Clans to get 30pc equity

By MARK HAIHUIE
MORE than 30 per cent of the direct equity in the Ok Tedi Mine Limited will be transferred by the Government to the landowners of Western.
This was formalised in the signing of the Head of Agreement by the Department of Petroleum and Energy on behalf of the State, and landowner representatives. Prime Minister Peter O’Neill was also present.
Those who will share the 33 per cent equity include landowners from the mine villages, Community Mine Continuation Agreement region and the Western government.
The Government also approved the signing of the equity benefit sharing memorandum of agreement which provides the framework on how the proceeds of dividend payments will be applied.
Mineral Resources Development Company managing director Augustine Mano said it was the culmination of the government plan that had been ongoing since 2014.
They had agreed then that the OTML equity be distributed thus: 9 per cent for mine villages, 12 per cent for the CMCA and 12 per cent for the provincial government.
CMCA president Richard Zumoi thanked the Government on behalf of the landowners and assured Ok Tedi of their support on its operations.
“We have 130,000 people – three quarters of Western and our struggle for this resource benefits had been overlooked by past governments. We know there were tough times last year with Ok Tedi really struggling. That is why we really appreciate this K50 million. But this year should improve to K100 million would be better,” he said.