OK TEDI Mining recorded a loss in the first quarter of 2015 on the back of a 58 per cent fall in gross revenue, compared to the corresponding period in 2014.
Ok Tedi reported a loss of K38 million in its quarterly report, compared to a profit of K280 million in the first quarter of 2014.
The fall in revenue was due in part to an 8% increase in operating costs, and a fall in metal prices, as the company reported the average copper price down 16% and gold 3% lower.
Also driven by lower revenue were royalty payments at K5.1 million, which was lower than the K13.3 million in 2014.
First quarter copper and gold production was 18,629 tonnes and 57,453 ounces.
Copper and gold production decreased by 18% and 26% compared to the same period in 2014, this was predominantly due to lower head grades, Ok Tedi said.
Silver production was 180,096 ounces, which was 52% more than in the first quarter of 2014.
Export shipments of copper concentrate were 48% lower in this period as a result of lower production from the second half of 2014 to the first quarter of 2015.
Ok Tedi reported a total recordable injury frequency rate of 1.82 for the quarter compared to 1.02 for the first quarter of 2014.