Kumul Minerals Holdings Limited (KMHL) has confirmed the payment of K150.75 million in dividends to the State for the 2023 fiscal year, a significant achievement attributed to the strong performance of Ok Tedi Mining Limited.

This announcement was made during the Company’s Annual General Meeting on June 21, 2024.

KMHL stated that out of the total declared dividends, a final payment of K58.625 million was being disbursed to the State. KMHL holds a 67 percent stake in Ok Tedi Mining Limited, which has excelled in operational efficiency and financial performance over the past year.

The Ok Tedi Mine continues to experience robust operational success, demonstrating strong cash flow and profitability. In the first five months of 2024, the Mine’s profits have exceeded budget expectations by an impressive 60 percent. With this momentum, projections indicate that 2024 will be another prosperous year for Ok Tedi Mining Limited.

Kumul Minerals Holdings reaffirms its commitment to bolstering the nation’s wealth through strategic investments. The company is dedicated to sustaining its core business, focusing on state-equity option projects, direct and indirect investments, and an active exploration portfolio.

This dividend payment reflects Kumul Minerals’ vision of becoming a world-class mineral resource company that delivers value not just to shareholders, but to all stakeholders and the nation as a whole. The company’s mission centers on the sustainable and profitable operation of its mineral assets.

Minister for State-Owned Enterprises, William Duma,  received the cheque on behalf of the government, highlighting the collaboration between KMHL and the State in driving economic growth in Papua New Guinea.