6 Jun 2012

PNG's Ok Tedi mine posts big profit

6:19 pm on 6 June 2012

Papua New Guinea's OK Tedi Mining, which is 100 percent owned by the people, has announced a net profit for 2011 of 565 million US dollars.

The National newspaper reports the profit came on a lower turnover than the previous year.

Managing director and chief executive, Nigel Parker, says the company is now a PNG national asset arguably worth more than 3 billion US dollars but if valued for the total cash return to the state, it is worth far more.

He says 2011 heralded the beginning of a new era, because the previous owner, BHP, had expected to close the mine in 2010.