Landowner firm assures shareholders

Business, Normal


MINERAL Resources Star Mountain Group of Company (MRSMGC) has assured its shareholders from 10 villages within the Ok Tedi mining concession that it will continue to push their business interests even after the mine has ceased operations.
Paul Povey, group general  manager for MRSMGC, said the group’s capability to generate more business could no longer be doubted.
MRSMGC is a K50 million conglomerate of four companies engaged various activities.
MRSMGC’s four main businesses are namely, Catering Services (FCS) Ltd, Tabubil Engineering (TE) Ltd, The Weigh Inn Hotel Ltd, and Highway Transport Ltd which MRSM (50% ownership) manages and shares ownership with one of the villages.
“Not only are they getting dividends from the mine (royalties from Ok Tedi Mining Ltd) but they are also getting additional revenue now … sustainable revenue through the businesses,” Mr Povey said.
MRSMGC also owns the Tabubil Hardware retail outlet
Mr Povey was particularly thankful to the current OTML management that it had recognised the landowners and gave them the opportunity to participate in some of the businesses including servicing the operational needs of the mine.
 “They see the value of having the landowners involved … now that the landowners are involved not only are they getting dividends from the mine but are also generating more revenues now from the business,” he said.
He said about five years ago, MRSM started in Tabubil with the aim to put MRSM not only in getting dividends but expand in other areas.
 “We have got the catering contract and we are self managed now … totally independent and in TE, we have invested K16 million and then acquired a contract with OTML.”
Mr Povey noted a business opportunity in the town water supply service being provided by OTML.
FCS, over the years,  has   catered for OTML’s three messes with 95 cooks.
Head of TE  Billy Patchett explained that the company encompassed many activities ranging from engineering, trucking, construction, among others that it was now engaged in a lot of building contracts with OTML.
“In building the houses we do everything here from start to finish,” he said.
Mike Geddes manager for the hardware outlet and mechanical section of TE said the storeroom for the hardware not only kept goods for sale but also stored building materials and equipment for their projects and for TE.
The 10 village owners of MRSMGC are: Bultem, Finalbin, Kavorabip, Atemkit, Wangbin, Migalsim, Kumkit, Ankit, Nioksikwi, and Ok Tedi Tau.