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The government puts profits from the mining into a trust for the islanders. This trust reached a peak of A$1 billion, returning approximately 14% annually. Poor investments and corruption have left the trust fund nearly empty and therefore Nauru with little money. In the year 1948, revenues from phosphate mining were A$745,000.
Phosphate mining, Nauru, 1919. The effects of phosphate mining in Nauru have had significant negative impacts on the island's environment and economy. [1] One of the most prominent effects of the phosphate mining in Nauru is the extensive environmental degradation that has occurred as a result of the extraction of phosphates. [2]
The Nauru Rehabilitation Corporation is a state-owned enterprise established by the Republic of Nauru in May 1999, following the passing of the Nauru Rehabilitation Corporation Act in July 1997. Its primary mission is to rehabilitate land destroyed by the phosphate industry , both before and after its independence, making them once again ...
In the same year the Nauru government budget shows that income from licensing foreign fishing vessels was over US$3,000,000. Nauru needs to import almost all basic and capital goods, including food, water, fuel, and manufactured goods, with Australia and New Zealand as its major import sources. In 2004 Nauru's imports totaled about US$19.8 million.
The British Phosphate Commissioners (BPC) was a board of Australian, British, and New Zealand representatives who managed extraction of phosphate from Christmas Island, Nauru, and Banaba (Ocean Island) from 1920 until 1981. [1] Nauru was a mandate territory governed on behalf of Nauru by Australia, Britain and New Zealand.
In 1970, the newly independent government of Nauru purchased the mining rights to the island's lucrative phosphate mines from their previous colonial ruler, Australia, for A$21 million. The mines brought considerable wealth to the tiny island of Nauru, with the industry bringing in around A$100–120 million annually.
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