The Natinal PNG – THE financial position of Ok Tedi Mining Limited has strengthened, generating more than K777 million of net investment activities allowing it to have nearly K380 million to be distributed to its shareholders.
Prime Minister Peter O’Neill, tabling the annual reports and financial statements in parliament, said Ok Tedi had done exceptionally well.
“The balance has to be retained so that Ok Tedi continues to have good working capitals and provide self-funded growth capital requirements for 2018 and beyond.
“In 2017, OTML generated a profit of K848 million – which is 120 per cent higher than in 2016 where we had a net profit of K384 million.
“That came about as a result of a revenue increase. The revenue for the mine was K3.3 billion which was up by 57 per cent from 2016.”
O’Neill said copper prices were up by 18 per cent while gold was relatively flat. The balance was that the underlying production of both copper and gold was up by 35 per cent and 36 per cent respectively.
“Also globally, we had an independent audit done by a global leader in the mining industry called Wood Mackenzie which assesses the mine’s ability to operate profitably.
“OTML was in 2013 ranked 99 in the world against all the global mining companies. But in 2017, we were able to improve our position to the 12th most competitive mine in the world.”
O’Neill said Ok Tedi had paid
K31 million in stamp duties to the Internal Revenue Commission on behalf of the landowners and the provincial government.