PNG’s Ok Tedi Landowners Happy With Greater Equity Share

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PNG’s Ok Tedi Landowners Happy With Greater Equity Share Government gives Western Province 33% shareholding in mine

PORT MORESBY, Papua New Guinea (The National, Dec. 17, 2014) – People of PNG’s Western Province have hailed the Government’s decision to give them 33 per cent shareholding in Ok Tedi Mining Ltd, Governor Ati Wobiro says.

He delivered the goods news at Pampenai village in Ningerum LLG, North Fly, on Monday where hundreds of people witnessed the opening of the new Pampenai Road.

Prime Minister Peter O’Neill announced the National Executive Council’s approval of the increased equity last weekend.

[PIR editor’s note: The National reported that ‘The Resource Owners Federation of Papua New Guinea has praised the Government for significantly increasing equity participation in the Ok Tedi Mining Ltd for the mine’s landowners in Western. ... President Jonathan Paraia said the decision not only set a new benchmark for landowner equity participation but recognised that the Ok Tedi resource was owned by the people.’]

"It is a very, very big shareholding. And it is not in benefit – it’s direct, which is a very good thing," Wobiro said.

"In the past the only direct shareholding was the 2 per cent shareholding by MROT 2 (Mineral Resources Ok Tedi 2) on behalf of the people from Western.

"The actual distribution will be finalised through the NEC submission and the Prime Minister will make the announcement.

"The increase is a very good thing for us in Western.

"We will have more money to do useful things."

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