PNG PM Marape Hails Ok Tedi's Record K1.85 Billion Q1 Revenue as National Success
Prime Minister James Marape has applauded Ok Tedi Mining Limited (OTML) after the 100% Papua New Guinea-owned company announced a record K1.85 billion (US$460 million) revenue for the first quarter of 2025.
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| PNG PM Marape Hails Ok Tedi's Record K1.85 Billion Q1 Revenue as National Success |
"This exceptional result is a testament to what Papua New Guineans can accomplish when entrusted with the stewardship of our natural resources," Prime Minister Marape stated. He emphasized that OTML, fully owned by the State (67%) and the people of Western Province (33%), exemplifies the nation's vision of resource nationalism, ensuring benefits flow back to landowners, the province, and the national budget.
The strong financial performance was driven by higher commodity prices and copper sales, with the mine producing 28,000 tonnes of copper and 74,000 ounces of gold during the quarter.
OTML Managing Director and CEO, Kedi Ilimbit, confirmed the significant improvement in profitability over Q1 2024. "These results reaffirm our commitment to creating value for all stakeholders while upholding our responsibilities to the people of Papua New Guinea and future generations," Mr. Ilimbit said.
He added that the company remains focused on sustainable growth under its "Growth 2050" framework, ensuring responsible operations benefit stakeholders, employees, and host communities.
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