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OTML Declares K400M Dividend

Following payment of an interim dividend of PGK150 million last September, Ok Tedi Mining Ltd (OTML) has said that the OTML Board has a final dividend of PGK400 million for 2020.

According to Chairman Sir Moi Avei, in spite of the health crisis, “OTML has had a strong and profitable year and this has enabled the Company to complete the PGK800 million self-funded investment in the Crusher Replacement Project, distribute PGK550 million to our shareholders and retain a strong and debt-free balance sheet”.

He added, “I’m grateful to the management and staff of OTML, as well our business and community partners for their efforts and resilience during a particularly difficult period.”

OTML Managing Director and CEO, Musje Werror, said: “I am proud of the way OTML had responded to the challenges we have faced this year. The Company suspended operations in August and September 2020 in response to reported cases of COVID19 on site. This was in addition to two periods of lockdown. A number of major changes to the business were necessary to resume operations without compromising the health and safety of our employees, business and community partners. This year’s performance would not have been possible if it wasn’t for their collective effort and support.”

Musje said that OTML was glad to have made a contribution to the economy this year - with more than $1bn of foreign currency earnings. This puts more than $550 million into the local currency market such as supporting the airline and the hotel industry.

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