Kumul Minerals Makes a Splash with K54.2 Million Dividend Payment to Papua New Guinea
In a significant boost for economic growth, Kumul Minerals Holding Limited (KMHL) recently announced a remarkable dividend payment of K54.2 million to the Government of Papua New Guinea. This payment is a direct result of the thriving operations of OK Tedi Mining Limited (OTML) in the Western Province, showcasing a steadfast commitment to national development.
Dr. Ila Temu, the chairman of KMHL’s board, expressed immense pride in the achievements of OTML, emphasizing that the outstanding results generated by the mining company have paved the way for this generous dividend. “The consistent efforts and positive results delivered by OK Tedi Mining Limited have made this payment possible,” Dr. Temu remarked, highlighting the synergy between sustainable mining practices and economic prosperity.
The dividend is comprised of K30.75 million from the previous financial year and an interim dividend of K23.5 million for the first quarter of this year. State Enterprises Minister William Duma conveyed the government’s plans to utilize these funds to advance crucial economic goals and priorities, enhancing infrastructure and social services across the nation. He noted, “This dividend is a direct result of KMHL’s 67 percent shareholding in OTML,” reinforcing the strategic importance of public-private partnerships in driving the economy forward.
Interestingly, KMHL stated that they are currently finalizing the figures related to the restart of the Porgera gold mine in Enga, which will be reimbursed to Barrick Niugini Limited. They are looking at covering approximately 51 percent of the projected US0 million (around K2.4 billion) costs incurred for the mine’s care and maintenance. This reflects KMHL’s proactive approach to expanding mining operations while ensuring financial transparency and accountability.
As Papua New Guinea continues on its quest for sustainable development through responsible mining practices, KMHL’s success story serves as a beacon of hope for other nations on the continent. The K54.2 million dividend payment not only strengthens government finances but also underscores KMHL’s role in nurturing the country’s economic landscape.
With a focus on long-term growth and community welfare, Papua New Guinea appears to be on the right path towards realizing its economic potential. Investors and stakeholders alike are watching closely, as the dividends from responsible mining continue to illustrate the positive impact of the sector on the nation’s future.
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