Pine Landowners to Receive $6m
“2024 has been a year of growth despite some challenges within the company as it attempts to make improvements in the many areas of operation,” a Fiji Pine statement said.
Thursday 24 October 2024 | 09:02
A group of landowners will receive $6 million in lease payment.
The pine landowners of Drasa, Lautoka, can expect this next week.
The payout marks a celebration of their success as resource owners, as they work in collaboration with a successful pine industry model created for them in the 70s, according to Fiji Pine Group of Companies.
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“2024 has been a year of growth despite some challenges within the company as it attempts to make improvements in the many areas of operation,” a Fiji Pine statement said.
“Lease security bonus payments will roll out once again at company headquarters next week Wednesday, when heads and representatives of the company’s thousands of landowning units (Mataqali) gather at Fiji Pine headquarters in Drasa, Lautoka to celebrate a successful year of operation.
“They are momentous occasions as mataqali members plan out their projects in their various villages and get a cheque to help them out with the projects.
“Business opportunities have been major in the village for pine landowners, and many have taken good advantage of these bonus payments every year.”
Lease bonus payments has created endless possibilities and business opportunities for thousands of landowning units since 2013, Fiji Pine said.
“It was way small in amount at the time – about $661, 835, for $10 per hectare of pine plantations,” the company said.
“It hit the $1m mark the following year when Fiji Pine Limited paid out $15.50 per hectare.”
Improving Returns Year-on-Year
To-date Fiji Pine group has paid out at least $25 million in LSBP to pine landowners (see table for breakdown).
Source: Fiji Pine
