The National Executive Council has agreed to transfer 33% of Ok Tedi Ltd equity to the people of Western Province.
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.
"However, O'Neill said the onus is now for the people of Western Province to come to agreement on ownership arrangements.
He said while this is being determined, Cabinet has agreed that the shares will be held in trust by the Mineral Resources Development Corporation (MRDC).