OTML announces K160m dividend

Ok Tedi Mining Limited (OTML) has announced an interim dividend payment of K160 million (US$50 million) for the first half of 2017.

In a statement, chairman Sir Moi Avei said the result follows a strong first half year performance of the mine.

The result exceeds OTML’s forecast expectations with good copper prices, resulting in strong profits despite many challenges.

“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,” Sir Moi said.

“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.”

From the dividend, K107 million will be paid to the State and K53 million to the Fly River Provincial Government, Community Mine Continuation Agreement (CMCA) and Mine communities.

Author: 
Cedric Patjole