Mineral Resources Start Mountains Limited (MRMS) today announced that its board of directors has approved a dividend payment of K19.4 million.
This is part of the dividend proceeds from MRSM’s equity in the Ok Tedi Mine Limited (OTML) for 2020.
Under the Revised Benefit Sharing Agreement, the disbursement of this K19.4 million will be distributed as cash payments by MRSM to its beneficiaries – the 12 Ok Tedi Landowning villages – six Mine Villages, four villages from the Lease for Mining Purpose area and the two new villages of Korkit and Kwangtikin.
This is by far the biggest dividend payment made by MRSM.
The payment presentation will be made on June 28 at Migalsim village, Star Mountain LLG, Western Province.
MRSM is a trust company, which holds in trust a 9 per cent equity interest in OTML on behalf of the 12 Ok Tedi landowning villages and this company is managed by the MRDC under a trust agreement.
Since 2004, MRSM has paid a total of K72.8 million as dividend payments to its beneficiaries.