Minister assures govt support for Ok Tedi project

Business

STATE Enterprises Minister William Duma says the Government will continue to support the Ok Tedi mine project in Western so that it delivers maximum returns to its PNG shareholders.
He made the statement during a tour of the project site last Thursday.
He was briefed by the mine’s senior management team of the company’s three-year plan, plus the year-to-date performance and outlook.
Ok Tedi Mining Limited (OTML) managing director and chief executive officer Musje Werror said they informed Duma of the challenges the company was facing post-Coronavirus (covid-19).
“The Government recognises the importance of Ok Tedi as a State asset, and as a major contributor to the national economy, and will continue to support the company to continue operating for as long as possible with the requisite social and environment license,” Duma said.
He was impressed by the cleanliness of Tabubil town.
The OK Tedi mine produces copper, gold and silver.
It is fully Papua New Guinea-owned, with Kumul Minerals
Ok Tedi Limited holding 67 per cent of shares on behalf of the State, and three entities representing the people of the Western sharing the remaining 33 per cent.
They are the Mineral Resources Ok Tedi No 2 Ltd and Mineral Resources Community Mine Continuation Agreement Limited each owning 12 per cent shares, and Mineral Resources Star Mountains Ltd holding the remaining 9 per cent.