OTML pays K450 million in final dividend payment to its shareholders

Ok Tedi Mining Limited [OTML] dividend payment to its shareholders in the 2023 financial year was K450 million.

The final figure on the balance sheet was achieved after OTML announced a final dividend payment of K350 million to its shareholders on 28th December 2023, combining the total dividend to K450 Million for last year.

The company on 26th October 2023 declared an initial interim dividend payment of K100 million.

OTML Board Chairman, Jeffrey Innes thanked employees, contract partners and the mine impacted communities for their support throughout the year.

He said that 2023 was a restore and reset year for OTML marked by the appointment and restructure of a new senior management team.

 “The need for this change in leadership was to bring forth a comprehensive overhaul of restoring, resetting, and reinvigorating the entire business while focusing strategic emphasis on business improvement, cost efficiencies and liquidity, stakeholder engagement, long-term planning and implementation of Tax Credit Projects aligned with the National Government Development Strategy 2050.”

With the OTML Board approval of the Mine Life Extension up to 2050, Mr Innes said the Company envisions sustainable growth up to 2050, with a particular focus on energy transition.

Mr Innes said Key strategic Growth 2050 projects are in place and progressing well based on the company’s current Strategic Business Plan and is expected to generate K30 billion (US$8 billion) in cash flow.

He added that the “El Nino onset also affected the OTML operations for a while in November [2023] however the company has implemented its Dry Weather Management Plan to see it through the challenges and is pleased to declare that Ok Tedi remains profitable and continues to deliver to our [its] shareholders”.