OTML lauded for top performance

Ok Tedi Mining Ltd (OTML) leadership team was praised for its high revenue results for 2023.

Minister for State Owned Enterprises, William Duma congratulated the Managing Director & CEO of OTML, Kedi Ilimbit, his executive leadership team, the employees and contractors of OTML for an outstanding achievement of the highest monthly revenue in December 2023.

This comes after the company announced a record of K684 million in revenue generated during December 2023.

Minister Duma said the overall positive performance is based on the company's Strategic Business Plan which includes Life of Mine (LOM) extension to 2050 and is driven by their new vision.

“We operate with excellence, maximising the value of mineral resources, in an environmentally responsible way, to deliver sustainable economic and social benefits to our communities and our people of PNG.

“The changes in leadership in 2023 was the catalyst for a comprehensive overhaul of restoring, resetting, and reinvigorating the entire business with senior leadership team restructure, strategic emphasis on business improvement, cost efficiencies and liquidity.”

In addition to the company's 2023 performance, OTML recently declared a final dividend of K350 million to its shareholders, bringing the total dividend for the year 2023 to K450 million.

The success of OTML is a result of a well-executed strategic plan, effective leadership, and a commitment to responsible and sustainable business practices.

The mine life extension reaffirms OTML's commitment to sustainable growth, economic prosperity, and community well-being supported by environmental sustainability, community development, and operational excellence.

The Ok Tedi Mine is 100 percent PNG-owned with the State of PNG through the Kumul Minerals Ok Tedi Ltd owning 67 percent, while three Western Province entities hold the remaining 33 percent.

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