Over $66,000 royalty paid out to Nasomo landowners
May 22, 2020 4:30 pm
The Nasomo Landowners Trust members today received over $66, 000 in mineral royalty fair share. [Source: Fijian Government]
The Nasomo Landowners Trust members today received over $66, 000 in mineral royalty fair share.
Lands Minister Jone Usamate says the 7th payout is the result of the gold and silver mined from beneath Nasomo land from last December to February this year.
Usamate says approximately $66, 665 will be equitably distributed or shared amongst one hundred and twenty-three members.
He says the payout is per the Fair Share of Mineral Royalties Act 2018 which states that 80% of mineral royalties be given to landowning units and 20% retained by the State.
Usamate says since 2018, $5.7 million worth of royalty fair share has been distributed to landowners and landowning units, of which $460, 000 were paid to the Nasomo Landowners Trust.
He adds these royalties are earned predominantly from bauxite, gold, and silver whereby approximately $1.4 million is retained by the State.