Landowners to take up shares in project

LANDOWNERS along the pipeline areas of the PNG LNG project will take up shares in a power project, according to the Mineral Resources Development Company (MRDC).
Managing director Augustine Mano said they were working with the landowner trust company to make prudent investments, which were already reaping good results.
He told pipeline landowners in Kikori, Gulf, on Wednesday, about the plant site landowners’ investments at the Dirio power project in Central.
“These investments are returning 12 per cent or better, and that is very good,” he said.
“The plant site landowners hold 12.5 per cent shares in Dirio power, a project with a better rate of return than most big projects that people talk about.
“Dirio will secure their future, as it will be in the forefront of the Government’s drive to increase household access to power nationwide in the years to come.
“The pipeline landowners will also take up shareholding in Dirio Power.” This week, MRDC announced a K31.3 million royalty payment for the pipeline landowners for the period from 2014 to 2018 and an equity payment of K23.16 million covering 2014 to 2016.
Mano noted that Greenfield landowners in Hela and Western had various disputes pending in court which delayed the opening of their bank accounts and election of directors.
“Therefore, the benefits they are entitled to remain in trust.”