Mineral Resources Development Corporation (MRDC)

Chairman for MRCMCA Holdings Ltd, James Assan, said the vehicle will be used to access communities’ and expand community presence.

MRCMACA Holdings is under the Ok Tedi umbrella and holds 12 percent of the OK Tedi Mine shares for 152 villages from the Community Mine Continuation Agreement (CMCA) regions in the Western Province.

The CMCA regions are North Fly, Middle Fly, Kiwaba, Highway, North Ok Tedi, Suki Fly Gogo, Manawete and Dudi Region.

The Prime Minister delayed his scheduled visit to Oro Province this morning to observe this important signing. 
 
These are the Deed of Amendment to the Porgera Project Commencement Agreement (PPCA), and the Deed of Escrow to park 10% of the project equity.
 
The PPCA was deemed concluded when Mineral Resources Enga signed on 3 February 2022. The PPCA is the central and structural document designed to elaborate and deal more specifically with what was set out in the Framework Agreement.
 

This was to address some of the issues raised in the 20-point petition presented to the government two weeks ago.

While the details of the MoU will soon be made known to the media, preparations are now underway to sign another MoU with the Hides PDL 1 landowners.

Managing Director of MRDC, Augustine Mano, was satisfied with the outcome of their negotiations with landowners and welcomed the signing.

Prime Minister Peter O'Neill revealed thus in Parliament saying this include landowners, mine villages and the provincial government.

He said it is a totally different approach to the past where the people of Western Province only received dividends on the 6.1 percent of shares that were held by the State.

"We are now providing direct equity participation for the people of Western Province and this will further allow for participation at the board level.