K50 Million Dividends Paid To Landowners Of Western Province

Post Courier | April 25, 2017

PRIME Minister Peter O’Neill has presented a cheque of K50 million in dividends to the OK Tedi landowners of Western Province.
Mr O’Neill made this presentation following the heads of agreement signing for the transfer of 33 percent equity interest in OTML to the Western Province group yesterday.
He also clarified at the signing that his government has always had the best interest of the people and it was their initial desire to give back the mine to the people including all funds that belong to them.
He said the story of the mine and the people of Western Province is a sad story because the people have been let down by many developers and previous governments.
He said that was why the current government has taken a bold step in correcting all those mistakes and one step was to have full custody of the mine.
“I have made a commitment in 2013 with a desire to return ownership of the mine therefore the heads of agreement signing is the conclusion of this commitment.
This is the time to develop resources and maximise it and there is no doubt that we still need developers however we still need to fix issues that has been prolonged for a very long time such as having all the funds fixed and returned to the people.
All funds from the sustainable development program are still parked and this government has not approved one project under these funds as they are before the court therefore we have not utilised a toea of those funds,” he said.
“I am satisfied with the agreement that is being signed because, the mine can now be managed by the landowners and this has achieved our desire as government to return ownership back to the people.
“We want to give benefits back to the rightful owners, transfer of CMCA back to people, see conclusion of court cases and give money back to the people as well as turning the mine into a profitable project for the benefit of everyone,” he said.

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Filed under Financial returns, Papua New Guinea

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