KUMUL MINERALS HOLDINGS LTD PAYS INTERIM DIVIDEND TO STATE
By Therese PIDIK, Port Moresby
The Kumul Minerals Holdings Limited today announced their interim dividend payment of K100 million to the State that marks a successful turn-around of Ok Tedi Mining Limited. State Enterprise Minister William Duma when announcing the payment says, the dividend payment represents a significant return on investment for the Government and the people of Papua New Guinea.
Minister Duma says it is a tangible reflection of KMHL commitment in ensuring the wealth generated form the natural resources are invested into critical sectors as health, education, infrastructure and Community Development.
Minister Duma commended the Board of Kumul Minerals Holdings Limited led by Chairman Dr Ila Temu and the Management and staff that is led by Managing Director Mr Sarimu Kanu for this remarkable achievement.
He also further commended the Board of Ok Tedi Mining Limited and Chairman Jeff Inness and Managing Director Kedi Ilimbit for this achievement.
The announcement was done today at the SOE Minister’s Office with a presentation of the Dummy Cheque by the KMHL Managing Director Mr Sarimu Kanu to the SOE Minister William Duma
In the meantime, Mr Kanu says the interim dividend comes from the success of the Ok Tedi Mining Limited, 100 percent owned by the State, the people of PNG, 33% is owned by Fly Provincial Government, the SML land owners or CMCA- impacted communities along the Fly river.
“OK Tedi is owned by Papua New Guinea and is run by Papua New Guineans.
It is a proud achievement, and Ok Tedi is an example of a successful company that is complex in nature, that are high risk and extremely successful and we are proud here today to to give the dividend, ” Mr Kanu highlighted.
“With the intervention of the Minister, we did some forensic audits of the operation itself and we manage to turn the company around, starting from last year, we manage to pose some really good profits and this year was a remarkable year for Ok Tedi.”
“Ok Tedi Limited has been an extremely successful story for 2024, and we foresee that 2025 and 2026 will see Ok Tedi giving more dividend to the state,” Mr Kanu remarked.
