HOW 25% OF PORGERA WAS MERGED WITH A K2 COMPANY
By Sam Kaupa WE HAD 25% OF PORGERA IN THE 90s. WE MERGED IT WITH A K2 COMPANY WHICH CREATED PNG FOCUSED AUSTRALIAN OIL AND GAS COMPANY, OIL SEARCH LTD– AND NOW WE WANT PORGERA BACK AT COST – A TALE SHROUDED IN HIGH LEVEL CORRUPTION AND CONTROVERSY MASTERMINDED BY GREEDY POLITICIANS AND THEIR COHORTS. When our forefathers gained independence in 1975 they established the Mineral Resources Development Company Limited (MRDC) which was 100% owned by the Government of Papua New Guinea. MRDC was incorporated on 27th May 1975 under the Companies Ordinance 1966. It was not until 1981 that it became fully functional as a company entrusted with the duty to manage mining and petroleum resource equity interests on behalf of the State and Landowners. It was the ultimate 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. In 1996 during Sir Julius