The newly establish subsidiary company of Kumul Minerals Holdings Limited, Kumul Minerals Ok Tedi Limited (KMOTL), will now be holding the state’s share in Ok Tedi Mining Limited (OTML) after the Governor General approved the share to be transferred.
Chairman of KMOTL, Mr. Bonny Ninai, said Papua New Guinea holds 67% of shares in OTML and the signing of the transfer documents at Government House, is a result of the government’s broader restructure of the state’s mining and resource holdings that requires all mining assets to be held under KCHL.
“As a result of this transfer, Kumul Minerals Ok Tedi Limited will now be the shareholder on record of the sixty- seven percent shares in OTML and dividends for these shares will be paid to KMOLT.”
The dividends, however, will still be distribute by KMOLT in accordance with the National Government’s dividend policy which requires 50% of the dividends to be paid to the National Government to support the national budget. Kumul Mineral will only retain 33% for its operations and re-investments whilst the balance will be paid to the sovereign wealth fund and used for community support.
He said the Board of Kumul Minerals is grateful to the National Government and Prime Minister James Marape, who is also the Trustee Shareholder, for ensuring that this transfer eventually takes place.
“Today is a momentous day for Kumul Minerals as it now holds shares in an operating and successful mining company, which is nationally owned.”