Photo credit: EMTV
Kumul Minerals Holdings Ltd (KMHL) has made a significant contribution to the State, paying K105 million in dividends. The payment was handed over to State Enterprises Minister William Duma by KMHL Chairman Dr Ila Temu. Speaking about the dividend payment, Dr Temu said, "Kumul Minerals hold 67 per cent in Ok Tedi, through the Government transfer that occurred a couple of years ago...Although KMHL acquired the 67 per cent some years back, it is the first time that the dividend is actually flowing through Kumul Minerals and then back to the State. We retained some of the dividends for our operations and our investment opportunities."
The dividend payment is related to the 2022-year dividend declared by Ok Tedi Mining, which totalled K368 million. Dr Temu further explained that "the amount that we are presenting now to the State through the trustee delegate and minister is K105 million...under the Government approved dividend policy, the State and Kumul share equally any benefit that is declared in any year."
State Enterprises Minister William Duma thanked KMHL for its contribution, noting that the money would be put to good use. He highlighted the challenge faced by the State in funding projects related to law and order, health, and education, particularly in light of the increasing population and a budget deficit of K4 billion this year. He said, "We will put this money to good use. The need to fund projects particularly in the areas of law and order, health, education, are increasing every year, with an increasing population. The challenge is on those companies that are in the income generating sector, particularly those owned by the State, to do what they can do and deliver dividends."
