WESTERN Province miner OK Tedi Mining Limited (OTML) has resolved not to renew its membership to the Extractive Industries Transparency Initiative (EITI).
The decision by OTML was highlighted by company chairman Sir Moi Avei in its recently published and circulated 2014 annual report.
Sir Moi said OTML had elected to join EITI as a supporting company in 2012.
However, following recent developments which included the takeover from Canada’s Inmet Mining Incorporated and subsequent legislation by Government, which had resulted in it becoming a State-owned enterprise (SOE), the board had decided the move to be inappropriate. "With the company now being an SOE the board decided it was inappropriate to be an independent mining company member and therefore it has not renewed its membership, although the company will continue to support the EITI as a demonstration of its corporate leadership in disclosure practices.
"Reporting against Global Reporting Initiative (GRI) criteria is an EITI requirement and OTML has embraced this," Sir Moi said.
He had earlier in the report stated that the company had made a conscious decision to commence reporting its annual activities in line with the CSR using the GRI framework.
"The 2014 Annual Review continues that commitment and is the second year the report has been prepared to that format, which is believed to be the first for the PNG Company," he said.
Meanwhile, Sir Moi said its focus going foward would be to adopt a long term development strategy to keep the mine and or any new near mines operating for as long as possible to ensure the communities of the Western Province have a sustainable future. He said despite the changes that the company had been undergoing, the company’s management had in 2014 performed well and thus its profitability had remained at positive levels.
"The company has managed the challenges of 2014 effectively and has emerged from a year of transition as a viable, sustainable, productive and focused operation.
"The newly constituted board looks forward to working with the management team through the year ahead in which continuing transitional programs, affecting the future of the company and its stakeholders will come into fruition," he said.
Post Courier