Who owns Ok Tedi mine?

Who owns Ok Tedi mine?

Papua New Guinea
Ownership. OTML is a 100 percent Papua New Guinea (PNG) owned entity with 67 percent direct shareholding by the Independent State of PNG and the people of Western Province holding a 33 percent interest. 100% of the benefits from its operations are distributed to the people of Western Province and the State.

Why can’t the PNG government close the Ok Tedi mine for environmental reasons?

How not to operate a mine. Initially, the Ok Tedi mine did not benefit from immunity regarding its environmental practices. By request of the government, the mine was only to operate if a tailings dam was built to filter out much of the waste dumped in the river.

What did BHP do with its 52% shareholding in Ok Tedi?

BHP Billiton today completed its withdrawal from the Ok Tedi copper mine in Papua New Guinea with the transfer of its 52 per cent equity stake to PNG Sustainable Development Program Limited (Program Company), a development fund that will operate for the benefit of the Papua New Guinean people.

What happened to the Ok Tedi mine?

The massive amount of mine-derived waste dumped into the river exceeded its carrying capacity. This dumping resulted in the river bed being raised by 10 m, causing a relatively deep and slow river to become shallower and develop rapids, thereby disrupting indigenous transportation routes.

What is Pngsdp?

PNGSDP was established in 2002, when BHP Billiton divested its 52 percent shareholding in OTML following concerns about the long-term environmental impact of the mine, and the social and economic repercussions of this impact.

What kind of issues problems did the Ok Tedi mine encounter during construction and operation?

Environmental Issues The Ok Tedi mine originally planned to construct both a tailings dam and a waste rock dump to retain much of the mine derived waste during its mine life. However, in 1984, during construction of the foundation for the tailings dam at Ok Ma, a landslide inundated the area.

Which province is Ok Tedi mine located?

Western Province of Papua New Guinea
The Ok Tedi mine is an open-cut copper, gold and silver mine located at Mt. Fubilan in the Western Province of Papua New Guinea.

What is the most profitable gold mine?

The 5 Top-Producing Gold Mines in the World

  1. Muruntau.
  2. Pueblo Viejo.
  3. Goldstrike.
  4. Grasberg.
  5. Cortez. Located in Nevada, the Cortez mine produced 1.059 million ounces of gold in 2016 — about 6% more than its gold production from 2015.

Who owns the mines in Papua New Guinea?

Barrick Gold Corporation and Zijin Mining Group each own 50% of Barrick (Niugini) Ltd. Porgera Gold Mine is the second largest mine in Papua New Guinea and is regarded as one of the world’s top ten producing gold mines….Porgera Gold Mine.

Website Barrick Gold Corp Website

When was the Ok Tedi mine supposed to close?

The Ok Tedi Mine was scheduled to close in 2013. However, the PNG Government has taken over control of the mine and with support of local community, the mine life was extended.

Where is Ok Tedi mining located in Papua New Guinea?

Our registered office is located in Tabubil, Western Province, PNG. We also have a representative office in Port Moresby, PNG and a logistics facility in Brisbane, Australia. Designed by Brand Hero | All rights reserved.

How big was the Ok Tedi environmental disaster?

In 1999, BHP reported that 90 million tons of mine waste was annually discharged into the river for more than ten years and destroyed downstream villages, agriculture and fisheries.

How long will it take to clean up Ok Tedi?

The balance is allocated to current development programs in the local area (Western Province) and PNG more generally. Experts have predicted that it will take 300 years to clean up the toxic contamination.

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