Ok Tedi Mining Limited has declared a K450 million interim dividend for the first half of 2026, while the company says its mining and processing operations remain uninterrupted despite prolonged dry weather affecting water levels on the Fly River.
Ok Tedi Mining Limited (OTML) has declared a K450 million interim dividend for the first half of 2026, with the payment distributed between the State and Western Province landowner interests according to their respective shareholdings.
Managing Director and Chief Executive Officer Kedi Ilimbit said K300 million would be paid to Kumul Minerals Holdings Limited on behalf of the State, representing its 60% shareholding, while K150 million would be paid to the Mineral Resources Development Company (MRDC), which manages the interests of Ok Tedi's landowners.
“The K450 million interim dividend benefits all Ok Tedi shareholders,” Ilimbit said. “While K300 million is payable to the State, K150 million is equally payable through MRDC on behalf of the people of Western Province.”
He said the full dividend distribution should be accurately reflected, noting that the payment demonstrates Ok Tedi's continuing contribution to the PNG economy and provides direct benefits to both the State and Western Province through their respective shareholdings.
Operations remain uninterrupted
The dividend announcement comes as Ok Tedi manages logistical challenges caused by prolonged dry weather in Western Province.
Ilimbit said water levels on the Fly River are lower than normal, but mining and processing operations remain uninterrupted.
The company has implemented contingency measures to maintain supplies of fuel, consumables, equipment and other critical operational requirements. It has also introduced alternative logistics arrangements to maintain continuity and minimise potential disruption to its operations.
Ok Tedi is continuing to monitor river conditions and adjust its logistics planning as required.
“While the dry weather is presenting logistical challenges, our teams have implemented contingency measures to ensure operational continuity,” Ilimbit said. “Mining and processing operations continue, and our focus remains on maintaining safe and reliable operations while delivering value to our shareholders, communities and the country.”
The company said it remains focused on maintaining safe, responsible and sustainable operations while managing the logistical impacts of the dry conditions.
Ok Tedi will continue to provide updates on operational matters as required and said it remains committed to transparent engagement with shareholders, stakeholders and communities.
State-owned copper and gold producer
Ok Tedi operates an open-pit copper, gold and silver mine in the Star Mountains of Western Province and is majority state-owned. The company has operated in the region for more than 40 years and exports copper concentrate to smelters and ore refineries in Japan, the Philippines, Indonesia, South Korea, India and Germany.
The company said its operations have contributed to development in Western Province through direct and indirect employment, royalties, compensation payments and business opportunities.
Ok Tedi is also expanding its footprint into Milne Bay Province through its acquisition of Gallipoli Exploration Limited, a wholly owned subsidiary of Australian mining company Kingston Resources Limited, for the Misima mine.
