Ok Tedi Denies PNGSDP Claims

OTML Management denlied claims made bPNGSDP thatthe government instructedthem not to paythe 2012 dividend due tPNGSDP.


OTML officially released a statement yesterday and countered claims made by Sir Mekere Morauta.

Sir Mekere Morauta claimed thatthe government has instructed OTML not to paythe 2012 dividends. OTML describedthem as FALSE.


It’said OTML management had advisedthe OTML Beard in its 30th August Beard Meeting that it was not in a position to recommend a dividend at that time due to serious operational issues that were encountered from March, in addition tothe drop in metal prices which had impacted its revenue.


It’saidthe management futher advisedthe board thatthe appropriate time to consider a dividend would be atthe Novermber 2013 scheduled Beard meeting.


HoweverPNGSDP did not accept that advice and moverd atthe 30th August Beard Meeting to declare a dividend of $US150 million.


OTML Beard is yet to declare a dividend.


Managing Director and CEO of OTML Nigel Parker and Alan Roberts who are both independent directorsthen independently assessed management’s advice and opposedthe dividend resolution as moverd bPNGSDP.


Futher to thatoit’said Mr Roberts is not ignoringthe action ofthe state to take overPNGSDP’s shares in OTML. He is however retaining his independence and assessingthe position ofthe company’s ability to consider a dividend as proposed bPNGSDP.

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