Ok Tedi Mining Limited (OTML) has successfully engaged the eight Community Mine Continuation Agreement (CMCA) regions women and children’s associations, and the Mine Villages women and children’s association, to enter into an investment partnership with two other local landowning groups.
This investment opportunity involves a 50 percent stake valued at K5.3 million in OTML’s 150-men accommodation project at its Bige Operations.
The other 50 percent ownership is equally split between the Alice River Trust (15 Beneficiary Villages) and LMP79 (7 Beneficiary Landholding Clans) at 25 percent shares respectively.
A mock cheque of K5.3 million was presented to OTML on August 16 by the leaders of the Women and Children Associations to mark this significant agreement.
The total purchasing price of the prefabricated 150-men Donga units alone is US$3million and OTML has given 100% shareholding to its project impact communities, while paying for the construction, logistics (freight/customs), and manpower in support of the investment.
Upon successful completion of payments in the coming weeks, the Women and Children’s Association and the other two shareholders will own the property through the Property Lease Arrangement that will guarantee fixed returns or income over a fixed period.
Manager Economic Programs, Steve Hoap received the cheque on behalf of OTML and thanked the nine Women & Children’s Association Presidents for making such a bold decision on behalf of their associations and communities.
“You women leaders have made a great investment, ensuring sustainable livelihoods after the closure of the Mine, which is a priority focus area for OTML,” Mr Hoap said.
Mr Hoap further added that this was the first time the women and children’s group participated in a direct investment project of such magnitude with OTML and this will pave way for bigger and better things to come.
Ok Tedi Development Foundation (OTDF) CEO Havini Vira said, “This is a very good investment because it is an investment within the province and has guaranteed returns from OTML that will generate greater profits to support your communities in the future,” Mr Vira said.
Former OTDF CEO and current Chairman WestAgro Holdings Limited Ian Middleton congratulated the women saying they are playing a crucial role in driving sustainability and economic growth in the region.
“OTML is providing an opportunity, you are providing the heart, and OTDF is providing the guidance, and all this is coming together as a really good development story,” Mr Middleton said.
“Through what you women are doing, there will be self-sustainability after this great Mine’s closure so take advantage of this partnership,” Mr Middleton said.
This collaboration demonstrates not only OTML’s commitment to delivering economic and social benefits but also the potential for partnerships between OTML and local communities in efforts towards sustainability and community well-being.