MRDC Managing Director Augustine Mano presenting the 2024 PNG Investment Week.
The Mineral Resources Development Company (MRDC) has demonstrated its commitment to creating value and strengthening partnership opportunities at the 2024 PNG Investment Week, hosted in Sydney, Australia. MRDC’s active participation and strategic investments were key highlights of the conference, showcasing the company’s leadership in driving sustainable development and fostering global investment partnerships.
Prime Minister James Marape and Twinza Oil Limited initialised a partnership agreement on the Pasca A Gas Project, the country’s first offshore in Gulf Province. This collaboration allows Hevehe Petroleum Limited through MRDC to acquire up to a 50% participating interest in the project. This partnership ensures greater local participation and guarantees that benefits flow directly to the people of Papua New Guinea.
This milestone represents a significant achievement for landowners and provincial governments, ensuring their active participation in the oil and gas development value chain.
MRDC’s Managing Director, Mr. Augustine Mano, emphasised the strategic impact and overall value from the conference.
“The strategic deal space created by this conference cannot be understated. MRDC has recognized this opportunity and has continued to invest, partner, and actively participate in the conference and CANCONEX to harness the value and opportunities. It is a first mover advantage for MRDC.”
The company’s evolution into a success story worth K12 billion today is a testament to its adherence to strong values and principles. Established in 1975 as an exploration company, MRDC has grown significantly, managing 21 subsidiary companies, and diversifying its portfolio across various sectors, including aviation, hospitality, healthcare, real estate, and power generation.
Mr. Mano highlighted the company’s achievements, including the clean and unqualified audit opinions from the big four audit firms and international recognitions for its investments in PNG Air and Hilton PNG.
“By adhering to our strong values and principles, we are confident we will achieve our vision to become a K300 billion company within 20 years,” he said.
PNG Chamber of Resources and Energy (PNG CORE) Chief Operating Officer, Pansy Taueni-Sialis, acknowledged MRDC’s immense support as a Major Sponsor of the 2024 PNG Investment Week.
“MRDC’s significant sponsorship highlights its leadership role in driving sustainable development and fostering global investment partnerships for our country. Their presence at PNG Investment Week exemplifies their commitment to showcasing Papua New Guinea’s immense potential to an international audience.”
“MRDC’s delegation to the conference included senior executives, community representatives, and industry experts who engaged with global investors, government leaders, and policymakers. Their involvement underscored a strategic focus on national content, ensuring that Papua New Guineans actively participate in and benefit from the resource sector’s growth.”
“We thank MRDC for their continuous support and look forward to working together to promote shared values for a better Papua New Guinea,” said Taueni-Sialis.