K800mil to move crusher
OK Tedi Mining Ltd (OTML) is spending K800 million to relocate its existing in-pit crusher, chief executive officer Peter Graham says.
Graham said this would allow access to high grade ore which would enable high production of copper concentrate in 2022.
He said the relocation project would be completed by the middle of this year. “OTML is investing K800 million in replacing and relocating the mine’s in-pit crusher,” Graham said.
“This is a strategically important project in that it allows access to high grade ore underneath the existing in-pit crusher.
“While the in-pit crusher replacement project will be completed by mid-2020, there is a considerable amount of waste stripping necessary in 2020-2021 to provide access to the higher grade ore from 2022.
“With access to the higher grade ore, copper concentrate production will increase significantly.”
Graham previously told The National said that: “The project was approved by the OTML board in 2017.
“The relocation would release value in the company’s productivity and is expected to double returns on investment cost.
“This was a high value opportunity that was identified in our 2016 strategic planning cycle and was expected to generate a return of double our investment.
“There is significant value opportunity associated with the crusher relocation.”
When asked on the mine’s revenue, Graham said: “In 2019, total revenue was more than US$1.1 billion (K3.74bil).”