A local company in the North Fly District of Western Province is committed to supporting small scale alluvial business for locals.
The Ok Ti Stones Limited (OTSL) in Haidawogam village along Kiunga-Tabubil highway opened on Wednesday last week, will help locals to sell their raw or melted gold dust to earn their living.
Chairman and managing director for Ok Ti Stones Limited John Nakdaun says the company was registered under Investment Promotion Authority (IPA) on October 19th last year, aiming to buy gold dust from the sellers along Ok Tedi river in North Fly electorate including Strickland river, where gold pending sediments are found.
He says OTSL will commence its full operations starting next month (May) and to start off, they will purchase gold at the raw price of K136.00 per gram and melted price at K195.00 per gram due to COVID-19 affecting the gold prices in overseas market globally.
North Fly MP James Donald made the official launching and presented a cheque of K200,00.00 made available from the District Support Grant (DSG).
He says nothing good has been done in the past to cater for the welfares of the people and many resources were not managed well in the last thirty to forty years.
James Donald reiterated that millions of Kina received from Ok Tedi Mining and other sources of revenue, have been spent unnecessary resulting no tangible changes in the district and the province at large.
He encourages locals that little gained from the alluvial business must invest into agriculture, SME programs or education to be economically independent should they want to see changes in the district and in the event that Ok Tedi Mine shuts down operation.
Chairmain John Nakdaun, thanked the local MP for the support towards the local company saying the company’s mission is to help hard working people in the district, to sustain their livelihoods and one-day export gold overseas.