Hela eyes boost in investment

August 21, 2017
National

Hela Governor Philip Undialu has been meeting major investors since being elected in a bid to attract more investment in the province.

 
He told The National on Saturday that he had had meetings with major investors including ExxonMobil, Oil Search, Mineral Resources Development Corporation and Kumul Petroleum Holdings Ltd.

 
Hela will also discuss the issue of benefit-sharing with its Southern Highlands neighbours.

 
Undialu said he would also be meeting with Porgera Joint Venture and Harmony Gold which was doing drilling at the Kili Teke Prospect in Koroba-Lake Kopiago.
He said the Kili Teke Prospect looked very promising and could be another Ok Tedi for Hela.

 
“Due diligence is yet to be done, however, it could be even bigger than Ok Tedi,” Undialu said.

 
“The prospect is very promising.”

 
Undialu said he had also met with Hela agriculture development partner LR Group of Israel and Curtain Brothers which was involved in major infrastructure projects.
He said the major issue on hand was the uncompleted task of social mapping and clan-vetting.

 
“Once this is completed then we can release equity and royalty entitlements,” Undialu said.

 
“I have confirmed with the balance sheet that MRDC now holds about K224 million for free-carry equities alone.
“About K74 million for royalties is held by the Central Bank.”

 

 

Photo Courtesy of Post Courier Online.

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