123 members of the Nasomo Landowners Trust were all smiles today as they received approximately $46,400 in royalties from the government and the money will be equally distributed amongst the Trust members.
Since the Fair Share of Mineral Royalty Act was enacted in May, 2018, the government has paid approximately $230,000 to the Nasomo Landowners Trust as fair share of mineral royalty for gold and silver mined or extracted by Vatukoula Gold Mines Limited from under Nasomo Trust Land.
The Manager of Mining Division, Raymond Mohammed says under the Fair Share of Mineral Royalty Act, 80 percent of mineral royalties has to be given to landowning units that host mining projects and 20 percent of the royalty has to be retained by the State.
Mohammed says the Nasomo Landowners Trust will continue to receive gold and silver royalty payout as long as the Vatukoula Gold Mines Limited remains in operation.
Mohammed says mineral ownership remains vested in the State but the Bainimarama government saw it fit compared to previous governments, to recognise the contribution of landowners that allow the use of their land to facilitate mineral development.
He adds that the Mine has plans to ramp up production and any increase in gold production will result in increased share of mineral royalties to the Nasomo Landowners Trust.
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