Life after Ok Tedi mulled over - PNG
26/3/08
Papua New Guinea’s Ok Tedi Mining Ltd (OTML) is scheduled to close its openpit mine in 2013 but might still have considerable life in her yet, in the form of underground mining. The issue of how the nation will cope after the loss of its biggest revenue earner continues to be debated. However, fortunately, PNG seems to be well prepared. OTML ownership is divided between the PNG Sustainable Development Program (PNGSDP) at 52%, provincial governments and landowners at 30%, and Canadian-based Inmet Mining at 18%. Two thirds of the dividends net of taxes and administrative costs of the created company go to the long term fund so that development can be supported for up to four decades after the mine closes.