OTML declares 2019 interim dividend payment
Ok Tedi Mining Limited today announced a 2019 Interim Dividend of PGK100 million to be paid to shareholders on 30 September 2019.
This follows a final 2018 dividend payment of PGK200 million paid in the first quarter of 2019.
OTML Chairman Sir Moi Avei said: “The Company is pleased to be in a position to make a distribution to the State, who hold 67 percent of the shares in Ok Tedi, and the Western Province entities representing the Fly River Provincial Government, CMCA and Mine communities, who hold 33 percent of the Company.
“The Company continues to perform strongly, generating sufficient profit and cash to enable a dividend payment whilst funding an investment of more than PGK700 million to replace and relocate the Mine In-Pit Crusher, meeting annual sustaining capital requirements of about PGK160 million, investing more than PGK60 million per annum on resource development that includes near-mine exploration, and maintaining its debt free position.
“This result has been achieved despite two separate periods of three weeks where dry weather prevented river access to bring supplies in and take saleable product out.
“The strategically important crusher project is expected to be complete by mid-2020, enabling access to the higher grade ore under the existing crusher that will see a step change in production and cash generation in 2022 and beyond.
“I wish to thank management and staff for their efforts to date in 2019, and the shareholders for their continued and valued support.”