Villagers at Ok Tedi mine area receive K7mil in dividends

VILLAGERS living in the Ok Tedi mine area in Western received K7.2 million in dividends from the Mineral Resources Star Mountains Ltd (MRSML) last Wednesday.
Mineral Resources Development Company (MRDC) said the dividends were derived from the 2019 profits as the 9 per cent equity holdings in the mine.
Their money is being held in trust by the MRDC through the MRSML.
Ok Tedi recorded a profit of K18 million last year.
MRDC managing director Augustine Mano told village leaders that they would be paid 40 per cent while 60 per cent was put into the trust for investments.
“This payment distributions are now based on the benefit split agreement you signed in Alotau,” he said.
Western Governor Toboi Yoto urged the villages to use funds wisely and prudently.
“I know MRSM has made investments, but these are for all the villages,” he said.
“You must invest in your future, your kids’ future so when the mine is gone, you have invested in something you can benefit from later.”
Yoto thanked the landowners for supporting the mine operations.
The MRSML represents 10 villages surrounding the mine, six of which are in the special mining lease area, and four are within the lease for mining purposes area.
The six villages – Migalsim, Finalbin, Bultem, Wangbin, Atemkit, and Kavorabipm – received K1.05 million each.
The four villages – Kumkit, Ankit, Ok Tedi Tau and Nioksikwi – received K167,000 each.
The board allocated K500,000 for the Covid-19 food relief for the 10 villages.