Ok Tedi Mine Landowners Get Share Certificates

Post Courier | April 17, 2018

The people of Western Province finally own 33 percent of the giant Ok Tedi Copper Mine following the handover of equity share certificates by Ok Tedi Mining Limited Board Chairman Sir Moi Avei to Governor Taboi Awi Yoto yesterday in Kiunga.

“OTML is now a third owned by the people of Western Province,” Sir Moi told a large gathering of locals and invited guests in front of the grand Cassowary hotel.

“We have heard so much about this 33 percent. Is it every going to happen? The board in its wisdom made a decision that the only way to move this share transfer is loan MRDC K30million to pay for the stamp duty. Governor the stamp duty has been paid. OTML is now one third owned by the people of Western Province,” Sir Moi Avei told the excited crowds.

He also said this ensures that politics cannot interfere now because they own more than thirty percent of the mine.
Western Governor Taboi Yoto said in the past we were told that we own 63 percent but we do not have direct control of the funds.

“We have direct control of the 33 percent and that’s the difference,” Mr Taboi Yoto said.

According to the Governor out of the 33 percent, 12 percent is owned by CMCA communities through their board, the mine villages own 8.4 percent and the Fly River Provincial Government owns 12.6 percent.

“For the government with the four MPs, the PEC members and the LLG presidents, we will decide how we will use the money for development purposes.

“I thank the government of Prime Minister Peter O’Neill for this.”

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1 Comment

Filed under Papua New Guinea

One response to “Ok Tedi Mine Landowners Get Share Certificates

  1. John Jaintong

    Cut The Bulshit Moi Avei. The proper share split for OK Tedi should read 50% landowners 50% PNG Government and not current 67% state. The resource owners or Mine head landowners should be offered 25% with the balance split between PG and CMCA . You Mr Chairman and your Government have done injustice to the LOs there by depriving them of their rights for greater benefits from resources thats theirs and giving them back peanuts. We are waiting for this Government to return ownership of resources to the rightful people,the landowners. On 19 Apr 2018 08:14, “Papua New Guinea Mine Watch” wrote:

    > ramunickel posted: ” Post Courier | April 17, 2018 The people of Western > Province finally own 33 percent of the giant Ok Tedi Copper Mine following > the handover of equity share certificates by Ok Tedi Mining Limited Board > Chairman Sir Moi Avei to Governor Taboi Awi Yoto ye” >

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