Our Profile

Mineral Resources Development Company Limited (MRDC) is registered under the Companies Act 1997 and is wholly owned by the State. The Prime Minister is the Trustee Shareholder. The Board currently consists of the Secretaries for the Departments of Treasury, Petroleum, and Mineral Policy & Geo-Hazard Management, the Managing Director as ex-officio directors and four independent directors. The Managing Director is the only executive director while the others are non-executive directors.

There is no specific enabling legislation for MRDC. Under the company constitution the Board of Directors is responsible for the management, supervision and direction of the Company.

MRDC is mandated by the Oil and Gas Act 1998 to manage project benefits which are held in trusts by corporate trustees which are subsidiaries of MRDC.

For the mining sector, the Mining Act does not give a specific mandate to MRDC to manage project benefits for mining project areas. Instead, various Government directives and policies and agreements enable MRDC to manage the benefits which are derived from mining projects for the project area landowners as well as the provincial governments. The benefits from Mining projects are held by a corporate trustee which is managed by MRDC.

The corporate trustees under MRDC management have an investment mandate by utilizing a certain percentage of the trust funds to investment. The Board of each corporate trustee has the sole authority to make the investment decisions based on proper considerations. MRDC’s role is to implement the investment decisions and then monitor the performance of the investment and make appropriate recommendations to the Board. MRDC also provides other corporate and financial management services to the corporate trustees.

Current Interest

MRDC Group of Companies hold the following interests of Landowners and Provincial Governments in Mining and Petroleum Projects in PNG:

Interests in Mining Projects

  • Mineral Resources Star Mountain Ltd – 9% equity for the landowners [Ok Tedi Mine]
  • Mineral Resources Ok Tedi No.2 Ltd – 12% for Fly River Provincial Government [OK Tedi Mine]
  • Mineral Resources CMCA Holdings Ltd – 12% Equity for CMCA
  • regions – Western Province
    Mineral Resources Enga Ltd – 5% Equity for Enga Provincial Government and landowners [Porgera Mine]
  • Mineral Resources Ramu Ltd – 2.5% Equity for MRDC [Ramu Mine]
  • Mineral Resources Madang Ltd – 2.5% Equity for Ramu Landowners [Ramu Mine]

Interests in Oil Projects

  • Petroleum Resources Kutubu Ltd – 6.75% equity [Kutubu Oil Project]
  • Petroleum Resources Gobe Ltd – 2% equity [Gobe Oil Project]
  • Petroleum Resources Moran Ltd – 2% equity [Moran Oil Project]

Interests in Gas Projects (PNG LNG)

  • Gas Resources Gigira Ltd – 1.1256503% equity
  • Gas Resources Hides No.4 Ltd – 0.225353% equity
  • Gas Resources Juha No.1 Ltd – 0.132419% equity
  • Gas Resources Angore Ltd – 0.132747% equity
  • Gas Resources Kutubu Ltd – 1.1256503% equity
  • Gas Resources Gobe Ltd – 1.1256503% equity
  • Gas Resources Moran Ltd – 1.1256503% equity
  • Gas Resources North-West Moran Ltd – 1.1256503% equity
  • Gas Resources Pipeline Ltd – 0.1256503% equity
  • Gas Resources Plant Ltd – 1.1256503% equity