PNG's Ok Tedi Mining Limited (OTML) Reports Strong Performance in 2024
Papua New Guinea – Ok Tedi Mining Limited (OTML) has announced outstanding operational and financial results for the year 2024, highlighting another successful year of disciplined management and growth. The company reported strong, safe, and reliable production outcomes, exceeding targets for copper, gold, and silver.
OTML produced 103,246 tonnes of copper metal, 265,830 ounces of gold, and 993,274 ounces of silver in 2024. These results reflect the company’s impressive turnaround over the past 18 months, despite facing operational challenges. Key to this success was the dedication of OTML’s workforce, enhanced operational efficiency, and the seamless execution of a major processing plant shutdown earlier in the year.
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| PNG's Ok Tedi Mining Limited (OTML) Reports Strong Performance in 2024 [Photo by OTML] |
The company’s unaudited financial results were equally robust, driven by increased metal prices, effective cost management, and consistent production levels. OTML reported a revenue of K5.7 billion (US$1.5 billion), contributing significantly to Papua New Guinea’s economy. This was accompanied by royalties of K106 million, taxes of K346 million, compensation of K119 million, training contributions of K30 million, tax credit schemes amounting to K285 million, and K450 million in dividends for the year.
OTML also marked a significant milestone in 2024, celebrating 40 years of production since 1984. The company’s long-term contributions to Papua New Guinea’s economy were underscored by this anniversary.
Despite facing operational hurdles such as shipping constraints and evolving demands, OTML navigated these challenges successfully. Notably, the company ensured continuity during a fuel crisis and contributed to the nation by supplying JET A1 fuel to commercial airlines. OTML also continued to support local and national communities through key donations, emphasizing its commitment to corporate responsibility.
Looking to the future, OTML remains focused on its Growth 2050 Strategy, aimed at ensuring long-term sustainability, operational excellence, and strong community partnerships. Key initiatives under this strategy include environmental stewardship projects, engineered waste rock dumps, asset renewal programs, and the transition to electrification and energy solutions.
OTML’s Managing Director and CEO, Kedi Ilimbit, expressed pride in the company’s achievements, stating, “2024 has been an extraordinary year of resilience, collaboration, and success. These results reaffirm our commitment to creating value for all stakeholders while upholding our responsibilities to the people of Papua New Guinea and future generations.” He added, “Our focus on sustainable growth ensures we are well-positioned for future challenges and opportunities.”
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