In a significant achievement for Papua New Guinea's mining industry, Ok Tedi Mining Limited (OTML) has announced a record production result for the first quarter of 2024. The company reported a remarkable increase of 61% in copper production compared to the same period last year, with 26,114 dry metric tonnes (dmt) of copper (Cu) produced, up from 16,265 dmt in Q1 2023.
This record-breaking production is coupled with notable safety achievements. OTML reported a Lost Time Injury Frequency Rate (LTIFR) of zero (0) and a Total Recordable Injury Frequency Rate (TRIFR) of 0.22 for the quarter, showcasing a commitment to maintaining a safe working environment for its employees. These figures represent an improvement over the previous year's LTIFR of 0.21 and TRIFR of 0.63.
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| OK Tedi Mine Gold [Photo by OK Tedi] |
Moreover, OTML has demonstrated its dedication to environmental stewardship by meeting all environmental Key Performance Indicators (KPIs) at the Mine, Mill, and Bige dredging site.
The outstanding performance in Q1 2024 is attributed to OTML's 'restore, reset, and reinvigorate' strategy, launched in 2023 to revitalize business operations. This strategy focuses on enhancing production, implementing strategic business improvements, and optimizing operational efficiency across the production chain, from mine to port.
OTML remains committed to fulfilling its environmental, legal, and social obligations, emphasizing the importance of maintaining positive relationships with communities impacted by its operations.
Looking ahead, with the approval for the Mine Life Extension in principle up to 2050 by the OTML Board, the company is poised for sustainable growth in the years to come. OTML is actively pursuing strategic growth projects aligned with its current Strategic Business Plan, aimed at generating significant social benefits, including taxes, royalties, and dividend payments.
The record production in Q1 2024 reflects OTML's commitment to excellence, innovation, and responsible mining practices, in line with its Vision 2023. The company remains focused on driving value for stakeholders while contributing to the sustainable development of communities and the broader Papua New Guinea economy.