Ok Tedi Mining Limited (OTML) anticipates to invest over K30 billion (US$8.0 billion) in Social Benefits over the next 17 years.
This projection, inclusive of taxes, royalties, and dividends, is aligned with the company's strategic plan to extend the Life of Mine (LOM) to 2050.
OTML Managing Director and CEO Kedi Ilimbit unveiled this ambitious plan, emphasizing the company's commitment to sustainable development for communities impacted by mining operations in the Western Province and Papua New Guinea.
The transformation at OTML, marked by leadership changes and strategic undertakings in 2023, sets the stage for comprehensive business restoration and growth. Ilimbit highlighted key projects such as the East Wall Cut Back, Engineered Waste Rock Dump 2, and the Tailings Storage Facility (TSF), focusing on generating a robust K28 billion (US$7.5 billion) in cash flow.
Looking forward, OTML envisions sustainable growth until 2050, prioritising energy transition initiatives. Ilimbit outlined essential enablers for these projects, including a Cleaner Safer Haul Truck Re-fleeting and a commitment to environmentally conscious transportation.
In addressing challenges, Ilimbit assured stakeholders that OTML closely monitors the El Nino weather pattern. Despite recent operational impacts, the company remains optimistic, with an Incident Management Team actively planning to navigate potential challenges posed by dry weather.
"This year's transformative changes position us for a future marked by excellence, maximising mineral resources' value, and delivering sustainable benefits to our communities and the people of PNG," affirmed Ilimbit.