MRDC was incorporated on 27th May 1975 under the Companies Ordinance 1966. It was not until 1981 that it became fully functional as a company entrusted with the duty to manage mining and petroleum resource equity interests on behalf of the State and Landowners. Followings are the major historical events MRDC has gone through.

In 1996 MRDC was subjected to a partial privatization of its major interests resulting in the creation of Orogen Minerals Limited (OML), of which it held 51 percent controlling shares while other major corporate bodies and individuals collectively held the remaining 49 per cent in Papua New Guinea and overseas.

Following this exercise, MRDC was made to settle to its newly acquired role as primarily, the manager of landowner and provincial government interests in Papua New Guinea's major resource projects as well as acquiring interests on behalf of the State and then on-sold the State's equity interest to OML.