The Board of Ok Tedi Mining Limited (OTML) has unanimously approved, in principle, a significant mine life extension from 2033 to 2050, marking a pivotal moment for both the company and Papua New Guinea as a whole.
This decision reflects the board's unwavering confidence in OTML's capacity to deliver sustained excellence over the next two decades. The extension is founded on the latest Strategic Business Plan, which was meticulously discussed during the OTML Board meeting held in Tabubil on 13th September 2023.
OTML's vision to operate with excellence, maximize the value of mineral resources in an eco-friendly manner, and ensure sustainable economic and social benefits for local communities and the people of Papua New Guinea is coming to fruition with this development.
Key factors contributing to this extension include a robust long-term copper price outlook, innovative mine waste management solutions like Engineered Waste Rock Dumps and a Tailings Storage Facility to minimize environmental impact, the renewal of aging processing plant assets, and the implementation of various strategic projects currently in progress.
Kedi Ilimbit, the Managing Director & Chief Executive Officer, expressed his delight at the board's decision, especially as it coincided with Papua New Guinea's 48th Independence anniversary.
He emphasized that this revised mine life extension will generate over PGK30 Billion in dividends, royalties, compensation payments, and taxes for the benefit of OTML's stakeholders and the broader community over the next 27 years.
Jeffrey Innes, Chairman of the OTML Board, expressed his optimism about the company's future, highlighting that the latest Strategic Business Plan instills confidence in OTML's ongoing operational success.
Underlining the remarkable growth of the company, which has tripled in value over the last six years, Innes reaffirmed OTML's dedication to sustainable growth, economic prosperity, and community well-being, all underpinned by environmental sustainability, community development, and operational excellence.