NATION

$57,002.47 Payout In Mineral Royalties

He requested the recipients of the mineral royalty fair share to man­age their funds to ensure that their future generation continues to reap the benefits of these mineral royal­ties.
09 May 2019 01:17
$57,002.47 Payout In Mineral Royalties
Minister for Lands Ashneel Sudhakar (middle) outside the Nasomo Community Hall. Photo: DEPTFO News

Nasomo Landowners Trust payout aligned to Fair Share of Mineral Royalties Act 2018: Sudhakar.

Nasomo Landowners Trust yesterday received $57,002.47 payout for the period December 2018 to February 2019.

It is the third payout of the fair share of gold and silver royalties for Landowners Trust.

This was to be equitably distrib­uted among 123 Trust members.

Minister for Lands Ashneel Sud­hakar said the payout was aligned to Fair Share of Mineral Royalties Act 2018, which stated that 80 per cent of mineral royalties be given to landowning units and 20 per cent would be retained by the State.

“Mineral ownership remains vest­ed in the State, but the Bainimara­ma Government, your government, saw it fit as compared to previous governments, to recognise the con­tribution of landowners that allow the use of their land to facilitate mineral development,” he said.

“This in itself entails landowners as partners in national economic development and nation building.”

Mr Sudhakar said the Nasomo Landowners Trust would periodi­cally receive gold and silver royalty payouts as long as the Vatukoula Gold Mines remained in operation.

“The Vatukoula Gold Mines man­agement also need your full sup­port in securing the future of min­ing in Vatukoula.

“Vatukoula Gold Mines Limited, as holders of the Vatukoula mining leases, has and continues to make significant capital investment to modernise mine infrastructure, im­prove underground working condi­tions, ensure cost-effective power generation and also improve gold recovery in its milling process.”

Mr Sudhakar also stated that the mine had plans to ramp up produc­tion and any increase in gold pro­duction would result in increased earnings for the mining company as well as the State, which would re­sult in an increased share of min­eral royalties to the Nasomo Land­owners Trust.

“Hence your support plays a vital role in ensuring the continuity or longevity of mining in Vatukoula, which in turn, will immensely con­tribute to the economic growth of our beloved country.”

He requested the recipients of the mineral royalty fair share to man­age their funds to ensure that their future generation continues to reap the benefits of these mineral royal­ties.

Trust member Paulini Naitoko, 57, said she was proud of how the Government had been helping the Nasomo people.

She said with the third payout, the villagers have been using their money to do house renovations and for daily living, especially for their children.

“I will save half of my money and use the rest for my house renova­tion,” she said.

She added that they as villagers must work hand in hand and use the money wisely.

Edited by Percy Kean

selita.bolanavanua@fijisun.com.fj

 

Subscribe to E-Edition
pacific island top up
Air Nuigini
Subscribe-to-Newspaper
Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: