s development strategy 2050.
With the OTML board approval of the mine life extension up to 2050, Innes said the company envisioned sustainable growth up to 2050, with a particular focus on energy transition.
“Key strategic growth 2050 projects are in place and progressing well based on the company’scurrent strategic business plan and is expected to generate K30 billion in cash flow.
“El Nino onset also affected the OTML operations for a while in November, however, the company implemented its dry weather management plan to see it through the challenges and is pleased todeclare that Ok Tedi remainsprofitable and continues to deliver to our shareholders, remaining a leader in the industry,” Innes said.