TWO REAL estate investments for the people of Western Province were opened in Kiunga on 12 June, being the Ok Tedi Development Foundation (OTDF) office complex and associated staff housing estate, the company reported.
Contractors Tawap Kamen Investments Limited and Tabubil Engineering were employed to build the office complex and housing estate.
Ok Tedi said the office complex has 52 work stations and 15 offices, while the housing estate consists of seven three-bedroom houses and 12 two-bedroom units.
These buildings are two of eight investments funded by the shared Community Mine Continuation Agreement (CMCA) Investment Trust Funds.
Other investments include two series 400 twin otter aircraft, three ships, and the soon to be constructed Cassowary Hotel, set to be an architecturally iconic structure for Western Province, Ok Tedi said.
Investment projects generate a minimum 8 per cent annual return for the CMCA investors, the OTDF saidConstruction of the office complex cost K8.52 million while the housing estate cost K6.84 million to build.
Making up a total of K15.36 million, this returned in excess of K1.5 million per annum in lease payments from OTDF.
Western Governor Ati Wobiro and Ok Tedi deputy chief executive and general manager employee and external relations Musje Werror officially opened the office and housing estate buildings, which were also blessed by Pastor Mark Ongol.
“It really gives me great satisfaction to see the CMCA community funds and compensation package being put into good use,” Mr Werror said.
“We know that the return on this investment will finance the social development of future generations.”
Ok Tedi will ensure that the revenues and the tangible benefits generated from the mine continue to improve the livelihood of the CMCA communities including Western Province, he added.
OTDF advisory committee member for the North Fly Moses Otti said he was proud that the housing estate was unveiled as CMCA Village and assured the CMCA communities that these investments are and will continue to bring in massive returns for the communities.
Mr Otti urged the people to continue their support for the OTDF associate directors, the CMCA advisory committee, trust boards and the OTDF management.
This would enable them to “continue to invest and at the same time deliver high impact infrastructure development projects in the CMCA and Western Province at large,” he said.
OTDF associate director Clara Fred Dangkim, speaking on behalf of CMCA women and children appealed to all CMCA and Western Province communities to change their mind set to look after these assets, with more to come.