The Mineral Resources Development Company (MRDC) has been lauded for a long history of achievement, as it celebrated its 50th anniversary at the end of November.
Prime Minister James Marape was among the guests of honour at the commemorative event, held at the Hilton Hotel in Port Moresby on November 29.
He described the company as a “powerhouse” in the mining industry.
“If anyone thinks that Papua New Guinea (PNG) has no success story, MRDC rubbishes that line of thinking,” he said.
“Amidst our ups and downs, MRDC remains one of our greatest positive stories in our nation’s life.”
The company was founded by former Primer Minister Michael Somare in 1975, just after PNG won independence from Australia.
It works to manage and invest funds from the country’s mining and petroleum projects on behalf of landowner groups and provincial governments,.
Having started with minimal operating funds, MRDC is today a 16 billion kina ($358 million) organisation.
“This company has wonderful lessons for all of us to learn,” Marape continued. “It it is a lesson about investing in the future and not only in the present.
“The MRDC reflects the story of Papua New Guinea – of resilience and self-belief.”
MRDC is a state-owned entity, charged with managing landowner equity interests, investing in businesses, and ensuring that the benefits from resource development flow to local communities. This can be through grants and royalties schemes, as well as equity participation in further resource development projects in PNG.
MRDC’s 50th anniversary campaign will run throughout 2026.
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