Ok Tedi Mining Limited projects over K30 billion (US$8.0 billion) in Social Benefits, which includes taxes, royalties, and dividend payments, over the next 27 years.
This is based on the company’s current Strategic Business Plan which includes Life of Mine (LOM) extension to 2050, ushering in significant sustainable development for mine operation impacted communities, Western Province, and Papua New Guinea.
OTML Managing Director and Chief Executive Officer, Kedi Ilimbit, revealed this today (12th December) at the 17th PNG Energy & Investment Conference in Sydney Australia.
Mr Ilimbit said what will underpin this benefits are several strategic undertakings which began in 2023 driven by our new vision: ‘We operate with excellence, maximising the value of our mineral resource, in an environmentally responsible way, to deliver sustainable economic and social benefits to our communities and the people of PNG.’
“This year was a transformative one for OTML marked by the appointment of a new Board Chairman in Jeffrey Innes, and my appointment as MD & CEO. This change in leadership was the catalyst for a comprehensive overhaul of restoring, resetting, and reinvigorating the entire business with a senior leadership team restructure, strategic emphasis on business improvement, cost efficiencies and liquidity, stakeholder engagement, long-term planning, and implementation of Tax Credit Projects aligned to the National Government Strategy.
Mr Ilimbit highlighted strategic key projects which include the East Wall Cut Back, Engineered Waste Rock Dump 2, and the Tails Storage Facility (TSF), and no underground operations. This approach is expected to generate a robust K28 billion (US$7.5 billion) in cash flow.
Looking ahead, OTML envisions sustainable growth up to 2050, with a particular focus on energy transition.
“Key enablers for these strategic projects include the East Wall Cut Back, Cleaner Safer Haul Truck Re-fleeting, Engineered Waste Rock Dumps (EWRD), the Tailings Storage Facility (TSF), and the Support Infrastructure Renewal (SIR) where we are committed to cleaner, safer power generation, energy-efficient housing and accommodation, and environmentally conscious transportation,” said Mr Ilimbit.”
Meanwhile, Mr Ilimbit also said OTML is currently monitoring the current El Nino weather pattern and has an Incident Management Team that meets regularly to plan around the dry weather impact.
“Whilst the challenges of the El Nino phenomenon are real and have affected our operations recently, we are optimistic our operations will continue and we look forward to delivering benefits to our shareholders,” said the MD and CEO.
