NEWS

Govt Works on Royalty Payment Formula

Government is now working on a new formula on the distribution of royalty payments to landowners. The Minister for Lands and Mineral Resources, Mereseini Vuniwaqa told Parliament that under section
26 Sep 2015 10:43
Govt Works on Royalty Payment Formula

Government is now working on a new formula on the distribution of royalty payments to landowners. The Minister for Lands and Mineral Resources, Mereseini Vuniwaqa told Parliament that under section 30 of the Constitution the landowners, would for the fi rst time, have a fair share of royalties. When the review is completed, she said they would be in a position to reveal the payment formula. She said the ministry plans to start using the formula next year. Mrs Vuniwaqa also clarifi ed a point raised by an Opposition member on a supposed $600,000 royalty for Nawailevu in Bua. The $600,000 she said, was money given by Aurum Exploration Fiji Limited, the company mining bauxite to assist with the welfare of Nawailevu’s future generation. She confirmed that the Nawailevu people had yet to get their fair share of royalty. Right now she said all royalties had been held in trust by the Government.




Fiji Sun Instagram
Subscribe-to-Newspaper
error: