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Ok Tedi copper mine posts strong profits
April 1, 2004
Port Moresby - Ok Tedi Mining in Papua New Guinea - the world's eighth largest copper producer - said Thursday profits were soaring and confirmed planning was underway to close the mine in 2010.
Ok Tedi Mining managing director Keith Faulkner said sales revenue in the 18 months to December totalled $755 million (R4.73 billion), the best result in the mine's 20 year history.
Faulkner said tading conditions were "the best in many years" and forecast sales revenue of $670 million (R4.2 billion) in calendar 2004.
He said the mine produces about 200 000 tonnes of copper and more than half a million ounces (14 million grams) of gold annually.
Faulkner said the mine planned to set aside 100-150 million US dollars to help deal with enviromental problems caused by the mine.
Tailings from the mine have caused dieback to trees in an area covering several hundred kilometres and led to areas of the Ok Tedi and Fly rivers being declared biologically dead.
The environmental devastation, which could worsen even after the mine shuts down, caused BHP Billiton to withdraw in 2000 because of negative publicity.
BHP Billiton shareholders and the World Bank both wanted the mine to immediately close but locals objected, arguing it should keep operating for a limited time so proceeds could be used to try to reverse some of the environmental damage.
The 52 percent stake owned by BHP Billiton, which was then known as BHP, was transferred to a PNG-owned entity called PNG Sustainable Development Program, which is charged with the task of funding short and longer-term sustainable development.
Faulkner said the mine had been operating well since BHP Billiton's departure. - AFP
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