Deputy Prime Minister and Minister for Finance Professor Biman Prasad has received a royalty cheque from Minister for Lands Filimoni Vosarogo amounting to $3,673,668.25.
Professor Prasad says even though the mining sector contributes to 2 percent to Fiji’s total GDP, it has a total value of $120 million and provides over 2,000 jobs.
He says they are in the process of formulating the next budget and it is important for any government to look at revenue potential at all times.
Professor Prasad says this is a very timely contribution from the Ministry of Lands and they really appreciate it.
Vosarogo says although Fiji is a relatively small producer of minerals compared to many other countries, the mineral sector still plays an important role in the country’s economy.
The payout is for the 20 percent mineral royalty share to the State since the enactment of the Mineral Royalty Fair Share Act in 2018.
Payout is facilitated by the Ministry of Lands and Mineral Resources which collects mineral royalties on behalf of the State, as the owner of minerals, via the Mineral Resources Department.
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