Ok Tedi Mining Limited (Ok Tedi) is pleased to announce that the Government of Papua New Guinea has officially granted a two-year extension to Exploration Licence EL 1747 for the Misima Deposit in Milne Bay Province, held by its wholly owned subsidiary, Misima Minerals Limited.
The approval and granting of the licence extension marks a critical milestone for the Misima project and for Ok Tedi, following the company’s acquisition of the project earlier this year.
The granting of EL 1747 resolves the final regulatory requirement and allows Ok Tedi to proceed with planned exploration, development, and community engagement activities at the Misima Deposit.
As a PNG-based and PNG-owned company, Ok Tedi’s acquisition and development of the Misima Deposit is particularly significant. It demonstrates the ability of local companies to lead resource development, generate economic opportunities for Papua New Guinea, create employment for local communities, and contribute to sustainable national development.
Ok Tedi Mining Limited Managing Director and Chief Executive Officer Kedi Ilimbit said that the granting of the licence represents a significant step forward in unlocking the resource potential of the project, advancing economic opportunities, and supporting sustainable mining in the country.
"We are delighted to have received the licence extension from the government, enabling us to move forward with our plans for Misima. This achievement reflects OTML’s ongoing commitment to responsible resource development and sustainable engagement with local communities,” Ilimbit said.
Ilimbit added that Ok Tedi remains committed to working closely with stakeholders, including government authorities, landowners, and communities, to ensure that exploration and development activities are conducted safely, sustainably, and in line with national and international best practice.
Ok Tedi Mining Limited (OTML) is a majority state-owned entity that operates an open-pit copper, gold, and silver mine located in the Star Mountains of Western Province, Papua New Guinea. The company ships copper concentrate to smelters and ore refineries in Japan, the Philippines, Indonesia, South Korea, India, and Germany.
Operating in the region for over 40 years, OTML has made a significant contribution to development in Western Province through direct and indirect employment, royalties, compensation payments, and business opportunities. Ok Tedi is now expanding its operations to Milne Bay Province through the acquisition of Gallipoli Exploration Limited, a wholly owned subsidiary of Australian mining company Kingston Resources Limited, for the Misima Mine.
