Prime Minister James Marape has presented the Audited Financial Accounts of Mineral Resources Development Company Limited (MRDC) for 2024 in Parliament, highlighting the company’s remarkable growth to K14.5 billion in assets from K500million in 2007.
MRDC currently manages 22 companies, including 15 subsidiaries holding participating interests in resource projects, and 7 wholly owned investment companies.
Today MRDC manages equity interests in the Kutubu, Moran and Gobe oil fields, the PNG LNG Project, and the Ok Tedi, Porgera, and Ramu Nickel mining projects. The company also manages commercial ventures in non-resource sectors that landowners either own outright or hold shares in.
Prime Minister Marape commended the Board and Management of MRDC for the remarkable job they have done, especially in the last 15 years, in growing the assets they have managed.
“The 2024 accounts show the total value of the Group’s assets has grown to K14.5 billion from K500 million in 2007. This achievement belongs to our project area landowners, whose wealth has been carefully managed and expanded over the years.” Marape said
The Prime Minister said audits for the MRDC Group were carried out by the Big Four audit firms in the country in accordance with international auditing standards.
“I am pleased to report that the audits for MRDC and its subsidiaries have been completed up to 2024. It is a significant achievement that the audits for the MRDC Group for the period 2020 to 2024 are all unqualified, meaning that the accounts are in order, proper records have been maintained, and that there are no material issues in the stated financials,” he said.
Marape commended the MRDC Board, management and staff for their stewardship of landowner investments and for successfully diversifying into commercial investments beyond the traditional mining and petroleum sectors.
He said this reflects MRDC’s commitment to transparency, accountability and sound corporate governance.
Following the presentation, the Prime Minister outlined the next phase of reforms to further strengthen governance, accountability and long-term wealth creation for PNG’s resource project landowners.
He announced that the Government will proceed with the second phase of MRDC’s corporate reforms to position the organization for even greater growth.
“Government will now advance legislative reforms aimed at separating MRDC’s shareholder and corporate management functions,” Marape said.
He explained that while MRDC has successfully carried out both roles for many years, separating them will strengthen governance, improve accountability and establish clear reporting lines without affecting the interests of project area landowners.
“The objective is simple: Preserve what has made MRDC successful while strengthening governance for the future,” the Prime Minister said.
Marape reaffirmed that the Government remains committed to ensuring that all benefits generated from resource projects continue to be professionally managed for the benefit of project area landowners.