The Papua New Guinea has officially transferred its 67 per cent interest in the Ok Tedi Mining Limited to Kumul Minerals Ok Tedi Ltd (KMOTL) in a signing at Government House in Port Moresby yesterday.
The shares were previously held under Kumul Mineral Holdings Ltd (KMHL).
Kumul Minerals Ok Tedi Ltd chairman Bonny Ninai said the other 33 per cent in OTML was owned by the Western government.
Ninai said the signing of the share transfer documents was a culmination of the State’s broader restructure of the mining and resource holdings that required all mining assets to be held under Kumul Mineral Holdings Ltd.
He said Kumul Minerals Ok Tedi Ltd was a subsidiary of KMHL.
“As a result of this transfer KMOTL will now be the shareholder on record for the 67 per cent shares in OTML and the dividends for these shares will be paid to KMOTL,” he said.
Ninai said the dividends, however, would still be distributed by KMOTL in accordance with the Government’s dividend policy.
He said the policy required 50 per cent of the dividends to be paid to the Government to support the National Budget.
KMHL would retain 33 per cent for its operations and re-investments while the balance would be paid to the government’s sovereign wealth fund.
KMHL holds shares in Porgera Mine as well and would also participate in the Wafi-Golpu project.
The National / Pacific Mining watch
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