PNG's Ok Tedi Mining Limited Secures 20-Year Extension for Special Mining Lease
Port Moresby, April 24, 2024 - Ok Tedi Mining Limited (OTML) has announced the successful renewal of its Special Mining Lease (SML) 1 (0), ensuring an additional 20-year tenure from 2022 to 2042. This renewal represents the second extension granted to OTML for the SML 1 (0) lease.
Originally granted in 1981, the SML 1 (0) lease had expired in May 2002 but was subsequently extended for another two decades until its recent expiration in 2022. Following the submission of an application for renewal in compliance with provisions outlined in the Mining Act 1992, the Mineral Resources Authority granted the extension on Monday, December 20th, 2021.
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| PNG's Ok Tedi Mining Limited Secures 20-Year Extension for Special Mining Lease [Photo Supplied] |
The renewal of the SML 1 (0) lease encompasses 22 Lease for Mining Purposes (LMP) and two (2) Mining Easements, which are integral to OTML's mining operations. These ancillary leases house critical infrastructure supporting mining and milling activities.
Addressing stakeholders at the SML 1 Presentation event held at the Stanley Hotel in Port Moresby on Tuesday, April 23rd, OTML's Managing Director and Chief Executive Officer, Kedi Ilimbit, expressed gratitude for their support in securing the extension. Ilimbit emphasized OTML's commitment to sustainable resource development in the region, ensuring benefits for impacted communities and the nation.
"OTML remains dedicated to fulfilling our environmental, legal, and social responsibilities, fostering positive relationships with impacted communities, and obtaining the necessary social license to operate," stated Mr. Ilimbit.
Concurrently, OTML is conducting awareness sessions within impacted communities in anticipation of the Community Mine Continuation Agreement (CMCA) extension review. The CMCA Extension Review project, which commenced recently, is slated for completion by October 2025, culminating in the signing of the Agreement to prolong mine operations.
In tandem, OTML is actively pursuing strategic growth projects aligned with its current Strategic Business Plan. These initiatives are projected to yield K30 billion in social benefits over the next 27 years, including taxes, royalties, and dividend payments.
The company remains steadfast in its commitment to delivering value to stakeholders while fostering sustainable development within its communities and the broader economy.
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