Mineral Resources Development Company Limited (MRDC) was established in 1975 and is 100% owned by the Government of Papua New Guinea.
[1] MRDC is governed by a board of directors, which is chaired by Isacc Lupari by virtue of his position as 'Chief Secretary' of the State.
In October 2011, Mano's appointment was terminated by acting Prime Minister Belden Namah, upon allegations that the MRDC had made improper investments under his management.
MRDC was again restructured in 2007, with the formation of Petromin PNG Holdings Limited, which took control of the last State asset, the 20.5% equity interest in the Moran Petroleum Project.
[5] MRDC Group holds the following Interests of Landowners and Provincial Governments in Mining and Petroleum Projects in PNG.