Mineral Resource Development Company (MRDC)

The ICCC Commissioner and Chief Executive Officer Paulus Ain said: "PNG Air has commenced a debt restructure exercise with all its shareholders and major creditors to stabilize its financial performance and enable itself to return to profitability levels following the effects of Coronavirus and the subsequent depressed state of the domestic economy."

"The Proposed Acquisition is part of a debt restructure and relates to an agreement between PNG Air and the MRDC Entities who are existing shareholders in PNG Air.

PM Marape was tabling the financial accounts of the company in Parliament when he revealed that the company, founded by the late founding father in May 1975, has grown its investment portfolio over the years to K7 billion in 2022.

The Prime Minister also revealed that, for the first time in its 47-year history, the MRDC’s financial records were all in order. 

The Rumginae Water Supply Project, is the very first Community Infrastructure Trust Fund Project undertaken by Mineral Resources CMCA Holdings Ltd. In partnership with Mineral Resource Development Company.

Chairman for MRCMCA, James Assan, stated that the aim is for impact projects.

“Some people in the community asked for projects like car, motor etc. but I said no it is not a funding under trust were OTDF takes care of. It is slightly different, we are looking for impact projects meaning projects were many people receive the service”, he stated.

The audited MRDC Financial Report 2018 and 2019 was presented today.

“The audited financial accounts for both years that were presented to me were impressive,” he said.

“The reports for both 2018 and 2019 were unqualified, or clean, reflecting that the accounts were properly kept in accordance with compliance requirement under international accounting standard.

The program aims to support students who are direct beneficiaries from the project-impacted areas complete their tertiary education.

At present, the program applies to students from the following project areas:

Leaders of resource owners of Kutubu Oil and Gas expressed gratitude for this gesture when they saw their front liners who are custodians of the PRK trust funds united.

Due to their disputes in the past, development has taken decades to eventuate.

The Principal of Waro High School, which is one of the receiving schools expressed heartfelt thanks for a dream come true, even though it is 38 years too late

The Benefit rollout is the first since the signing of the Umbrella benefit Sharing Agreement (UBSA) in 2009 and the first flow through and shipment of LNG in 2014.

This follows the completion of landowner identification, the opening of clan bank accounts, and the election of directors to the board of their landowner company.

It was a historic occasion with Petroleum Minister, Kerenga Kua, and Gulf Governor, Chris Haiveta, accompanying Mineral Resources Development Company (MRDC) Managing Director, Augustine Mano, to announce the benefit roll out in Kikori on Wednesday.

The renaming was officially announced early this month in a small ceremony attended by landowner directors, tenants and management and staff of Mineral Resource Development Company (MRDC) and Pacific Property Trust (PPT).

MRDC managing director, Augustine Mano, said the building was 25 years old and since taking over the trusteeship of PPT at a cost of K70 million in 2014, MRDC has spent close to K32 million to carry out renovations as part of a modernisation plan.