The National Government has honoured its commitment to transfer 33 percent of Ok Tedi Mine Ltd's (OTML) shares to the mine villages, community mine continuation agreement villages and the Fly Provincial Government.
In announcing this yesterday, the OTML Board Chairman Sir Moi Avei explained that this means the villages will also get two seats on the OTML board.
The company made a dividend of US$100 million last year, hence this share agreement will see the communities be significantly boosted in terms of funding.
Sir Moi says with the value of the mine set to increase, the communities have acquired a precious investment.
Meantime, Western Province Governor Tabo Yoto says he is happy with the government for eventually transferring the shares certificate that it has promised the people.
The Governor pointed out that Ok Tedi is considered a bloodline in the province, as such with the possibility of the mine’s closure coming soon the people are mindful to come up with other avenues to sustain their future.
The revenue generated from the shares will be put into other investment opportunities such as forestry, agri-business and tourism.
(From left: Middle Fly Open MP Roy Biyama, Governor Tabo Yoto and North Fly MP James Donald during the opening of the Cassowary Hotel yesterday)