PNG's OK Tedi Mine pays K100m dividend

SHAREHOLDERS of Ok Tedi Mining Ltd (OTML) will be receiving a final dividend of K100 million today, according to OTML.
This followed an interim dividend of K100 million paid in September and a final 2018 dividend payment of K200 million which was paid in the first quarter of this year.
Chairman Sir Moi Avei said: “The company is again pleased to be in a position to make a distribution to our shareholders – the State (67 per cent shareholding) and Western entities representing the Fly River provincial government, CMCA (Community Mine Continuation Agreement) and mine communities (33 per cent shareholding).”
He said Ok Tedi continued to perform strongly, generating sufficient cash to enable total dividend payments of K400 million during the year whilst funding a K700 million investment to replace and relocate the mine in-pit crusher, meeting annual sustaining capital requirements of about K160 million and investing about K60 million per annum on near-mine exploration.
Sir Moi said the company remained debt free.
“This result has been achieved despite several extended periods of dry weather, including the current month, during which shipments of supplies in and product out have been severely constrained,” he said.
“Commencing this week, production has been reduced to 50 per cent with limited hydro power available and diminishing stocks of diesel and other vital materials.
“The continuation of operations is being assessed weekly in light of rainfall.
“Work on the strategically important crusher project continues and is expected to be complete by mid-2020 enabling access to the higher grade ore under the existing crusher that will see a step change in production and cash generation in 2022 and beyond.
“I wish to thank management and staff for their efforts throughout 2019, and the shareholders for their continued and valued support.”

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