An interim dividend of K100 million was recently declared by the Papua New Guinea Ok Tedi Mining Ltd board and paid to shareholders on Friday, the company announced yesterday.
Chairman Sir Moi Avei, , thanked the employees and contractors for their efforts, especially when recovering from the effects of the earthquake in February.
“While the performance of the business was adversely affected following the earthquake, production and profitability have progressively returned to more normal levels, allowing the company to make a K50 million contribution to the Earthquake Appeal in March 2018 and now fund an interim dividend,” he said
“The outlook for the second half of 2018 remains positive.
“The recent decline in copper price and ongoing cash requirement to complete the replacement and relocation of the in-pit crusher meant that the board continued to exercise prudence.”
Following the transfer of additional equity from the State to Western entities in April this year, K67 million of the
dividend was paid to the State.
The balance of K33 million was paid to the Fly River provincial government, Community Mine Continuation Agreement CMCA, villages and mine communities.
The share distribution of the 33 per cent equity will see:
CMCA group owning 12 per cent;
Mine area villages 9 per cent; and
Fly River provincial government 12 per cent of which part of its interest will be shared with three districts (North Fly, Middle Fly and South Fly).
Chairman Sir Moi Avei, , thanked the employees and contractors for their efforts, especially when recovering from the effects of the earthquake in February.
“While the performance of the business was adversely affected following the earthquake, production and profitability have progressively returned to more normal levels, allowing the company to make a K50 million contribution to the Earthquake Appeal in March 2018 and now fund an interim dividend,” he said
“The outlook for the second half of 2018 remains positive.
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| Sir Moi Avei |
Following the transfer of additional equity from the State to Western entities in April this year, K67 million of the
dividend was paid to the State.
The balance of K33 million was paid to the Fly River provincial government, Community Mine Continuation Agreement CMCA, villages and mine communities.
The share distribution of the 33 per cent equity will see:
CMCA group owning 12 per cent;
Mine area villages 9 per cent; and
Fly River provincial government 12 per cent of which part of its interest will be shared with three districts (North Fly, Middle Fly and South Fly).