Ok Tedi Mining Limited has posted a strong first-half performance for 2025, recording a post-tax profit of US$435 million (PGK1.8 billion), more than double the figure for the same period last year.
Managing Director and Chief Executive Officer Kedi Ilimbit attributed the exceptional results to higher commodity prices, increased sales volumes and a US$100 million revaluation gain from stronger copper and gold forward prices.
“Our profitability of US$435M in the first half of the year is US$223M higher than the budget of US$212M and is directly attributed to higher commodity prices and higher sales volume, as well as a revaluation gain of US$100M due to higher copper and gold forward prices,” Ilimbit said.
He added: “We have produced 54Kt of copper and 151Koz of gold, further demonstrating our focus on disciplined and committed performance as well as continuous business improvement.
The official said that company remains committed to its Growth 2050 strategy of balancing value accretive growth with returns to shareholders, and strong balance sheet and commercial strategy provide the company with resilience and the ability to continue to create value amidst market uncertainty.
The 100 percent Papua New Guinea–owned company, with 67 percent held by the state and 33 percent by the people of Western Province, distributes all benefits from its operations to these shareholders.
“The half year performance of 2025 has been built on from the 2024 performance of resilience, collaboration, and achievement for Ok Tedi,” Mr Ilimbit said.
“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 said. “Our focus on sustainable growth under the Growth 2050 framework ensures that we are well-positioned for the challenges and opportunities that lie ahead.”
First-Half 2025 Highlights
- Produced 226Kdmt of concentrate, 54Kt of copper and 151Koz of gold.
- Gross revenue of US$1.1 billion (PGK4.5 billion), up from US$551 million (PGK2.1 billion) in the first half of 2024.
- Post-tax profit of US$435 million (PGK1.8 billion), compared with US$174 million (PGK658 million) in the same period last year.
- Royalties paid totalled US$20.7 million (PGK85 million), up from US$10.1 million (PGK38 million) in 2024.
- Taxes paid reached US$73.7 million (PGK298.1 million), up from US$43.7 million (PGK164.8 million) last year.
- Interim dividend payments of US$73.6 million (PGK300 million).
- Total Recordable Injury Frequency Rate (TRIFR) of 0.36, below the target of 0.42.
- Ended the half-year with US$221 million (PGK905.5 million) in cash at bank.
Ok Tedi also reported smooth progress on its Community Mine Continuation Agreement review, which is now in its final stages with meetings under way in Tabubil and Daru.
Growth 2050 Pathway
The miner is advancing several long-term projects under its Growth 2050 strategy, including new tailings and waste rock facilities, the Misima Mine acquisition, electrification and energy transition initiatives, and digital mining transformation.
“With these significant achievements and solid mid-year performance, we remain committed to deliver to our goal of performing as well as we did in 2024 while maximising on areas that will improve our performance to meet our 2025 targets. We also continue our Growth 2050 strategic path towards ensuring our Vision 2050 is achieved,’’ Ilimbit said.
Ok Tedi’s 2025 full-year guidance includes 428,000 tonnes of copper concentrate, US$1.5 billion (PGK6 billion) in revenue, US$607 million (PGK2.4 billion) in operating expenditure and US$357 million (PGK1.4 billion) in capital expenditure.
