Mineral Resources Development Company

This article is about the Papua New Guinea mining company. For the Australian mining company, see Mineral Resources.

Mineral Resources Development Company Limited (MRDC) was established in 1975 and is 100% owned by the Government of Papua New Guinea.

It was initially established as the State Nominee to acquire the State and Landowner equity interests in mining and petroleum projects and to manage the equity funds for landowner companies from the major resource development areas of PNG. However, the State's equity has since been transferred to Petromin PNG Holdings Ltd, so the focus of MRDC is now the management of the Landowner equity interests in both mining and petroleum projects.[1]

MRDC is governed by a board of directors, which is chaired by Isacc Lupari by virtue of his position as 'Chief Secretary' of the State. Since March 2008, the Managing Director of MRDC has been Augustine Mano. In October 2011, Mano's appointment was terminated by acting Prime Minister Belden Namah, upon allegations that the MRDC had made improper investments under his management. However, Mano was reinstated a week later by Prime Minister Peter O'Neill.[2][3]

  1. ^ MRDC. "About us". MRDC. Archived from the original on 2012-01-13.
  2. ^ Post Courier (13 October 2011). "Govt terminates MRDC chief". Post Courier. Archived from the original on 16 April 2013.
  3. ^ NBC News (13 October 2011). "PNG Government terminates contract of MRDC boss". Islands Business.