Ok Tedi Landowners Happy With Investments
The investment portfolio of landowners from the Ok Tedi Mine has seen a significant growth in a span of 10 years under the management of the Mineral Resources Development Company (MRDC).
From K119 million in 2008, MRSM’s investment portfolio now stands at a massive K789 million.
This was revealed to 30 landowner leaders representing ten (10) mine villages of the OK Tedi Mine during a two-day visit to Port Moresby last week, organised by their trust company Mineral Resources Star Mountains limited (MRSM), for an investment briefing meet.
The significant growth in value was due to an improvement in the BSP Share price, an increase in the unit price for Pacific Property Trust (PPT), and Pacific Balance Fund.
It was also noted that MRSMs’ property portfolio appreciated by K23.14 million while its International portfolio appreciated by K4.69 million through appreciations in share prices on ASX listed equities.
MRSM’s mining interest equity of 9 per cent in the Ok Tedi Mine also drove this significant growth, aided by a number of new investments including the Star Mountain Plaza project (Hilton).
The landowner leaders representing the 10 villages stayed at the Hilton Hotel; one of their investments, then toured several real estate and commercial properties owned by MRSM including the MRDC haus and Pacific MMI building in downtown, Port Moresby.
After the tour, the MRDC Management team provided an update of their current investment portfolio both domestic and international.
This gave them an appreciation of how much their trust company was worth. “By looking around and visiting the MRSM investments and through this presentation, I am satisfied that our money has been invested well by MRSM board through the leadership and stewardship of the MRDC management.
“The balance sheet clearly shows it,” said Daniel Atmeyok from Atemkit village in Ok Tedi. Clara a women’s leader in from the mine villages also shared similar sentiments from their visit.
“I am happy that MRSM investments are performing well on its own and through the partnerships with the other LANCOS. We must continue to grow them to cater for our future generations after the mine closes”.
MRSM board Chairman David Kainkim was very impressed and happy with the MRDC management for presenting the facts and figures to the landowner leaders during the visit. He said the company had a strong and healthy balance sheet with its international and domestic portfolios (listed and unlisted), and this was a direct reflection of the MRDC’s prudent management.
The group also visited Boera village, a beneficiary of the PNGLNG project, on the invitation of Sir Moi Avei, the chairman of OK TEDI mine. They visited Edai Town and the several infrastructure project sites funded through Gas Resources PNGLNG Plant limited, also managed by MRDC.
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