17 Jun 2011

PNG's OK Tedi Mine may fail to meet its export commitments

10:40 am on 17 June 2011

Ongoing suspension of production at OK Tedi Mining Limited (OTML) may mean the company will not be able to meet its July and August export commitments.

The mine has been closed for more than two weeks already.

The Post Courier reports the Chief executive officer of PNG Sustainable Development Programme Ltd, David Sode, expressed this concern yesterday.

PNGSDP Ltd owns 64 per cent of OTML operating the giant gold and copper mine in the Western Province, while the state owns the remaining 36 percent.

He says the suspension of production, resulting from last month's pyrite pipeline spillage, is costing the company some 6 million US dollars in lost revenue a day.