Ok Tedi mine beneficiaries to open hotel in Western

Business

A new K34 million hotel will be opened in Kiunga, Western, tomorrow.
The beneficiaries of the Ok Tedi mine, through the Community Mine Continuation Agreement (CMCA), have invested in the construction of the 40-room hotel.
It is an investment project by the Ok Tedi Development Foundation under the current CMCA Trust investment processes.
The hotel will be managed by Coral Sea Hotels.
The hotel was completed at the end of 2017 by Pacific Palms Properties.
Both companies are subsidiaries of Steamships Trading Company (STC).
The hotel will be opened by Ok Tedi Mining Ltd board chairman Sir Moi Avei and Western Governor Taboi Yoto.
The Cassowary Hotel is the eighth and final major CMCA Trust investment project to be delivered by the OTDF
The hotel is expected to provide a return of more than K2.5 million per year to the eight CMCA Trusts for 20 years.
It will also benefit four North and Middle Fly women’s associations.
Moreover, it will increase paid employment for locals, create opportunities for sale of local produce and provide of hotel services.
The CMCA Trust also has investments in real estate, aviation and shipping.
It has an investment portfolio worth in excess of K110 million.
This is for the eight CMCA Trusts of Nupmo, Tutuwe, Wai Tri, Middle Fly, Suki Fly Gogo, Manawete, Kiwaba, and Dudi areas.
The OTDF is also negotiating revised terms with STC to extend the Cassowary lease agreement.

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