Nasomo landowners receive 12th royalty payout
September 28, 2021 3:27 pm
The Government has paid out approximately $885, 500 to the Nasomo Landowners Trust in Vatukoula as a fair share of mineral royalties.
The royalties are paid for gold and silver mined by Vatukoula Gold Mines Limited.
This payout is aligned to Regulation Five, of the Fair Share of Mineral Royalties Act 2018, which states that 80 percent of mineral royalties be given to landowning units and 20 percent to be retained by the State.
This is the 12th royalty payout since the inception of the Act.
In this recent payout, a total of $76, 676 royalty payment was made to 123 Nasomo landowners.
Deductions for investment under Unit Trust and Community Fund were undertaken prior to the payment.
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.
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 landowning communities.
The royalty payout boosts economic activities in the surrounding rural areas and also improves livelihoods which are aligned to Government’s vision for equitable benefit sharing.