Revised Mining MOA

K25.5bn in benefits from existing mines

Mining Minister, Byron Chan, said this during the signing of the revised mining project Memorandum of Understanding (MoA) for Ok Tedi.

Chan, however, said this figure will exceed once Wafi and Frieda come into production in five years’ time.

“I have been working closely with the government team to approve these MOAs that have been completed for existing mines and new mines and for the State’s commitments, amounting to K155 million over the next 5 years under each of the MOAs,” he said.

Ok Tedi generated K56 billion since 1985

This was revealed by Mining Minister Byron Chan during the signing of the revised Ok Tedi Memorandum of Agreement (MoA) on June 6th in Tabubil.

Chan said from this amount, K20 billion in benefits has been received through goods and services, compensation, training and education, tax credit scheme projects, royalties, levies and dividends.

The revenue generated comes off the back of the mine producing 12 million ounces of gold, 4.5 million tons of copper and 29 million ounces of silver within the same 30-year period.