The Ok Tedi Mining Limited (OTML) brings 100% of its sales revenue into the country and provides an average of more than US$600 Million in foreign currency annually into the Papua New Guinea’s market to help in reducing the foreign currency shortfall issue faced in the country.
This year, the company has already provided US$272 Million into the PNG market as of June 20th. In 2022, OTML sold US$580 Million in foreign exchange into the PNG economy and US$674 Million in 2021.
“OTML generates in excess of US$1 Billion in foreign currency for PNG annually. The company uses approximately 35% of this to meet its own operational foreign currency requirements and the balance is sold to the commercial banks in PNG,” OTML Managing Director and Chief Executive Officer, Kedi Ilimbit said.
He said OTML never holds more than one or two months for its own FX needs.
Mr Ilimbit further added that OTML is compliant with the Central Bank’s regulations and continues to efficiently submit monthly reports of the FX bank account balances, receipts and disbursements to the Central Bank for monitoring purposes.
OTML is a 100% PNG-Owned Company and will continue to provide support to the country’s economy through its operations and that includes assisting in alleviating the foreign currency shortfalls by due process.
