Posted By Staff Reporter
Parliament unanimously passed the Ok Tedi Mining 11th Supplementary Agreement Bill.
The Bill, introduced by Prime Minister, Peter O'Neill, received an overwhelming vote of 74 to nil against, yesterday.
The purpose of the Bill is for Parliament to approve the community mine continuation agreements, and the 11th Supplementary Agreement.
It is a result of a lengthy negotiation with the current shareholders of O-T-M-L.
The agreement makes two amendments to the principal agreement which will improve the administrative efficiency in regulating the mine.
In the agreement, it will no longer be necessary for OTML to provide copies of all sales contracts to the Prime Minister for his approval prior to sale.
This is no longer necessary as OTML now has long established buyers and a standard sales contract is used at regular intervals, thus having no need need for this level of oversight.
The other change is to raise the borrowing limit for the Ok Tedi Development Foundation to K1 million, by keeping with inflation and more accurately reflects the cost of projects.
The Bill will also give Parliamentary approval for the community mine continuation agreements, bringing the total of nine agreements at this time.
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