Ok Tedi suspends ops

OK TEDI Mining Ltd (OTML) is expected to make a loss of K210 million in foreign currency inflows as the company temporarily suspends operations at the mine starting today (Friday).
According to OTML, the decision to suspend operations was made to protect its workforce, communities and operation from the Covid-19.
The operations will be suspended for 14 days.
OTML noted that the suspension coincided with the Government’s national isolation strategy that would be rolled out starting Monday (March 22).
A planned return to normal operations would be determined by the effectiveness of the control measures and when the spread of the virus has been contained.
“The decision to suspend operations signifies OTML’s commitment to take all reasonably practical measures to ensure the safety, health and wellbeing of its employees, families, contractors and host communities and to enable the resumption of operations in a safe, economical and timely manner for the benefit of all stakeholders,” a statement from the company said.
“Key measures the company will be implementing during the suspension include repatriating non-essential personnel to their home provinces and implementing a mass testing programme within its workforce.
“During the suspension of operations, there will be some employees who will be required to attend to normal work to maintain essential services or for care and maintenance.
“Loss in revenue during the suspension is expected to be in the order of K210 million which will directly impact foreign currency inflows into PNG.”
Meanwhile, the company is currently reviewing options following the Australian government’s announcement to temporarily stop the fly-in and fly-out of mine employees living in Australia.
“We do not anticipate significant disruption to our operations as a result of the Australian government’s announcement.
“However, we are looking at alternative ways to repatriate several of our expatriate employees during the suspension of operations.
“The company had previously announced that it was suspending its international charter flights into Australia after Covid-19 cases were detected in Queensland from international travellers in hotel quarantine.
“OTML employs directly over 1,800 employees, of which less than four per cent are expatriates.”
OTML also indicated that it will be liaising with the PNG Government to assist with the procurement and roll-out of the vaccines for OTML employees.