Nauru Phosphate Corporation
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The Nauru Phosphate Corporation (NPC) is a government-owned company controlling phosphate mining in Nauru. The economy of Nauru is almost wholly dependent on phosphate which has led to environmental catastrophe. The island's phosphate deposits were depleted by 2000 although it is believed that some small-scale mining is still in progress.
In 1906 the Pacific Phosphate Company started mining phosphates with the support of the German government. After World War I Nauru was given in trust to Britain, Australia and New Zealand. They established the British Phosphate Commissioners, who took over the rights to the phosphates.
In 1967 the Nauruans purchased the assets of the British Phosphate Commissioners and in 1970 the newly independent Nauru nationalised the company.
The government puts profits from the mining into a trust for the islanders. However poor investments and corruption have left Nauru with little money.
Yet, the Nauru Phosphate Royalties Development group has constructed 2 of 5 hi-rise luxury condos in Hawaii, on the island of Oahu. The 5 towers (2 completed as of 10/05) are located on prime Honolulu real estate with ocean views, and represent a benchmark in Honolulu luxury high-rises. Other investments included Nauru House in Melbourne and Hawaiki Tower in Honolulu.
[edit] External links
- This American Life radio episode on the phosphate history of Nauru
- Nauru on the verge of bankruptcy
- Photographs of the mining
- NPC Memorandum and more informations (PDF)
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