Ok Tedi Completes Acquisition of Misima Gold Project Following PNG Regulatory Approval
Port Moresby, Papua New Guinea (PNG) – Ok Tedi Mining Limited (Ok Tedi) has officially completed its acquisition of the Misima Gold and Silver Project from Kingston Resources Limited, following final regulatory clearance from Papua New Guinea’s Independent Consumer and Competition Commission (ICCC).
This marks the full fulfillment of all conditions precedent for the transaction, which was initially announced on May 20, 2025. The acquisition becomes effective as of July 10, 2025, with the Misima project now fully under Ok Tedi’s ownership.
The deal, valued at A$60 million (~US$38 million), includes contingent payments of up to an additional A$35 million (~US$22 million) tied to future production and performance milestones. The successful completion of this acquisition represents a key step in Ok Tedi’s long-term strategic vision, reaffirming its commitment to sustainable, locally-driven resource development in PNG.
“This is a proud moment for Ok Tedi,” said Managing Director and CEO Kedi Ilimbit. “We are excited to welcome the Misima team into our family and begin this bold new chapter that strengthens our position as a leading Papua New Guinean-owned mining company.”
Strategic Expansion Aligns with Growth 2050 Vision
The acquisition aligns directly with Ok Tedi’s Growth 2050 Strategy , which focuses on expanding operations, enhancing shareholder value, and ensuring responsible environmental and social practices across all projects.
The Misima Mine, located approximately 625 kilometers east of Port Moresby in Milne Bay Province, currently employs 31 people. Operations will continue uninterrupted during a structured integration phase, with all existing employment terms maintained.
Ok Tedi emphasized its commitment to a seamless transition, working closely with employees, landowners, and local leaders to ensure continued operational success and community engagement.
“This is more than a corporate transaction,” Mr. Ilimbit added. “It’s about PNG ownership, community partnership, and responsible growth — values that lie at the heart of Ok Tedi’s mission.”
Strong Resource Base Positions Misima for Future Growth
The Misima Gold and Silver Project hosts a significant mineral endowment, with current resources estimated at 3.8 million ounces of gold and 22.1 million ounces of silver . With proper investment and exploration, the site holds strong potential for future expansion and extended mine life.
Industry analysts have noted that the acquisition not only diversifies Ok Tedi’s asset portfolio but also positions the company as a growing force in PNG’s evolving mining landscape.
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