The Chairman of Ok Tedi Mining Limited Sir Moi Avei KBE announced today that following the strong first half year performance of the Mine, an interim dividend of USD50 million / PGK 160 million would be paid in September 2017.

“The Mine has exceeded forecast metal production year to date and in recent months we have seen a higher than forecast copper price further strengthening profitability. Mining on the West Wall continues to be challenging with complex geotechnical and hydrogeological conditions and heavy rainfall in July and August. These factors are being carefully managed. Our focus continues on safety, reliability, productivity and costs control” added Sir Moi.

“As a further sign of confidence in the business, the Board also recently approved an investment of USD200 million to replace and relocate the mine in-pit crusher which will allow access to higher grade ore” said Sir Moi.

Following the transfer of additional equity from the State to Western Province entities, the dividend will be split approximately PGK107 million to the State and PGK53 million to the Fly River Provincial Government, CMCA and Mine communities.

 

OTML Board Chairman Sir Moi Avei SmallOTML Board Chairman, Sir Movi Ave