MRDC: Fiji outlay big

 The Mineral Resources Development Company (MRDC) has invested a huge sum in a property development project in Fiji in anticipation of a big return, chief executive and managing director Augustine Mano said.

He said the recent investment was big and would increase returns.

Mano said MRDC and two of its subsidiaries were joint investors in the property in Fiji with them having a third  of the joint venture. 

“MRDC is one third, and then you have MROK (Mineral Resources Ok Tedi) and PRK (Petroleum Resources Kutubu). 

“These three partners made the decision after looking at the investment proposal and thought it is a very good investment.  

“We were convinced that it will increase the returns,” Mano said.

Fiji Sun recently reported that the big boost to Pacific Harbour as a tourism hub was continuing through major investment by PNG’s MRDC early last month. 

It came with the opening of the Pacific Bar and Grill at the clubhouse as part of the The Pearl Championship Golf Course’s upgrade.

As new owners of The Pearl South Pacific Resort, Spa and Championship Golf Course, MRDC was investing US$99 million (K240 million) in the property.

Come 2015, the investment would complete three phases of construction-building for the property.

These are the marina, which is expected to open next month and the building of the new wing and renovation of the old wing of the resort.

Mano said: “We did it because of our diversification.

“It’s like you have the Lamana group and Nasfund, who are doing their own investment in Fiji … ours is similar. 

“For us it’s part of diversification and also in terms of our influence in the Pacific. 

“The returns at the end of the day is the economic decision,” Mano said.

Mano said: “In Fiji it has to do with tourism. Tourism is like their heart … just like PNG’s mining and petroleum”.