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OTML Expects a Profit of K700.40mil for 2020

In spite of the challenges in 2020, OK Tedi Mining Ltd (OTML) said it predicts a profit of US$200 million (K700.40mil) for 2020. This is an unaudited number, and the firm hopes to release the full-year report for 2020 later this year.

“OTML expects a profit after tax of more than US$200 million (unaudited) for 2020 despite the challenges of the Covid-19 pandemic, and the impact of the fire late last December of 2020,” the company said. “As of last Wednesday, ore processing has commenced at one of the two processing circuits (SAG-1) which was impacted by the fire incident after significant remedial work was completed. The other processing circuit (SAG-1), which sustained severe damages as a result of the fire incident is expected to be operational by late January.”

The firm also added that a committed team worked during the holidays breaks last year for much-needed repairs to make the processing circuit operational. This was in total almost 10,000 man-hours.

“An investigation report into the cause of the fire incident and the recommended actions to prevent a recurrence was submitted to the chief inspector of mines who has given us the approval to re-commence operation after careful deliberation and assessment of the report,” it said.

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