Kumul Minerals Holdings Limited has made a dividend payment of K72.1 million to the Treasury Department to support the government’s budget.
Prime Minister and Treasurer James Marape received the cheque yesterday and applauded Kumul Minerals senior management team, State-Owned Enterprises Minister William Duma, and staff for generating such revenue for the country.
He said this is part of a K450 million revenue forecast expected to be generated by Kumul Minerals Holdings for the government.
“I want to say the dividends are directly from the Ok Tedi Mine, which is the subsidiary of the Kumul Minerals that is doing extremely well in terms of mine production and revenue generation. I congratulate the OTML management for their performances,” said Prime Minister Marape.
“Ok Tedi Mine, apart from paying dividends, they are able to support the government in its foreign exchange reserves. We are looking to a bumper year next year, as it ramps production, and we expect similar payments from the New Porgera Limited.”
Prime Minister said the transfer of K72.1 million in dividends into the Waigani public accounts is 60 percent of the revenue that is collected by Kumul Minerals Holdings.
“I want to say that, of that 7 percent is earmarked for the Sovereign Wealth Fund that we need to firmly set up, 10 percent goes to administration costs, 10 percent for social and community development programs, whilst 30 percent is reinvested into the Kumul Mineral Holdings.
“That is how the balance of 60 percent is allocated, so principally speaking for the first time, we have a clear dividend policy where 60 percent earnings from our mines and resources come straight to supporting our budget.
“This is the first payment of K72.1 million, and as the Prime Minister and Treasurer, it is my esteemed pleasure to receive this cheque from Kumul Mineral Holdings Limited.”
“I thank and congratulate our State-Owned Enterprises Minister William Duma in living up to the dividend payment policy to support our 2024 National Budget.” Prime Minister Marape said.
The State-Owned Enterprises Minister William Duma thanked the Prime Minister for appointing people on merit to manage SOE and this dividend payment is the result of that.
Minister Duma said Kumul Minerals Holdings Limited is expected to announce another dividend payment next month.
