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OK Tedi Mining Ltd posts K360.1m net profit

OK Tedi Mining Ltd has reported a net profit after tax of K360.1 million on last year’s performance.
The company said in its 2014 annual report that the result was an increase of 99 per cent from its 2013 results.
Chief executive officer Nigel Parker said OTML had improved its profitability in 2014 despite the company’s financial performance being negatively impacted by volatility in global metal prices,
“Specifically, sales revenue amounted to K2469.9 million, dividends were declared at K123.8 million and total taxes paid to the PNG Government were K356.8 million,” Parker said.
“Copper concentrate sales were 381,075 dry metric tonnes (dmt), which was 3 per cent lower than 2013.
Metal contained in concentrates sales totalled 93,760 tonnes of copper, 291,873 ounces (oz) of gold and 700,189 oz of silver.
“OTML’s cash operating costs in 2014 were K1,283 million a decrease of 21 per cent or K 321.4 million over 2013.
“A major contributor to decreased costs included the impact of a strong Australian dollar to the PNG kina but a weaker AU$ tothe US$ for most of the year,” he said.
Parker added that world market dynamics had impacted on OTML’s operations, resulting in the company coming up with sustainable cost reduction initiatives.
“The major cost initiatives in 2014 revolved around optimising and validating Ok Tedi’s future to ensure the company’s cost structures adapted to lower projected metal output to both preserve operating margins and provide resilience to further fluctuations in metal prices.
“These initiatives included a restructuring of the workforce; engagement with contractor partners and mine associated communities.”
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