The Kumul Minerals’ Corporate Plan 2023-2027 (“Corporate Plan “) is a guide to our corporate structure which entails multiple business units. It describes where our overall business is heading and outlines a roadmap to get there.
The Corporate Plan has been prepared in accordance with the Kumul Act. It defines us through our vision, mission and core value statements. These fundamentals are expounded by Strategic Priorities or Focus Areas which leads to the development of our Strategic Business Plan.
The Kumul Act provides that Kumul Minerals and its subsidiaries are not instrumentalities of the State, and their assets are not public assets. Furthermore, the Company is a State Nominee mandated to partake in any mineral portfolio in the Country by acquisition of share interests in accordance with the Mining Act (as mended) 1992 and Mining Regulation 1992. Sitting at the top is Kumul Minerals Trustee tied in to Kumul Minerals Holdings by the Kumul Minerals Trust Deed. The Trustee is the person who holds the office of the Prime Minister from time to time and he holds the interests in Kumul Minerals for and on behalf of the People of Papua New Guinea.
Kumul Minerals Holdings Limited as a body incorporate formally commenced business on July 1st, 2016.
Kumul Minerals’ mandate is stipulated under Section 7 of the Kumul Minerals Holdings Limited Authorisation Act 2015, and it includes the following key roles: –
* To participate directly and indirectly in mineral resource projects as State Nominee or through separate investment programs for the benefit of the State.
* To venture into mineral industry and operate mining related businesses in PNG covering upstream, midstream, and downstream activities.
*To maximise the value of the shareholder’s investment in the Company.
The Company’s general business attitude include: –
* Endeavor amidst economic, financial and technological constraints.
* Sensitive to the needs of the physical environment in which it operates.
* Take actions or in actions consistent with principles and best practice of carrying out my programs.
* Socially and environmentally responsible in accordance with Equator Principal Considerations.
* Do all things under a well synchronized coordination management system to achieve business objectives.
ALIGNMENT WITH THE GOVERNMENT STRATEGIC VISION
Kumul Minerals’ Corporate Plan underpins the Government Development Agenda of Vision 2050, PNG Development Strategic Plan 2010-2030 and Medium-Term Development Strategy IV 2023- 2027. It further captures and reflects the Company’s Mandate under the Kumul Minerals Holdings Limited Authorization Act 2015.