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The Nauru Phosphate Royalties Trust (NPRT) was a sovereign wealth fund developed by the government of the Republic of Nauru in which the government invested money from the state-owned mining company, Nauru Phosphate Corporation.
In the early years of the Nauru Phosphate Royalties Development Trust, it financed the construction of two of five high-rise luxury condos in Hawaii (on the island of Oahu). The five towers (two completed as of October 2005) are on prime Honolulu real estate with ocean views and represent a benchmark in Honolulu luxury high-rises.
Ellis' discovery of phosphate excited John T. Arundel of the Pacific Islands Company and the company decided to pursue rights and access to Nauru's lucrative resource. The negotiations to pursue rights to the phosphate involved four parties: the British and German governments, the newly reorganised Pacific Phosphate Company, and Jaluit-Gesellschaft (a German mining company that had been ...
Nauru budget documents show two-thirds of government revenue last year came from fees paid by Australia to host a refugee processing centre, which began to be wound down in July.
Two Indian chemical companies have been indicted for allegedly importing ingredients for the highly addictive opioid fentanyl into the United States and Mexico, the U.S. Department of Justice said ...
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 ]
In the years after independence in 1968, Nauru possessed the highest GDP per capita in the world due to its rich phosphate deposits. In anticipation of the exhaustion of phosphate deposits, a substantial amount of the income from phosphates was invested in trust funds aiming to help cushion the transition and provide for Nauru's economic future.
[5] [121] Small-scale mining is still conducted by RONPhos, formerly known as the Nauru Phosphate Corporation. [5] The government places a percentage of RONPhos's earnings into the Nauru Phosphate Royalties Trust. The trust manages long-term investments, which were intended to support the citizens after the phosphate reserves were exhausted. [122]