Mineral Resources Development Company
Mineral Resources Development Company Limited was established in 1975 and is 100% owned by the Government of Papua New Guinea.
It was initially established as the State Nominee to acquire the State and Landowner equity interests in mining and petroleum projects and to manage the equity funds for landowner companies from the major resource development areas of PNG. However, the State's equity has since been transferred to Petromin PNG Holdings Ltd, so the focus of MRDC is now the management of the Landowner equity interests in both mining and petroleum projects.
MRDC is governed by a board of directors, which is chaired by by virtue of his position as 'Chief Secretary' of the State. Since March 2008, the Managing Director of MRDC has been . In October 2011, Mano's appointment was terminated by acting Prime Minister Belden Namah, upon allegations that the MRDC had made improper investments under his management. However, Mano was reinstated a week later by Prime Minister Peter O'Neill.
History
The major interests of MRDC were partially privatised in 1996, through the creation of Orogen Minerals, of which the MRDC holds a 51% controlling shareholding. In April 2002, Orogen merged with Oil Search, but MRDC retained an 18.1% stake in the new company. OS was PNG's largest oil and gas producer.MRDC was again restructured in 2007, with the formation of Petromin PNG Holdings Limited, which took control of the last State asset, the 20.5% equity interest in the Moran Petroleum Project. As a result of this restructuring, MRDC's chief role became the management of Landowner and Provincial Government interests.
Investments and subsidiaries
MRDC's combined group investment portfolio increased from K678.95 million in 2007 to K1,021.7 billion in December 2010.MRDC Group holds the following Interests of Landowners and Provincial Governments in Mining and Petroleum Projects in PNG.
Mining projects
Mineral Resources Star Mountains Ltd – 3.05% equity for Landowners Ok Tedi MineMineral Resources Ok Tedi No. 2 Ltd – 3.05% equity for Fly River PG
Mineral Resources Enga Ltd – 5% equity for Enga PG & Landowners
Mineral Resources Ramu Ltd – 2.5 equity %
Mineral Resources Madang Ltd – 2.5% equity for Landowners
Oil projects
Petroleum Resources Kutubu Ltd – 6.75% equity and 2% royaltyPetroleum Resources Gobe Ltd – 2% equity and 2% royalty
Petroleum Resources Moran Ltd – 2% equity and 2% royalty
Gas projects (PNG LNG)
Gas Resources Gigira Ltd – 1.126503% equity and 2% royaltyGas Resources Hides No. 4 Ltd – 0.225353% and 2% royalty
Gas Resources Juha No. 1 – Ltd – 0.132419% and 2% royalty
Gas Resources Angore Ltd – 0.132747% and 2% royalty
Petroleum Resources Kutubu Ltd – 1.143959% and 2% royalty
Petroleum Resources Gobe Ltd – 0.023671% and 2% royalty
Petroleum Resources Moran Ltd – 0.019874% and 2% royalty
Gas Resources North West Moran Ltd – 0.000482% equity and 2% royalty
Gas Resources Plant Ltd – 0.0448% and 2% royalty
Gas Resources Pipeline Ltd – 0.0448% and 2% royalty