Ok Tedi to pay final 2018 dividend to shareholders

Ok Tedi Mining Ltd announced on Friday that a final 2018 dividend of K200 million will be paid to shareholders this month.
The company said in a statement that this payment was in addition to the interim 2018 dividend of K100 million paid last July.
Following the transfer of additional equity from the State to Western province entities last April, 67 per cent of these dividends were paid to the State, with the remaining 33 per cent paid to the provincial government, community mine continuation agreement and mine communities.
Chairman Sir Moi Avei said: “I want to thank employees, contract partners and mine-impacted communities for their support throughout 2018.
“It is their efforts that enabled the company to not only pay dividends but also make a K50 million donation to the earthquake appeal in Mar 2018.
“Ok Tedi is proud of its performance and contribution to Papua New Guinea.”
Managing director and chief executive officer Peter Graham said: “2018 was a particularly challenging year with an earthquake in February, directly impacting production for more than three weeks, and extended dry weather in November and December, preventing shipment of vital material in and copper concentrate product out for seven weeks.
“After payment of the final dividend, Ok Tedi will retain adequate cash reserves to fund exploration and resource development investments, meet normal sustaining capital requirements, and complete the balance of the K700 million in-pit crusher replacement project while remaining debt free.”