Nauru Phosphate Corporation
From Wikipedia, the free encyclopedia
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.
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[edit] History
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.
[edit] Investments
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 two of five hi-rise luxury condos in Hawaii, on the island of Oahu. The five towers (two 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] Prominent Nauruans associated with the NPC
A number of prominent Nauruans, notably René Harris, who have headed the Nauru Phosphate Corporation, have gone on to serve as President of Nauru.
[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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