Parker: OTML proudly PNG-owned

OK Tedi Mining Ltd (OTML) managing director and chief executive officer Nigel Parker has reminded the people of Western and Papua New Guinea that they are now 100% owner of the company.
He stressed this during a meeting with a provincial delegation led by Western Governor Ati Wobiro at the Tabubil Golf Club on Saturday.
“OTML is now a PNG national asset, arguably worth US$3 billion on a commercial basis, and optioned for exploration programmes, worth many more billions,” Parker said,
“However, if valued from the perspective of total return potential to the state, the value is far more substantial.”
Parker said the people of PNG owned OTML through the PNG Sustainable Development Program (63.4%) and PNG government (36.6%) and the ownership of the exploitation of Mt Fubilan mineral wealth was now in the account of Papua New Guineans.
“The traditional landowners still retain traditional ownership of the land and benefit directly from the exploitation of the mineral wealth through direct payment of royalties, land lease fees, spin-off businesses and the like,” he said.

“The broader Papua New Guineans benefits indirectly through taxes and dividends paid by OTML to the national treasury and from its spending within PNG for goods and services.
“The eventual closure of the mine is being progressively covered by a financial assurance fund – currently US$228 million in actual cash.
“The people of the Western province and the Sandaun (West Sepik) province are benefitting from the Ok Tedi Development Foundation Ltd and PNGSDP programmes,” Parker said.