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Ok Tedi commits to 150M kina dividend payout

Ok Tedi Mining Ltd. has promised a total dividend payout of 150 million Papua New Guinea kina, according to a Dec. 20 statement.

The company will pay 50 million kina to the 158 Papua New Guinean villages affected by the operation of the Ok Tedi copper mine and the Fly River provincial government following agreement on the allocation of the additional equity granted by the state.

The Ok Tedi mine was restarted in March after a seven-month suspension.

Chairman Sir Moi Avei KBE said the mine has performed strongly since the restart and generated sufficient cash to return Ok Tedi to a debt-free position, pay a dividend and build up cash reserves.

As of Dec. 21, US$1 was equivalent to 3.18 Papua New Guinea kina.