Tuke presents shareholding certificate to villagers

MINING Minister Johnson Tuke handed over a nine per cent shareholding certificate to villagers in the Ok Tedi mine area in Western last Wednesday.
According to a statement from the Mineral Resources Development Company (MRDC), the share certificate is for Mineral Resources Star Mountains Limited (MRSM), a subsidiary of the MRDC group, which represents the 10 villages around the Ok Tedi mine.
MRDC managing director Augustine Mano told the landowners that the share certificate was significant to MRSM’s investment portfolio.
Mano said the transfer of the OK Tedi Ltd shareholding nine per cent had insignificantly increased the value of the MRSM as a company to K800 million.
“Before Ok Tedi shares, MRSM was valued at K280million which comprised investments only,” he said.
“Now when you add the OK Tedi shares, MRSM is now valued at K800 million. That’s how important this is.
“The mine will come to an end soon.
“We are making investments now outside of the mine to ensure a sustainable income for you, with the limited time we have.
“That’s a huge responsibility MRSM and MRDC have, to make sure these investments replace Ok Tedi’s income.”
Mano added that sustaining revenue beyond the life of the mine was a critical challenge for the leadership of both mine villagers, MRDC, MRSM and OTML. Prime Minister James Marape formally presented the share certificates to the respective company chairmen during the OTML annual general meeting in Port Moresby last month.