OTML to declare K850mil profit


OK Tedi Mining Ltd (OTML) is expected to announce a profit of K850 million for the 2017 financial year, says managing director and chief executive Peter Graham, pictured.
Graham told the Apec first senior officials’ meeting in Port Moresby yesterday that market fundamentals for the company were positive in terms of its price outlook and demand.
“Ok Tedi has become a competitive producer. We are generating sufficient cash to self-fund growth opportunities,” Graham said.
“We are recognising the importance of investing in our future growth and see Ok Tedi mine life extended for a further seven years.
“Those seven years will pass quickly and then we will start placing and adding reserves to the reserve phase of business.
“We have a very active programme to do so in the coming years. We see Ok Tedi well positioned for a profitable growth.”
He said the OTML board would meet today where he would officially announce the profit. “We are confident we have a strong business and a bright future. Ok Tedi will continue operations for many years to come,” Graham said.
He noted some of the challenges the company had experienced during the past few years, including the aging plant.
He said OTML was investing US$200 million (K636.46 million) to relocate the crusher in anticipation of good production results and of the operation going forward.
Graham said this had been decided by the board.