Photo credit: Ok Tedi Mining - Part of the Tabubil/Telefomin road currently under construction is one of the TCS funded projects.
Ok Tedi Mining Limited (OTML) has commended the National Government for the increase in the Tax Credit Scheme (TCS) ceiling from 0.75% to 2% as announced in the 2022 National Budget.
The change, along with strengthening production from the mine, will see a significant increase in annual tax credits from current levels approximating PGK25 million per annum to more than K100 million per annum over the life of the mine.
The funds will be used to develop high impact priority projects in Health, Education, Law and Justice and Transport Infrastructure and Utilities in the Western and neighbouring Sandaun Provinces.
OTML Managing Director & CEO, Musje Werror said the National Government under the leadership of Prime Minister Hon James Marape has recognised the need for more funds to be diverted to develop remote regions and has shown confidence in the public private partnership arrangement under the Ok Tedi TCS to deliver the infrastructure projects.
Mr Werror added that OTML has spent over K300 million on TCS projects in these two provinces since the inception of the scheme in 1997 and there is much more to be done to improve and sustain the livelihoods of the people.
“We want to connect these two provinces by a road network from the North to the South and open up the region for the people to have better access to services and develop their local economies. This is the legacy that OTML wants to leave behind.”
Other major projects being considered include the upgrade and sealing of the Daru Town Roads and airport extension, construction of a new District Court House in Kiunga, upgrade of the Kiunga District Hospital, refurbishment of the Aiambak Secondary High School, sealing of the Kiunga/Tabubil Highway, road link to Vanimo and Hela Province, construction of Atemkit/Kavorabip road and construction of the road from Alice Pit to the border.
He said the new TCS projects will be aligned with the National & Provincial Governments priorities and will be managed through OTML’s projects and contracts management processes.
Article courtesy of Ok Tedi Mining
