Anthony Smaré, President of the Papua New Guinea Chamber of Resources & Energy (PNG CORE), on behalf of the PNG energy and resources sector, congratulates Ok Tedi Mining Limited (OTML) on the extension of its Special Mining Lease (SML) and its achievement in continuing to extend the life of Ok Tedi, one of the world’s great mines.
On Tuesday April 23, 2024, the State formally granted the new SML to OTML, extending the life of OTML for a further 20 years, to 2042.
“Ok Tedi is one of the world’s great mines. And for a mine that was originally expected to close in the early 2000s, to see the work that has been done in identifying and mining new resources and reserves, and extending the mine life now to 2042, is a tremendous achievement by OTML, by its management and team, and by its shareholders Kumul Minerals Limited, the Western Province and landowners.”
“Ok Tedi is not just a major contributor to the country through its taxes, but contributes significantly through social programs in its impacted areas in Western and Sandaun provinces, and it is wonderful to see with the extension of mine life that OTML’s record of uplifting the communities will continue”.
“The SML extension also culminates with their Q1 results of a record-breaking production of over 26,000 dry metric tonnes (dmt) of copper (Cu), a significant 61% increase from the same period last year. This performance achieved while fully meeting all environmental Key Performance Indicators (KPIs) across their operations, highlights OTML’s commitment to responsible production and sustainable practices.”
“I commend the board, management of OTML under Chief Executive Officer and Managing Director Kedi Ilimbit, and the staff of the company on their hard work and dedication as they continue to progress the operation of the Ok Tedi mine for the benefit of their shareholders, their stakeholders, their impacted communities and the country in general, now and into the future.”