Stakeholders sign revised agreements for benefit-sharing

THE revised memorandum of agreement for the Ok Tedi Mine was signed yesterday by  stakeholders in Tabubil, Western.
Minister for Mining Byron Chan said he was pleased to officiate at the signing because it was the culmination of the Government’s efforts over the years.
“I commend the parties here today for your dedication and commitment over the past few years that has culminated in you agreeing to the signing of the revised MoA,” Chan said.
He said the three revised agreements approved by the National Executive Council were for Ok Tedi, Tolukuma and Simberi projects.
He said such agreements were essentially about benefit-sharing.
“They are provided for under the Mining Act 1992 and are the outcome of negotiations initiated through a memorandum of agreement review process for operating mines.”
Parties to these agreements are the State, the developer, provincial and local level governments and the landowners.
The agreements are for between three and five years following which they are then reviewed.
“The MoA is the basis on how wealth from the mines are distributed among stakeholders and it is important that it is reviewed in a timely manner,” Chan said.