PM Marape elated at K268 million OTML dividend

Post by PNG Office of the Prime Minister | Tuesday, December 15th, 2020.

Prime Minister Hon. James Marape is elated at the success of OK Tedi Mining Ltd (OTML) in what many see as a “gloomy year”.

He said this today when receiving K268 million dividend payment from OTML Chairman Sir Moi Avei in Port Moresby.

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

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 Musje Werror for his job in managing the mine.

“This, in my view, is the flagship, tier-one investment vehicle in our country,” he said.

“We have this success in what is seen by many as a very-gloomy year.

” I acknowledge the leadership of the OK Tedi Mining Board and Management. ”

Prime Minister Marape said the K400 in December was on top of K150 million paid earlier this year.

” 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.”

Prime Minister Marape also commended OTML’s senior management for running the mine after the departure of former Managing-Director Peter Graham.

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,” Prime Minister Marape said.

“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. ”

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