Government receives K268 million dividend from OTML

Tuesday 15  December  2020

The Government today received a   dividend of  K268 million  from the   OK Tedi Mining Ltd (OTML) from its Chairman, Sir Moi Avei at Hilton Hotel , Port Moresby .

Prime Minister James Marape during the cheque presentation of OTML’s final dividend at Hilton Hotel.

The K268 million  is from OTML’s final dividend for 2020 of K400 million.

Prime Minister  James Marape , on behalf  of his Government, said the K400 million  in December was on top of K150 million paid earlier this year.

Meanwhile, an elated  Prime Minister  expressed his  gratitude    at the success of  what many see, as a “gloomy year”.

Other shareholders also collected their dividends: Mineral Resources Star Mountain Ltd received K36 million, Mineral Resources CMCA Holdings Ltd K48 million, and Mineral Resources OK Tedi No. 2 Ltd K48 million.

This follows payment of an interim dividend of K150 million in September this year that was paid according to the percentage of shares held by the four shareholders: Independent State of Papua New Guinea 67 per cent; Mineral Resources Star Mountain Ltd 9 per cent; Mineral Resources CMCA Holdings Ltd 12 per cent; and Mineral Resources Ok Tedi No. 2 Ltd 12 per cent.

Prime Minister Marape commended Papua New Guinean Managing-Director  of OTML,  Musje Werror for  managing the mine.

“This, in my view, is the flagship, tier-one investment vehicle in our country. We have this success in what is seen by many as a very-gloomy year.”

Mr Marape acknowledges the leadership of the OK Tedi Mining Board and Management, and further  commended OTML’s senior management for  the operation of  the mine after the departure of former Managing-Director Peter Graham.

” Let me tell our country: This is testament to those doomsayers and naysayers out there  that Papua New Guineans can rise up to the occasion in managing a world-class mine and delivering dividends.

” For me, it is a statement that we can do it, amidst many among us, who feel that we can’t do it.”

He said this was against the backdrop of six weeks’ closure due to COVID-19, a depressed work environment and global economy,.

“This is something that I’m totally proud of. In the midst of many, gloomy 2020 events, this is one shining moment and I’m happy.

” The money will be put to good use in as far as completing 2020 Budget and preparing for 2021,  giving service to our people is concerned,” Prime Minister added.


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