The Minister for Finance, Professor Biman Prasad received a royalty cheque of $3.6 million from the Minister for Lands and Mineral Resources, Filimoni Vosarogo on Thursday.
During the royalty payment handover, Vosarogo said though Fiji is a relatively small producer of minerals compared to many other countries, the mineral sector still plays an important role in the country’s economy.
“The payout is for the 20 per cent mineral royalty share to the State since the enactment of the Mineral Royalty Fair Share Act in 2018.”
“The payout is facilitated by the Ministry of Lands and Mineral Resources which collects mineral royalties on behalf of the State, as the owner of minerals, via the Mineral Resources Department,” Vosarogo added.
Prof Prasad said though the mining sector contributes to two per cent of the total GDP of Fiji, has a total value of $120 million and provides over 2000 jobs.
“We are in the process of formulating our next Budget, and it is important for any government to look at revenue potential at all times.”
“This is a very timely contribution from the Ministry of Lands, and we really appreciate it,” Prof Prasad said.