Ok Tedi Mining Limited announced today that a dividend of 150 Million Kina had been declared for payment in December 2016. One third of this dividend or 50 million Kina will be paid to Mine Villages and CMCA landowners and the Fly RiverProvincial Government following agreement on the allocation of the additional equity granted by the State.
OTML Chairman Sir Moi Avei KBE commented: “After the suspension of operations for seven months due to dry weather, Ok Tedi restarted in March 2016 and has performed strongly throughout the year. As a result the Company has generated sufficient cash to restore its debt - free position, pay a dividend, and build up cash reserves.”
Sir Moi acknowledged the support of the Prime Minister Peter O’Neill and his government, the workforce, communities, customers and suppliers through this challenging period.
“Ok Tedi is now a much stronger company, capable of operating profitably in a low commodity price environment.”
He added, “I am proud of the way the Ok Tedi team - the Board, management and the workforce - have worked together to reset the cost structure and transition to a revised Life of Mine strategy. It is through this collective effort that the Company has restored profitability and been able to provide a return to our shareholders.”