OK Tedi Posts K2 Billion in 2010 After Tax.

Ok Tedi Mining Limited (OTML) recently posted a reported net profit after tax of K2,030 million (K2 billion) in 2010 year ending.

This is an increase of 27%percent compared to 2009 net profit.

OTML said the increase reflected the increase in copper prices in the second half of 2010, closing the year at a record high $US4.42 per lb.

Sales revenue was  K5086 billion  for 2012 and shareholders received dividends totalling K1.687 billion.

Mine royalties paid to the Fly River Provincial Government and the mining area landowners totalled K94 million while total taxes paid were close to K929 million.

Concentrate sales were 9% higher than in the previous year, at 661,080 tonnes.

Metal contained in concentrates totalled 158,692 tonnes per copper, 482,000 ounces of gold and 1,5000000 ounces of silver.

Several factors influence dropped in productivity at OTML from 2010 onwards.

These included the restriction on the Pit Crusher Facility and the Mine Waste Tailings Project, the seventeen day strike by OTML workers (this resulted in a concentrate shortfall equivalent to 1870 tonnes of copper and 5830 ounces of gold) and a shut down brought on by the Pyrite Concentrate pipeline rupture in May 2011.

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