PNG’S OK TEDI MINE REPORTS $2 BILLION IN REVENUES

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PNG’S OK TEDI MINE REPORTS $2 BILLION IN REVENUES 27 percent increase reflects higher copper, gold prices

MELBOURNE, Australia (Radio Australia, Feb. 9, 2011) – The Ok Tedi mine in Papua New Guinea has announced a huge revenue boost of more than US$2 billion in 2010.

The mine's managment says the 27 per cent increase in revenue (from 2009) was a result of high copper and gold prices.

It says it has remained within the top three PNG gold producers, despite a fall in total gold production by 6 per cent compared to 2009.

The management says it has paid over US$633 million in dividends to other PNG interests.

PNG's Fly River Provincial Government and landowners each received about US$18 million dollars.

The Ok Tedi mine started operations in 1984 and has since been the single largest contributor to PNG and the Western province governments.

The mine still plans to close operations by 2013 but a feasibility study may see it remain open till 2022, depending on approval from both the PNG government and mine affected communities.

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