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OK Tedi Mining Ltd L share deal signed

Staff Reporter | 5:51 AM | |
THE share distribution agreement of Ok Tedi Mining Ltd’s 33.3 per cent, the Fly River Provincial Government and all the landowner groups took place last week.

The agreement was delivered to the Chief Secretary Sir Manasupe Zurenuoc’s office by Western Governor Ati Wobiro and the Western administrator Modowa Gumoi for their signatures.

Mr Wobiro gave his assurance that the proceeds will be used to better the people’s living standards.

during the signing had thanked the Prime Minister Peter O’Neill and his cabinet for agreeing to the 33.33 per cent ownership of the Ok Tedi Mine.

"I can assure the Prime Minister and his Government that all proceeds from this ownership will be used to the best of our ability to improve our standards of living," Mr Wobiro said.

He also thanked the landowners of Star Mountains for their understanding and cooperation with the Government during the process of negotiations over the ownership of the Ok Tedi mine.

"When the government approved the 33.33 per cent ownership of the Ok Tedi, all the stakeholders agreed the following share distribution of the mine proceeds: Star Mountains Landowners 9.11 per cent; CMCA 12.11 per cent; and Fly provincial government (non-CMCA)12.11 per cent.

"All parties are satisfied with this distribution and have signed the agreement," Mr Wobiro said.

He also acknowledged the Chief Secretary’s support from the start of the negotiations and said this is a historical moment for all parties involved.

Sir Manasupe had hailed the event as a game changer as this is the first time money will go straight to the people from any mine.

This proposed share distribution will now go to the National Executive Council for approval," Sir Manasupe said.