Monday, September 03, 2012

Parker: OTML is proudly PNG-owned


Ok Tedi Mining Ltd (OTML) managing director and chief executive officer Nigel Parker has reminded the people of Western province and Papua New Guinea that they now own the company 100%.
He highlighted this again during a meeting with a provincial delegation led by Western province Governor Ati Wobiro at the Tabubil Golf Club on Saturday.

Parker (right) welcomes Wobiro to the Tabubil Golf Club on Saturday.-Picture by MALUM NALU
“OTML is now a PNG national asset, arguably worth US$3 billion on a commercial basis, and up optioned up for exploration programmes, worth many more billions,” Parker said,
“However, if valued from the perspective of total return potential to the state, the value is far more substantial.’
Parker said the people of PNG owned OTML through the PNG Sustainable Development Program (63.4%) and PNG government (36.6%) and the ownership of the exploitation of Mt Fubilan mineral wealth was now to the account of all Papua New Guineans.
“The traditional landowners still retain traditional ownership of the land and benefit directly from the exploitation of the mineral wealth through direct payment of royalties, land lease fees, spin-off businesses and the like,” he said.
“The broader Papua New Guineans benefit indirectly through taxes and dividends paid by OTML to the national treasury and from the commercial spend that OTML spends within PNG for goods and services.
“The eventual closure of the mine is being progressively covered by a financial assurance fund – currently US$228 million actual cash.
“The people of the Western province and the Sandaun (West Sepik) province are benefitting from the Ok Tedi Development Foundation Ltd and PNGSDP programmes.”

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