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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.
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 ...
Roughly 80% of Nauru has been decimated by strip mining. 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 ...
Nauru has been a cash economy since at least 2004, after the Bank of Nauru and the Republic of Nauru Finance Corporation went bankrupt and ceased operations in the early 2000s and the licenses of all offshore banks were revoked by the Nauru government in 2004. [17] Nauru uses the Australian dollar for its currency.
The tiny Pacific island nation of Nauru has notified a U.N. body of plans to start deep-sea mining, giving the International Seabed Authority (ISA) two years to complete long-running talks on ...
The government of Nauru stated that Nauru has proudly taken a leading role in developing the international legal framework governing seafloor nodules in the international seabed area (the Area). [18] The authorities further stated that the Draft Exploitation Regulations have been in development for a long time, and are ready to be adopted in a ...
The effects of phosphate mining in Nauru have had significant negative impacts on the island's environment and economy. [158] 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. [159]
On the tiny island nation, which has a land area of just 21.1 sq km (8.1 sq miles), China's state television CCTV has moved even more quickly, filing its first report from Nauru on the same day ...