The Fijian Government has paid out approximately $885,500.60 to the Nasomo Landowners Trust in Vatukoula as fair share of mineral royalties for gold and silver mined by Vatukoula Gold Mines Limited.
This payout is aligned to Regulation 5, of the Fair Share of Mineral Royalties Act 2018, which states that 80 per cent of mineral royalties be given to landowning units and 20 per cent to be retained by the State.
The Government has made its 12th royalty payout to the Nasomo Landowners Trust on 15th September, 2021 since the inception of the Act.
In this recent payout, a total of $76,676.86 royalty payments was made to 123 Nasomo landowners. Deductions for investment under Unit Trust and Community Fund were undertaken prior to the payment of royalties to the landowner’s respective bank accounts.
A sum of $20,000 was deducted for the Unit Trust investment and $1,230 to the Nasomo Community Fund for the refurbishment of their community hall and kindergarten. The landowners have commended the financial empowerment of the royalty payments which had improved their community.
This fair share payout to landowners contributes to national development through mining as a form of land use. Additionally, the payout assists in the socio economic development and empowerment of indigenous landowning communities.
In Government’s vision for equitable benefit sharing, the royalty payout boosts economic activities in the respective surrounding rural areas, and improve their livelihood.