Ok Tedi MOA parties initial agreement
Parties to the Ok Tedi Mining Project Memorandum of Agreement (MoA) last Friday (March 24) successfully concluded the week-long MoA review in Alotau, ultimately initialling the MOA.
Agreements were reached in the areas of Special Support Grants, royalties and equity amongst others.
The initialled MoA document will go the relevant government agencies for vetting including the Treasury Department for equity matters and the State Solicitors Office for legal clearance before it goes to the National Executive Council (NEC) for its final approval.
The Mineral Resources Authority’s Acting Managing Director, Jerry Garry in his closing remarks, said he was impressed with the level of intelligence displayed in the negotiations by leaders of the parties. He however, urged the leaders to manage expected benefits prudently, and ensure that benefits translate into tangible development for their people.