123 members of the Nasomo Landowners Trust each got $531.95 today in the seventh payout for the fair share of mineral royalties from the government.
While speaking at the handover, Minister for Lands Jone Usamate says this payout is the result of the gold and silver mined from beneath Nasomo land for the period between December 2019 to February 2020 with a total of approximately $66,665 to be equitably distributed or shared amongst 123 Nasomo Landowners Trust members.
He says this payout is in accordance to Section 5 of the Fair Share of Mineral Royalties Act 2018 which states that 80% of mineral royalties be given to landowning units or customary fishing rights holders and 20% retained by the State.
He says from 2018 to date, a total mineral royalty fair share of $5.7M has been distributed to landowners and landowning units of which $460,000 was paid to the Nasomo Landowners Trust.
Usamate says these royalties are earned predominantly from bauxite, gold and silver whereby approximately $1.4M is retained by the State.
He also said it is imperative that all recipients sustainably manage these funds and utilize it wisely.
Usamate says he is greatly encouraged by the decision made by Trust members to contribute a portion of their funds to the Nasomo Community Development Fund.
