PNG's MRDC INVESTMENTS GROW

Mineral Resources Development Company, recently commissioned a new 10-million Kina Pearl Resort in Fiji - its first major development project outside of Papua New Guinea.

Whilst declaring this to become a world class tourist resort, Chairman, Sir Manasupe Zurenuoc during the commissioning, expressed reservations about this investment.

But, he says he's satisfied, it has the hallmarks for a successful project and the owners should be proud that their resort is the envy of others in a competitive market.

The completion of the marina marks the first major milestone within the 22-month overall development programme. 

Sir Manasupe says since taking over the hotel and the 200 acre freehold golf course last August, MRDC had set a course to developing a further 150 rooms in addition to the existing 80 rooms, a marina, new conference facilities, a wellness centre, chapel and new food and beverage outlets. 

The total construction budget was 108 million kina and not 239 point 7 million kina as reported by the media.

The overall project had sought a 50 point 8 million kina construction loan that would improve investor returns within MRDC guidelines. 

MRDC investments over the past several years had drawn political and public criticism and the recent casino debacle has forced the trustee investment company to review its investment strategy, but more importantly the management of these investments.