Gulf, Kikori gained from MRDC: Mano

 By  MALUM NALU

GULF and Kikori district have benefitted from millions of kina from the Mineral Resources Development Company, managing director Augustine Mano says.

He was responding to a statement by Kikori MP Mark Maipakai, saying the company had “outlived its usefulness”.

Mano told The National that Maipakai should be reminded that Gulf’s biggest revenue source was its shareholding in the Petroleum Resources Kutubu (PRK) through MRDC.

“When he says MRDC is useless, the biggest business interest of the Gulf provincial government is in PRK,” he told The National.

“Over the last seven years, when I was here, their (PRK) assets have grown from K600 million to K1.7 billion right now, in total assets. Net assets have grown from K500 million to K1.1 billion. 

“Southern Highlands provincial government is the major beneficiary (24 per cent) and then you have Gulf provincial government as the second biggest beneficiary (16 per cent), followed by others.

“What Maipakai has said is very offensive to me when we have grown the business.

“On average, we’ve been paying dividends over the last 20 years, of K20 to K25 million every year. Just last year, we paid K40 million dividends.”

Mano said MRDC was diversifying its business interests into hotels, which Maipakai was scathing of, because of the low global oil prices.

“When we go into hotels and all these, it’s part of diversification,” he said.

“Our mandate is to just grow the business and pay dividends.”