OK Tedi plans March return

ok tedi

Luke Kama | The National aka The Loggers Times
THE OK Tedi Mining Limited is expected to resume operation in March, according to Treasury secretary Dairi Vele.
He told The National that board members of the OK Tedi Mining Limited met last month and decided to resume operation in March.
“In December, the board of OK Tedi held a meeting and came up with a decision that the mine to resume operation in March,” he said.
OTML, the largest copper mine in the country, suspended operations on August 22 last year after drought conditions resulted in a decrease in the level of the Fly River.
It affected the national economy and the Government revenue.
Bank of Loi Bakani said the decline in the country’s economy was attributed to expected significant decline in the mining and manufacturing sectors as a result of lower international commodity prices and government spending.
“With lower international commodity prices including oil and the temporary shutdown of the Ok Tedi Mine, Government revenue is significantly lower than budgeted and will impact on public spending,” Bakani said last year. OTML managing director Peter Graham said in a statement last year that the reopening of the mine was dependent on the weather conditions in Western and areas along the Fly river catchment.
“We are looking forward to restarting operations in OK Tedi just as weather permits,” Graham said. 
“Our target is February-March.
“We will come back afterwards and we will come back as a stronger and longer company from the experiences of the long dry weather.”

1 Comment

Filed under Financial returns, Papua New Guinea

One response to “OK Tedi plans March return

  1. Darbie Daniel

    Thats good news!!!

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