Mineral Resources Development Company

The major interests of MRDC were partially privatised in 1996, through the creation of Orogen Minerals, of which the MRDC holds a 51% controlling shareholding. In April 2002, Orogen merged with Oil Search (OS), but MRDC retained an 18.1% stake in the new company. OS was PNG's largest oil and gas producer.

MRDC was again restructured in 2007, with the formation of Petromin PNG Holdings Limited, which took control of the last State asset, the 20.5% equity interest in the Moran Petroleum Project. As a result of this restructuring, MRDC's chief role became the management of Landowner and Provincial Government interests.

MRDC's combined group investment portfolio increased from K678.95 million in 2007 to K1,021.7 billion in December 2010.

MRDC Group holds the following Interests of Landowners and Provincial Governments in Mining and Petroleum Projects in PNG.

Mining projects

Mineral Resources Star Mountains Ltd – 3.05% equity for Landowners Ok Tedi Mine

Mineral Resources Ok Tedi No. 2 Ltd – 3.05% equity for Fly River PG [Ok Tedi Mine]

Controversies

In September 2011, Prime Minister Peter O'Neill directed the Attorney General Allan Marat to investigate allegations that the MDRC had squandered Landowners' monies through imprudent and improper investments. The allegations include the purchase of a 50% stake in a helicopter company for PGK70 million, which appeared to have an actual value of PGK30 million. The MDRC has denied any involvement in corrupt payments or deals.