Thursday, November 11, 2010

MRDC acquires Hevi Lift for LNG project ops

MINERAL Resources Development Co (MRDC) has acquired Hevi Lift (PNG) Pty Ltd and contracted to ExxonMobil for LNG-related aviation services, The National reports.

MRDC managing director Augustine Mano revealed this last week during the launching of MRDC’s website (

However, Mano did not disclose the cost of acquiring the aviation company, which took place last December.

Mano said the acquisition of Hevi Lift’s 50% shareholding was through a consortium of Mineral Resources Star Mountain, Petroleum Resources Kutbu, Petroleum Resources Gobe and Petroleum Resources Moran.

He also disclosed raising K250 million to buy MRDC’s stake on behalf of the landowners companies in the PNG LNG project.

Mano said the company had opened up  several  offices offshore, making MRDC the first multinational company collectively owned by resource-owners to have established offices abroad.

“We will be the first multinational company to have established offices in Indonesia, Shangai in China and Myanmar, with Thailand to follow suit.

“From an initial K600 million in 2008 since the transfer of the State equity interest for Eda Oil to Petromin and withdrawal of Mineral Resource Lihir, MRDC has now K1.2 billion in assets and investment portfolio,” Mano said.

Acknowledging the MRDC challenges ahead, he said his management and board were determined and positive to deliver benefits that were required and expected from.



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