Werror remains the Managing Director and CEO of OTML

The Board of the Ok Tedi Mining Limited has come out publicly today stating that Musje Werror remains the Managing Director and Chief Executive Officer of OTML.

In a statement, Chairman of the OTML Board Dr. Roger Higgins said the Board is concerned with recent media reports on the purported sacking of the CEO. 

He made particular reference to and agrees with the statement by the Minister for State Enterprises William Duma in Parliament this week that only the OTML Board has the power to terminate its Managing Director and that has not been done.

Dr. Higgins said the Board understands the expectations of the Government and appreciates Kumul Mineral Holdings Limited - the major shareholder, is concerned with the economic factors, among others, that exert pressure on the financial position of the mine, and has commissioned an independent peer review of the mine. 

He said the Board and Management are supportive and cooperating with the review consultant to deliver an outcome that can be beneficial to the company and its stakeholders.

Meantime, Dr. Higgins said the Board will meet in December and consider a dividend distribution as is normal practice.

NBC News/One PNG News

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