PORT MORESBY — Ok Tedi Mining Limited (Ok Tedi) is pleased to announce it has received clearance from Papua New Guinea’s Independent Consumer and Competition Commission (ICCC) for its purchase of the Misima Gold Project from Kingston Resources Limited (Kingston). This approval completes all conditions precedent required to finalise the transaction.
On 20 May 2025, Ok Tedi announced it would acquire the Misima Gold Project from Kingston for A$60 million (USD38 million), with additional contingent payments of up to A$35 million (USD22 million). With the ICCC's approval, the Misima Gold and Silver Project officially became an Ok Tedi entity as of 10 July 2025.
This acquisition marks a significant milestone under the company’s Growth 2050 Strategy, reaffirming Ok Tedi’s commitment to sustainable, nationally driven resource development.
“We are proud to welcome the Misima team into the Ok Tedi family,” said Ok Tedi Managing Director and CEO Kedi Ilimbit. “This acquisition signals a bold new chapter for Ok Tedi as we expand our footprint and future-proof our business for generations to come.”
The Misima Mine, which currently employs 31 people, will continue operating under existing employment terms during a structured integration phase.
“Ok Tedi is committed to ensuring a smooth transition and is working closely with employees, landowners, and local leaders to ensure the continued success of the project,” Mr Ilimbit added.
“This is more than a corporate transaction — it’s about PNG ownership, community partnership, and responsible growth.”
The Misima Gold and Silver Project is located 625 kilometres east of Port Moresby in Milne Bay Province and has a current mineral resource estimate of 3.8 million ounces of gold and 22.1 million ounces of silver.
Ok Tedi Mining Limited (OTML) is a majority state-owned enterprise that operates an open-pit copper, gold and silver mine located in the Star Mountains of Western Province, Papua New Guinea. The company exports copper concentrate to smelters and refineries in Japan, the Philippines, Indonesia, South Korea, India and Germany.
OTML has operated in the region for over 40 years, making significant contributions to development in Western Province through direct and indirect employment, royalties, compensation payments, and local business opportunities.
Its registered office and senior operational management are based in Tabubil, Western Province, with a representative office in Port Moresby and a marketing and logistics facility in Brisbane, Australia.
