123 members of the Nasomo Landowners Trust each got a payout of $501.21 for the fair share of mineral royalties from the government.
Speaking at the handover ceremony, Minister for Lands and Mineral Resources Jone Usamate says this payout is the result of the gold and silver mined from beneath Nasomo land for the period March 2020 to May 2020 with a total of approximately $61,650 to be equitably distributed or shared amongst 123 Nasomo Landowners Trust members.
Usamate says this payout is in harmony to Section 5 of the Fair Share of Mineral Royalties Act 2018 which explains that 80% of mineral royalties be given to landowning units or customary fishing rights holders and 20% retained by the State.
He says from 2018 until today, a total mineral royalty fair share of approximately $6.5M has been distributed to landowners and landowning units of which approximately $522,000 were paid to the Nasomo Landowners Trust.
Usamate says these royalties are earned predominantly from bauxite, gold and silver whereby approximately $1.6M retained by the State.
He has encouraged all recipients to sustainably manage these funds and spend it wisely.
