OK Tedi Mining Ltd resets trading

Ok Tedi Mining Limited (OTML) has announced it is finalising some changes to its operations to ensure it is well-placed to return from the suspension of operations due to the dry weather.

This was announced by the company yesterday. The company had stated that a target date for a progressive restart has been set at February/March and subject to weather conditions.

It had stated that its workforce would be reduced by 10 per cent and those who remain would be on a fly-in-fly -out basis.

It stated that local workers would be offered the option of renting company houses and moving their families into Tabubil and Kiunga to make use of available housing stock.

"OTML, like other copper and gold producers worldwide, is experiencing extremely challenging times as metal prices slump to a six year low. Under these circumstances, all options are being reviewed to improve productivity and reduce costs.

It stated that the company’s operations remain suspended with several hundred employees performing care, maintenance and security roles and preparing the operations for restart.

It said several key projects including replacement of the Main Inlet Valves at the Ok Menga Hydropower Station and processing plant priority maintenance works are nearing completion.

Further that work is also underway to assess whether the replacement of a Sag mill shell can be completed in early 2016 avoiding a scheduled partial shutdown for two months in 2017.

"The Company continues to monitor the weather forecasts to determine when operations may confidently restart. While some rain has been received recently it is insufficient to allow sustained operations.
Previous Post Next Post

Advertisement

Advertisement