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PNGSDP May Lose Majority Shareholdership in OTML

ThPNG Sustainable Development gave itself a big pat onthe back yesterday, during its Annual Results Meeting in Port Moresby.

It was revealed that six hundred and sixty two projects were delivered within ten years of operation. The projects are spread acrossthe country at a cost of over K1 billion kina. CEO, David Sode praised his colleagues for the achievement.

 

PNG Sustainable Development Program has a 63.4 per cent share in mining giant Ok Tedi and inthe past 10 years it has received 1.8 billion US dollars in dividends from Ok Tedi. Two thirds ofthese have been placed in a Long Term Fund for use in Western Province afterthe mine closes.

 

APNGSDP focuses on delivering more health and education benefits, it is also aware ofthe challenges that threatenthe mine’s life and that of its own. Beard chairman Sir Mekere Morauta pointed out that despitPNGSDP’s successful position, one challenge may bethe national government’s decision to removerthe company as a shareholder in Ok Tedi mine.

 

He said OTML has submitted a Mine Life Extension application tothe state and it is subject to approval. Communities underthe Community Mine Continuation Agreement or CMCA have giventheir approval for the mine life extension.

 

Underthe Ok Tedi Mine Continuation Agreement Act 2001,the CMCA givesthe Fly River people rights to decide whtherthe mine can continue operating.

https://youtube.com/watch?v=lhbujpzkQCI%3Ffeature%3Doembed%26wmode%3Dopaque%26showinfo%3D0%26showsearch%3D0%26rel%3D0

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