LOs urged to invest royalties

Landowners of the Ramu Nickel Project have been urged to build an investment culture and long term sustainability from royalty payments.

Mining Minister, Johnston Tuke, and acting Managing Director of the Mineral Resources Authority (MRA), Nathan Mosusu, said this during royalty payment for the project on Friday, 6th July.

The royalties totaling K25, 537, 210.13 were paid on behalf of the National Government by Tuke, the landowners and the Madang Provincial Government.

Of the total amount, K17,620,674.99 was paid to landowners and K7,916,535.14 to the Madang Provincial Government.

It was during the payment that Minister Tuke called on them to use their money wisely.

MRA acting MD, Mosusu, said the culture of investing money to achieve long term benefits is not something that Papua New Guineans are accustomed to.

But it is a challenge that we all must take on to obtain economic freedom and improved living standards for families.

“Make the royalty money grow by investing in businesses. Do not spend it overnight,” said Mosusu.

The royalty amount was an accumulated sum for the years 2013-2016 and half of 2017.

The funds have been kept in a trust account all these years due to issues around calculations which have now been sorted out, hence the payment. From here on, royalties will be paid based on production levels and world market prices of nickel and cobalt.

(Mining Minister Johnston Tuke)

Cedric Patjole