OTML agrees to extend operations

National, Normal

The National – Monday, January 31, 2011

AN 18% shares agreement signed between OK Tedi Mining Ltd (OTML) and Inmet, a Canadian mining firm, has sealed a deal to pave way for more opportunities and extend operations of the mining company.
The event took place at the Government House in Port Moresby last Friday with key witnesses from both parties in the presence of acting Governor-General and parliament speaker Jeffery Nape.
Inmet director John Sanders said Inmet sold its shares of 18% to OTML to extend its life expectancy as they were now the biggest miner in PNG.
“The secret for any business is to have a majority owner and this is a very good deal for both companies,” he said.
Meanwhile, OTML chairman Allan Roberts said the deal was good in the sense that it could allow the two parties to go separate ways and get funds in their particular field interest.
He said OTML board must now introduce a system of technical safety expertise that they were the majority owner.