November set-up for mine trust fund
Friday August 24, 2007

The establishment of the Vatukoula Rehabilitation Trust Fund, with the first installment of $1.5 million will take place in November, three months after Australian company; Westech Gold Pty Ltd signed a deed with the Fiji government to re-open the Vatukoula Gold Mine.

Minister for Lands and Mineral Resources, Tevita Vuibau says under the deed, Westech Gold Pty has agreed to contribute and establish, with government's assistance, a Rehabilitation Trust Fund of $6 million.

The establishment of the Fund with the first installment of $1.5 million is to take place within 3 months from 10 August 2007, the signing date of the deed, he said.

The fund will provide for the remediation, to the greatest extent possible, of the environmental, economic and social aspects to the community of Vatukoula as a result of the mine closure.

It is also to allow more specifically for the creation and maintenance of social assistance, job creation and re-skilling programmes for the former employees of EGM and the general community of Vatukoula, he added.

Vuibau says the Rehabilitation Trust Fund will be administered by a 6 member Trustee body that includes specifically a member from the Vatukoula community and a representative of former employees.

To maintain equity in the operation of the Fund, the Fund will be chaired by a government appointee.