Parties to the Ok Tedi Mining Project Memorandum of Agreement, on March 24, successfully concluded the week-long MoA review in Alotau, ultimately initialling the MOA.
Agreements were reached in the areas of Special Support Grants, royalties and equity amongst others.
The initial led MoA document will go to relevant government agencies for vetting including the Treasury Department for equity matters and the State Solicitors Office for legal clearance before it goes to the National Executive Council for its final approval.
Acting Managing Director Mineral Resources Authority, Jerry Garry in his closing remarks, said he was impressed with the level of intelligence displayed in the negotiations by leaders of the parties. He urged the leaders to manage expected benefits prudently, and ensure that benefits translate into tangible development for their people, as custodian of the people they represent.
Leaders of the various beneficiary parties, including Manager for the Star Mountains Local Level Government, Papin George Naden and Mount Fubilan Resources Owners Association Chairman, Joshua David, collectively expressed satisfaction and joy on the successful conclusion of the review adding that they would work together for the common good of their people.
The parties to the Ok Tedi Project MoA are the National Government, Fly River Provincial Government, Star Mountains LLG and the Mount Fubilan Resource Owners’ Association.
Ok Tedi Mine Limited, Kumul Minerals Holdings Limited and the Mineral Resources Development Company are attending the meeting as observers.
Secretary for the Department of Mineral Policy & Geohazards Management Harry Kore was instrumental in explaining the legalities of the process, and ensuring that the parties understood the different sections of the MoA document.