Western gets free equity

The National Business

PRIME Minister James Marape has issued three share certificates for free equity ownership (33 per cent) of the Ok Tedi mine to the Western provincial government.
He handed over the share certificates, on behalf of Ok Tedi Mining Ltd, to the Mineral Resources Ok Tedi No.2, Mineral Resources CMCA (Community Mine Continuation Agreement) Holdings Ltd and Mineral Resources Star Mountain Ltd.
He commended the O’Neill-led government for the success of the PNG-owned mine.
Marape gave credit to O’Neill for the Cabinet’s decision to ensure equity was shared properly and given back to the people.
“I subscribe to this principle of shared equity, giving respectable equity back to people who are project area securities,” he said.
“The people whose land the resources are extracted from.
“The greatest impact on the environment is felt and the greatest social effect is felt.
“This is a flagship state-owned enterprise for PNG and we are thankful for the continuance of the project.”
Marape thanked the landowners and people of Western, Star Mountains and all the way down to the floor of the Fly River basin.
He said they ensured the mine continued after its first closure.
“We now arrive at a time in which a formal share certificate distribution is being made as evidence to that structure of ownership of Ok Tedi mine.”
The State owns 67 per cent stake in the copper/gold project at the Ok Tedi mine.
The remaining 33 per cent is shared between the three organisations:

  • Mineral Resources Star Mountain Ltd – owned by the landowners of Star Mountain;
  • Mineral Resource CMCA Holding – owned by those who are in the mine affected areas; and,
  • The Mineral Resources OK Tedi 2 – owned by the provincial government for the people of Western.

3 comments

  • Well done and thank you.
    Now the challenge is to ensure these shareholdings bring sustainable and tangible benefits to the communities of Western Province.

  • My only concern is how effective the government will be at monitoring and evaluating continued environmental damage and ensure mining laws are complied with – when the government is the owner of the mine as well as doing the monitoring and regulation of the industry. But I fully support the initiate.

  • PMJM you are walking your talk to give equal share of resource benefits to the people affected in the resource areas. This is Strategic to take back PNG on its journey to making PNG the RICHEST black nation. The honors is now on the Western Provincial Government to share that vision in how it manages these funds for the people.

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