Western Gets K6.48m Ok Tedi Dividend
Since the granting of 33 per cent of shares in the Ok Tedi Mine from the national government in 2018, to Western Province, it has received what is its second dividend payment from the mine of K6.48 million.
The payment is part of dividend proceeds for the 2019 financial year from MROT’s equity in Ok Tedi Mine Limited (OTML).
Yesterday a total of K6.48million was presented to the Western province which will be shared between the Fly River Provincial Government (FRPG) who gets 40 per cent K2.592million while the three districts, North, Middle and South Fly gets 20 per cent each (K1.296m).
Western Governor and chairman of Mineral Resources Ok Tedi Awi Taboi said under a Provincial Executive Council decision in April 2019, nay dividends received from OTML is to be split in two 40 per cent to MROT2 investments and 60 per cent to the province.
Governor Taboi said a total of K12million was received by MROT2 from OTML in December 2019, of this 40 per cent was retained for investments while 60 per cent K7.2million will be distributed as dividends.
Mr Taboi said from the K7.2million, K720, 000 has been allocated to subsidise school fees for Western Province students while the balance of K6.48m being shared with FRPG and the three districts.
MROT2 has contributed K14.4million from its 2019 dividend towards development projects in the three districts in the province.
The Governor was also pleased that MROT2 was able to deliver a dividend to the Provincial Government, and commended MRDC for understanding the aspirations and development priorities of the three districts and province.
“With these funds, I want to see clean water projects delivered, classroom built for our schools, or small businesses started by villagers,” he said. Continue reading at https://postcourier.com.pg/western-gets-k6-48m-ok-tedi-dividend/ | Post Courier