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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 ...
In 1970, the newly independent government of Nauru purchased the mining rights to the island's lucrative phosphate mines from their previous colonial ruler, Australia, for A$21 million. The mines brought considerable wealth to the tiny island of Nauru, with the industry bringing in around A$100–120 million annually.
In the years after independence in 1968, Nauru possessed the highest GDP per capita in the world due to its rich phosphate deposits. In anticipation of the exhaustion of phosphate deposits, a substantial amount of the income from phosphates was invested in trust funds aiming to help cushion the transition and provide for Nauru's economic future.
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 effects of phosphate mining in Nauru have had significant negative impacts on the island's environment and economy. [158] One of the most prominent effects of the phosphate mining in Nauru is the extensive environmental degradation that has occurred as a result of the extraction of phosphates. [159]
Roughly 80% of Nauru has been decimated by strip mining. The effects of phosphate mining in Nauru have had significant negative impacts on the island's environment and economy. [1] One of the most prominent effects of the phosphate mining in Nauru is the extensive environmental degradation that has occurred as a result of the extraction of ...
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.