Kumul Minerals is the parent or holding company for a number of subsidiaries. Those subsidiaries are below.
Eda Minerals Limited
Eda Minerals holds the 17.04% State interests in the Bougainville Copper Limited. That share would be transferred to the Autonomous Region of Bougainville per the Prime Minister’s commitment when all necessary conditions are ready. On transfer, this company will be available for all other mineral project investments that are brought on board. This subsidiary has a three directors Board system for its management and operations.
Eda Kopa Limited
The famous Solwara 1 Project is managed under this subsidiary. Kumul Minerals’ predecessor, Petromin made an investment of US$120 million to secure a fifteen percent (15%) interest stake in the Solwara 1 Deep Sea Mining. Many criticized that move a bad investment decision. Kumul Minerals plans to exit the project by selling the held stocks to any interested parties of interest as part of its Business Plan. This subsidiary could be retained for Copper Projects Investments in Frieda, Yandera and the Copper Smelter Refinery business concept. At the moment, Eda Kopa Limited has two directors who report to Kumul Minerals.
Eda LNG Limited
Once Exxon Mobil pays the US$9 million outstanding of the investment by the forerunner, Petromin, this subsidiary would be de-registered. There is one director in charge of its name.
Eda Energy Limited
Eda Energy Limited is a carry-over from Petromin. A cash call was made for 10% equity in the Pasca Gas Project by Twinza to Petromin in which it made a commercial decision to invest into it. Petromin was a non-operating joint venture at that time. The sale of ten percent (10%) equity in Pacas to be made once PDL is issued. However, through the Kumul Authorization Act, all Petroleum assets were transferred to Kumul Petroleum Holdings Limited in 2016. For that decision Kumul Minerals Holdings Limited formerly Petromn was to be paid its investments, less outstanding cash calls.
After the close of transaction, the subsidiary will be deregistered and cease to be a subsidiary of Kumul Minerals. As such, it does not form part of the Company’s corporate structure.
Kumul Minerals Ok Tedi Limited
Kumul Minerals Ok Tedi Limited holds the majority share of sixty seven percent (67%) in the Ok Tedi Mine and is the only income earning subsidiary (through dividend) to date. The subsidiary is represented by three directors (who are also directors of Kumul Minerals Board) who make representations to the Ok Tedi Mining Limited Board.
Kumul Minerals Porgera Limited
The Kumul Minerals Porgera Limited is a partner to the New Porgera incorporated joint venture arrangement for the soon to be re-opened Porgera Gold Mine. It holds thirty six percent (36%) stake in the new structure. It has three (3) directors on New Porgera Limited, the incorporated joint venture company.
Kumul Minerals Exploration Limited
This subsidiary is responsible for the mineral exploration business of Kumul Minerals and is represented by four directors. It will not have direct field exploration but will apply for and secure target exploration tenements and farm-out those prospects to experienced explorers to partner in developing the mineral resource.
Kumul Minerals Wafi Golpu Limited
Kumul Minerals Wafi Golpu Limited is only a proposed company and will be incorporated once all negotiations are completed. It will be the joint venture partner in the Wafi Golpu Copper Gold Project.