Celebrating
In Papua New Guinea
1975
Mineral Resources Development Company (MRDC) was established as a 100% state owned company to hold and manage the State and Landowners equity interests in mineral and petroleum development projects in Papua New Guinea.
1996
MRDC successfully launched Orogen Mineral Ltd (OML) through an – Initial Public Offering (IPO), offering a 49% stake to the public and retaining 51%. The State’s equity interests in mining and petroleum projects were transferred to OML, while MRDC retained beneficial interests assigned to landowners and provincial governments.
2002
The government’s policy decision led to OML merging with Oil Search Limited (OSH), transferring MRDC’s 51% stake to OSH, while retaining 18.1% in the new company.
2007
MRDC was again restructured. Petromin PNG Holdings was founded and took control of the state’s equity under MRDC Management. As a result of the restructuring, MRDC was left with beneficial interests for both landowners and provincial governments.
2020
The MRDC Authorisation Act 2020 is enacted by Parliament, succeeding the MRDC Privatisation Act 1996. The Act strengthens the governance framework around MRDC and its trustee subsidiaries and delinks them from political influence.
MRDC's success hinges on a strong culture
We strive to fulfill our mission of creating wealth for Papua New Guineans, particularly our beneficiaries. This ambitious goal demands a united and high-performing workforce that embodies the MRDC RAITE Values, fostering the right culture for our journey.