Kumul Minerals Holdings pays K105 million as dividend to Govt

By SHIRLEY MAULUDU
KUMUL Minerals Holdings Ltd (KMHL) has paid K105 million as dividend to the State.
State Enterprises Minister William Duma received the cheque payment from KMHL chairman Dr Ila Temu yesterday.
Temu said the dividend was made possible through the company’s 67 per cent shareholding in Ok Tedi Mining Ltd.
“Kumul Minerals hold 67 per cent in Ok Tedi, through the Government transfer that occurred a couple of years ago,” he said.
“The other 33 per cent of Ok Tedi is owned by Fly provincial government and CMCA (community mine continuation agreement) landowners.”
Temu said the dividend related to the 2022-year dividend declared by the mine in which it declared a total of K368 million and 67 per cent of that was the dividend to for KMHL.
“That amount is K210 million that is being declared by Kumul Minerals and under the Government approved dividend policy, the State and Kumul share equally any benefit that is declared in any year,” he said.
“The amount that we are presenting now to the State through the trustee delegate and minister is K105 million.”
Temu added that it was the first time that Kumul Minerals was making a dividend payment to the State. “Although KMHL acquired the 67 per cent some years back, it is the first time that the dividend is actually flowing through Kumul Minerals and then back to the State,” he said.
“We retained some of the dividends for our operations and our investment opportunities.”
Duma thanked KMHL for paying the dividend.
“We will put this money to good use,” he said. “As you know, we have a deficit budget of about K4 billion (in this year’s budget).
“The need to fund projects particularly in the areas of law and order, health, education, are increasing every year, with an increasing population. The challenge is on those companies that are in the income generating sector, particularly those owned by the State, to do what they can do and deliver dividends.”