The Ok Tedi copper, gold and silver mine in Papua New Guinea has received a three-year life extension to 2029.
OK Tedi mine Photo: Ok Tedi Mine CMCA Review
The website Australian Mining reported Ok Tedi Limited's chairman Sir Moi Avei saying the extension would see the company generate an additional $US2.8 billion of revenue to stakeholders.
The large mine had been the centre of a significant Covid-19 outbreak in the past two months.
Staff at the mine or employees of Ok Tedi contractors accounted for the vast majority of the almost 200 confirmed Covid cases in Western province.
Despite a recent shortfall in production due to Covid-related shutdowns, Sir Moi said Ok Tedi was well-positioned to continue mining for an extended term.
Ok Tedi planned to resume operations at the site next week but was not expected to be at full production levels for months.
The PNG state owns 67 percent of the mine, with the remaining 33 percent owned by three landowner groups.
Sir Moi attributed the extended mine life to strategic planning at the mine during the past few years.
He said Ok Tedi would continue to create local employment opportunities.