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In the early years of the Nauru Phosphate Royalties Development Trust, it financed the construction of two of five high-rise luxury condos in Hawaii (on the island of Oahu). The five towers (two completed as of October 2005) are on prime Honolulu real estate with ocean views and represent a benchmark in Honolulu luxury high-rises.
Ellis' discovery of phosphate excited John T. Arundel of the Pacific Islands Company and the company decided to pursue rights and access to Nauru's lucrative resource. The negotiations to pursue rights to the phosphate involved four parties: the British and German governments, the newly reorganised Pacific Phosphate Company, and Jaluit-Gesellschaft (a German mining company that had been ...
Today the twelve tribes are represented by the twelve-pointed star in the flag of Nauru. Phosphate was discovered on Nauru in 1900 by the prospector Albert Ellis. [10] The Pacific Phosphate Company started to exploit the reserves in 1906 by agreement with Germany. The company exported its first shipment in 1907. [11] [12]
The Nauru Phosphate Royalties Trust (NPRT) was a sovereign wealth fund developed by the government of the Republic of Nauru in which the government invested money from the state-owned mining company, Nauru Phosphate Corporation.
The British Phosphate Commissioners (BPC) was a board of Australian, British, and New Zealand representatives who managed extraction of phosphate from Christmas Island, Nauru, and Banaba (Ocean Island) from 1920 until 1981. [1] Nauru was a mandate territory governed on behalf of Nauru by Australia, Britain and New Zealand.
Nauru has been a cash economy since at least 2004, after the Bank of Nauru and the Republic of Nauru Finance Corporation went bankrupt and ceased operations in the early 2000s and the licenses of all offshore banks were revoked by the Nauru government in 2004. [17] Nauru uses the Australian dollar for its currency.
The Nauru Rehabilitation Corporation is a state-owned enterprise established by the Republic of Nauru in May 1999, following the passing of the Nauru Rehabilitation Corporation Act in July 1997. Its primary mission is to rehabilitate land destroyed by the phosphate industry , both before and after its independence, making them once again ...
Phosphate was discovered on Nauru in 1900 by the prospector Albert Fuller Ellis. [36] [30] The Pacific Phosphate Company began to exploit the reserves in 1906 by agreement with Germany, exporting its first shipment in 1907. [29] [40] In 1914, following the outbreak of World War I, Nauru was captured by Australian troops.