KMHL PRESENT K221.2mil TO STATE

BY NIGEL MADO

THE Government has received a K221.2mil interim dividend from Kumul Minerals Holdings Limited.
The payment follows the declaration and payment of a dividend by Ok Tedi Mining Limited.

Mining Minister Solen Loifa says the dividend comes at a critical time for the government, which is facing financial pressures from the El Niño impacts and the ongoing fuel crisis.

Mr Loifa, who is also the trustee delegate for Kumul Minerals Holdings, says the payment is timely, coming just days after the government announced a supplementary budget.

He thanked the Kumul Minerals board and management for delivering the dividend, saying the government needs everyone to work together to find funding to address the crises facing the country.

The Mining Minister says Kumul Minerals is the government’s business entity and has an obligation to provide dividends to the State.

He says he is looking forward to working with the company to provide more financial returns to the government.