Update on PDL 1 Clan Bank Account Opening and Directors Election

The Mineral Resources Development Company (MRDC) wishes to inform and update the Hides PDL1 beneficiaries and stakeholders on the status of the Clan Bank Account Opening and Directors Election program.

A court order in the case OS (JR) 198 of 2019 currently restrains the Clan Bank Account opening program. This order prevents MRDC and Department of Petroleum from engaging in any activity relating to Clan Bank Account opening. The court will hear the matter on August 17, 2024, and MRDC will comply with the terms of the court order.

Depending on the court’s decision, MRDC and Department of Petroleum plan to reconvene the PDL1 Clan Bank Account opening and directors’ election in September 2024. MRDC is mindful that there have been more than 10 fresh Court proceedings challenging the process that could cause further delays. Meanwhile, MRDC urges clans with disputes to resolve their issues amicably.

Despite the challenges, MRDC is confident of completing the process with strong leadership and partnership and in this regard, it is important that good stewardship principles are exercised by all. MRDC appreciates the leadership and the cooperation of all stakeholders in this critical exercise. MRDC remains committed to a fair and transparent process.

The Clan Bank Account opening process and the directors’ election program for PDL 1 is 80 per cent complete and MRDC is dedicated to concluding the program. A detailed public notice with the updated Schedule will be issued before the end of August.

Thank you,

Authorised by

Augustine S. Mano, CBE

Managing Director & CEO