The Ok Tedi Mining Ltd will resume operations next month (March) in a profitable approach, says Prime Minister Peter O’Neill.
He said even in the low-price environment of today, Ok Tedi will be profitable because of the measures that the management and the board has taken.
“While the shutdown was not ideal because of the drought, it also gave us an opportunity to review some of the cost structures of that business.”
O’Neill also thanked the management at Ok Tedi, for monitoring the situation.
Meanwhile Managing Director Peter Graham said this year will be a very challenging year to recover from the effects and costs of a prolonged suspension of operations, and weather remains a risk.
He said the loyalty and understanding of all employees and contractors during the CMS period ¡s greatly appreciated.
He said all efforts are now focused on preparing for a safe and efficient restart.
However, not all employees will return to work immediately as the company will be at less than full production until the installation and commissioning of the replacement SAG2 shell is completed around mid-March.