6 Apr 2011

PNG's Ok Tedi boasts record profit

12:48 pm on 6 April 2011

The Papua New Guinea state-owned miner, Ok Tedi Mining, has announced record earnings.

In 2010 it made a net profit of 732 million US dollars after tax, the highest ever for a PNG company.

The company announced a rise in sales of 27 percent to 1.9 billion US dollars, as a result of higher copper and gold prices and despite a slight fall in production.

Ok Tedi says it paid 360 million US dollars in corporate and income tax, and mining levies.

The mine is due to close in two years but feasibility studies are being undertaken to determine whether its life can be extended.