Mineral Resources Development Company Managing Director Mr Augustine Mano today paid tribute to Sir Moi Avei for his outstanding contribution to national development

Mineral Resources Development Company Managing Director Mr Augustine Mano today paid tribute to Sir Moi Avei for his outstanding contribution to national development.

Sir Moi announced his retirement as Chairman of Ok Tedi Mining Ltd last week after leading a successful turnaround of the mine during his six-year tenure.

“In the last 6 years, Sir Moi has presided over transformational change at the mine which has resulted in improved efficiency of its operations, extension of mine life, and increased benefits to all stakeholders.

“His leadership has inspired the management to believe in themselves, to deliver the change necessary to achieve greater goals.”

While declaring a dividend of K150 million to shareholders last week, the mine’s management also announced that the mine life has extended from 2025 to 2032, and it is expected to generate K20 billion over the next 10 years.

Mr Mano said Ok Tedi landowners and the Fly River Provincial Government, whose 33% interest in the mine is managed by MRDC, have benefited a lot in the last six years under Sir Moi’s leadership.

“Revenue from the mine has contributed to significant growth in investment that the landowner and provincial government own.

“A number of community infrastructure projects initiated have contributed to an improvement to living standards, while the trust companies are meeting the tuition fee needs for their children attending different schools in the country and also in commercial investments for future generation.”

Sir Moi was a politician from 1992 to 2007, holding various Cabinet positions under the Somare Government, including being Deputy Prime Minister (2004 – 2006).

Mr Mano said as Petroleum and Energy Minister, Sir Moi drove key reforms that resulted in increased investment in the oil and gas sector in the country.

“The amendments to the Oil and Gas Act, and the fiscal reforms to lure exploration dollars when he was Petroleum Minister, had a positive impact.

“He pushed license holders to develop resources they were sitting on, and was instrumental in getting Oil Search, Santos and ExxonMobil to commercialize their gas resources. No doubt he played a key role in the launch of the PNG LNG Project.”

“The MRDC group have uniquely benefited from his leadership, and on behalf of the board and management, we thank him for his valuable contribution,” Mr Mano said.

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