Kumul Minerals launched

ANOTHER Kumul business division has been launched in Port Moresby.
Kumul Minerals launched Kumul Minerals launched Kumul Minerals launched Kumul Minerals launched Kumul Minerals launched

It is the third, called Kumul Minerals Holdings, spun out of predecessor Petromin Holdings.

EMTV News reported that the new entity is "the result of the government's broad reform policy on state-owned commercial entities, in particular the Kumul companies".

Kumul Minerals will manage the country's mining assets, while its sister company Kumul Petroleum Holdings is already managing the country's oil and gas assets.

Kumul MD Thomas Abe said Kumul Minerals would start out small, but would grow. More than a passive investor, Abe said the company wanted to be a partner which provided benefits to companies that take risks to invest in the mineral sector.

"Ultimately we must build up a portfolio of assets that appreciate in value - and eventually provides dividends back to the people of PNG," Abe said.

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