PNG's Ok Tedi Mine Surpasses Half-Year Profit Forecasts
Ok Tedi Mining Limited (OTML) has posted exceptional financial results for the first half of 2025, with after-tax profit reaching US$435 million (PGK1.8 billion) – more than double the figure recorded in the same period last year.
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| PNG's Ok Tedi Mine Surpasses Half-Year Profit Forecasts [Photo supplied] |
Managing Director and CEO Kedi Ilimbit said the results reflect disciplined operations, higher commodity prices, and strong sales volumes. A US$100 million revaluation gain from stronger copper and gold prices also boosted earnings.
The state-owned miner, 67 per cent owned by the Independent State of Papua New Guinea and 33 per cent by the people of Western Province, produced 54,000 tonnes of copper and 151,000 ounces of gold in the first six months of the year. Gross revenue rose to US$1.1 billion (PGK4.5 billion), up 100 per cent from the same period in 2024.
OTML paid US$73.7 million (PGK298 million) in taxes and US$20.7 million (PGK85 million) in royalties during the period, while delivering US$73.6 million (PGK300 million) in interim dividends to shareholders.
Ilimbit said the company remains committed to its Growth 2050 strategy, balancing value creation with sustainable practices. “We will continue to build on 2024’s performance while pursuing initiatives that position us for long-term success,” he said.
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