|
Nauru Phosphate Corporation - Definition and Overview |
|
|
|
|
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 alleged corruption has left Nauru with little money.
External links
|
|
|
