OTML to generate K40 billion over next 26 years says managing director

Ok Tedi Mining Limited is expected to generate K40 billion in social benefits, taxes, royalties and dividends to its shareholders over the next 26 years.

OTML managing director, Kedi Ilimbit, revealed this during his presentation at the 2024 Investment Week Conference in Sydney, Australia.

“K40 billion is a lot of money. The challenge to our shareholders is how do we make use of these social benefits to improve the lives of our people.

In the last 40 years of operations, the mining company produced 5.4 million tonnes of copper, 16.4 million ounces of gold and 38.1 million tonnes of silver.

These production figures have accumulated K13.9 billion in dividends, K872 million in Tax Credit Scheme Projects since 1997, K1.1 billion in Community Mine Continuation Agreement Payments, K1.7 billion in compensation payments, K1,5 billion in royalties and K11.3 billion in tax/duties.

These include K6 billion in Income Tax, K800 million in Dividend Withholding Tax, K2 billion Salary and Wages Tax, and K354 million Mining Levy.

In 2024 OTML was granted a 20-year extension to its Special Mining Lease [SML] as well as the approval by the Board to extend mine life to 2050.

Mr. Ilimbit revealed OTML’s 2050 Growth Strategy which includes several key undertakings to not only achieve life of mine [LOM] extension but remain profitable.

These key undertakings include, Environmental Stewardship and Sustainable Growth Projects, Engineered Waste Rock Dump 1 & 2, Electric drive Haul Truck Re-fleeting, Processing Asset Renewal, Pyrite Concentrate Pit 4 Construction, Tailings Storage Facility, Electrification and Energy Transition Strategy, Diesel and Jet A1 Storage, and the new FIFO residential area.