31 Oct 2014

Breakthrough in Ok Tedi legal wrangle says Morauta

9:18 am on 31 October 2014

Papua New Guinea's Sustainable Development Program says legal attempts by the PNG Government to stop the company regaining control of its shareholding in the Ok Tedi mine, have failed.

The Peter O'Neill Government took its 63.4 percent shareholding in the mine a year ago and the company has been battling to regain it ever since.

It says a tribunal at the International Centre for Settlement of Investment Disputes has rejected Government attempts to strike out the company's push for restitution of the shareholding.

The company chairman, and former Prime Minister, Sir Mekere Morauta, says they welcome the tribunal's decision to allow the case to proceed.

He says it gives the people good reason to hope the company will ultimately be able to resume sustainable development in Western Province funded by the dividends from the mine.