Ok Tedi Mining Limited (OTML) is proud to announce a record production result for the first quarter of 2024, with an achievement of 26,114 dry metric tonnes (dmt) of copper (Cu), marking a substantial increase of 61% compared to the same period last year which was 16,265 dmt.
This record production has been complemented with a safe start to the year with a Lost Time Injury Frequency Rate (LTIFR) of zero (0) and Total Recordable Injury Frequency Rate (TRIFR) of 0.22 compared to 2023 with LTIFR and TRIFR recorded at 0.21 and 0.63 respectively. Unlike in the past, the strong production results this time was achieved with all environmental KPIs at the Mine, Mill and Bige dredging site being fully met.
This performance is a testament to the Company’s commitment to responsibly enhancing production, implementing strategic business improvements, and optimizing operational efficiency across the entire production chain, from mine and mill to the port.
These results are driven by OTMLs ‘restore, reset, and reinvigorate' strategy, launched in 2023 to revitalize our business operations.
Importantly, the Company remains committed to fulfilling our environmental, legal, and social obligations, consistent with its vision to maintaining positive relationships with the communities impacted by our operations, and thereby securing the social license to continue to operate, which is vital for our ongoing success.
Looking ahead, with the approval for the Mine Life Extension in principle up to 2050 by the OTML Board, the Company is poised for sustainable growth well into the future.
OTML is actively pursuing strategic growth projects aligned with our current Strategic Business Plan, which are progressing successfully and anticipated to generate K30 billion in social benefits over the next 27 years, including taxes, royalties, and dividend payments.
Our record production in the first quarter of 2024 underscores our commitment to excellence, innovation, and responsible mining practices, which are pillars of our Vision 2023.
We remain focused on driving value for our stakeholders while contributing to the sustainable development of our communities and the broader PNG economy.
