Ok Tedi Mining Limited (OTML) has achieved a significant milestone with a record production result for the first quarter of 2024.
The company reported an outstanding achievement of 26,114 dry metric tonnes (dmt) of copper (Cu), marking a substantial increase of 61% compared to the same period last year, which stood at 16,265 dmt.
This remarkable production milestone was accompanied by a notable commitment to safety, with a Lost Time Injury Frequency Rate (LTIFR) of zero (0) and Total Recordable Injury Frequency Rate (TRIFR) of 0.22. These figures represent an improvement from 2023, where LTIFR and TRIFR were recorded at 0.21 and 0.63, respectively.
A noteworthy aspect of this achievement is that the strong production results were attained while fully meeting all environmental Key Performance Indicators (KPIs) at the Mine, Mill, and Bige dredging site. This underscores OTML’s dedication to responsible mining practices and environmental stewardship.
In a company statement, an OTML spokesperson attributed this success to the company’s commitment to enhancing production responsibly and implementing strategic business improvements. The spokesperson stated, “This performance is a testament to OTML’s ‘restore, reset, and reinvigorate’ strategy, launched in 2023, aimed at revitalizing our business operations.”
Furthermore, the spokesperson emphasized OTML’s unwavering commitment to fulfilling environmental, legal, and social obligations, highlighting the importance of maintaining positive relationships with communities impacted by the company’s operations.
Looking ahead, with the approval for the Mine Life Extension in principle up to 2050 by the OTML Board, the company is poised for sustainable growth well into the future. OTML is actively pursuing strategic growth projects aligned with its current Strategic Business Plan, projected to generate K30 billion in social benefits over the next 27 years, including taxes, royalties, and dividend payments.
“Our record production in the first quarter of 2024 underscores our commitment to excellence, innovation, and responsible mining practices, which are pillars of our Vision 2023,” the spokesperson concluded.
OTML’s remarkable achievements not only demonstrate its dedication to operational excellence but also its commitment to contributing to the sustainable development of communities and the broader Papua New Guinea economy.