K6 billion investment portfolio

By CLARISSA MOI
THE Mineral Resources Development Company (MRDC) investment portfolio currently sits at around K6 billion, says chief operating officer John Tuaim.
Tuaim provided an update of the company’s investments in the country and abroad affected by the Covid-19.
He said most those affected were in the tourism and hospitality sector, with the biggest one being the Pearl Resort in Fiji.
“Fiji has been on lockdown for a couple of months and there are hardly any tourists in Fiji,” he said.
“We’re currently making progress with domestic markets, government entities and conferences but it’s very small.
“That has been our very biggest affected investment.
“Similarly, with the investment in Samoa, which is also a hotel.
“With our Cairns property, we have given rental discounts to tenants which is part of the requirement by the Australian government that tenants and landlords would negotiate and agree on some discounts.
“We haven’t lost tenants but we have given discounts as a good corporate citizens.
“Our portfolio internationally has been affected by the Covid-19 but we expect that to improve very soon.” Tuaim said they were taking advantage of the low occupancy to renovate the hotels and putting in new facilities.
Most of the company’s investments in Papua New Guinea have not been badly affected by the Covid-19.
“The Hilton Hotel has been selected by the Government as a quarantine facility,” Tuaim said.
“Most people arriving in Papua New Guinea for business are staying at the Hilton. “Occupancy is above the rates we had during normal periods.”
He said the oil price fell in April affecting revenue in the oil and gas business.
“We have about 33 per cent shareholding in the Ok Tedi gold and copper mine,” he said.
“Ok Tedi going into temporary shutdown due to the Covid-19 has actually affected dividend for our shareholders.”