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By Staff Reporter : PNG Today

MRSM welcomes government's decision to offload 33% shares in OK Tedi Limited

The Board of Directors of Mineral Resources Star Mountains (MRSM) Limited, representing the 10 landowning villages around the Ok Tedi Mine would like to thank the Prime Minister Hon. Peter O’Neil for the decision made to offload its 33% equity shares in the Ok Tedi Limited to the respective landowners and the people of Western Province.
This is a first of its kind hence, an announcement of historical significance to the landowners and the people of Western Province and Papua New Guinea as a whole.
The Prime Minister in his good wisdom and with our welfare at heart has made this decision which will now allow us direct equity participation in the project rather than just receiving dividends.
We the MRSM board of directors take this time to show our heartfelt gratitude to the government on behalf of the landowners and the people of Western Province.
We encourage our people to leave all differences aside, take this opportunity from the government and work hand in hand for the benefit of our people and our children of Star Mountain.
With the announcement, we call for MRDC to also manage the new shares offloaded by the government upon the endorsement of the National Executive Council (NEC) under existing management agreement.
MRSM is managed by the Mineral Resources Development Company Limited (MRDC) through a management agreement. Under the agreement MRDC, as MRSM’s Manager and agent; manages, controls, and runs all its corporate, investments, client services and other affairs.
Mineral resources Star Mountains Limited (MRSM) was incorporated under the Companies Act to acquire the local landowner’s equity interests in the Ok Tedi Mining Limited (OTML). MRSM holds a 3.05% shares in OTML, in trust for the benefit of the 10 Ok Tedi landowning communities.

Read more mining news on >> Pacific Mining Watch 

Posted by Staff Reporter : PNG Today on 4:41 AM. Filed under , , . You can follow any responses to this entry through the RSS 2.0. Share this Article

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