March 27, 2010

Vatukoula Fund Trust to be set up

The body tasked with disbursing a $6mill over 5 year payout from the Vatukoula Gold Mine (VGM) Social Trust Deed is to be set up soon.

Membership will comprise 2 reps from Government and 4 reps from the gold-mining community in Vatukoula. The Fund is expected to benefit all but those who have been re-engaged with the mine.

This fund is also expected to cater for 917 redundant workers and the payout is equivalent to approximately $1300 per worker per year for 5 years which really is not a heck of alot if our mathematic skills are still up to par. To qualify for this money redundant mine workers must vacate company quarters.

The payout is a small price to pay considering the nice spike in VGM's profits

Watch the Mineral Resources Permanent Secretary, Maria Matavewa explain the situation. Matavewa incidently is in charge of all mining license applications in Fiji, so we would say she would primarily be the one to target when all the mining starts stuffing up living conditions for the rural communities in the vicinity of mining operations:

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