Papua New Guinea
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OTML board approves mine life extension to 2050

The Board of Ok Tedi Mining Limited (OTML) has approved in principle a further mine life extension from 2033 to 2050.

This marks a significant milestone for OTML, its shareholders and for Papua New Guinea in general.

The approval is based on the latest Strategic Business Plan submitted by the Executive Leadership Team discussed during the OTML Board meeting held in Tabubil on September 13.

This extension brings to life OTML’s vision to operate with excellence, maximising the value of the mineral resource in an environmentally friendly way.

This is further to deliver sustainable economic and social benefits to the mine communities and the people of PNG.

Several factors have enabled the extension which include a strengthened long-term copper price outlook, and additional mine waste management solutions such as a engineered waste rock dump and tailings storage facility.

This is to minimise impact on the environment, renewal of aged processing plant assets and the implementation of other strategic projects that are currently in various stages of completion.

Managing director Kedi Ilimbit said: ”

The approval by the Board on the eve of PNG’s 48th independence anniversary is a welcomed gift to the communities in which we operate and who provide us the social license to continue.

“The revised mine life will see the company generate in excess of PGK30 Billion in dividends, royalties, compensation payments, and taxes for the benefits of OTML’s shareholders, communities and country as a whole over the next 27 years.”

Chairman of the OTML board Jeffrey Innes shared his optimism about the company’s future, stating the latest Strategic Business Plan gives the Board confidence in OTML’s continued operational success. “OTML has tripled its value in the last six years and the outlook is a positive one,” Mr Innes said.

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.