Beginnings
In 1970, the newly independent government of Nauru purchased the mining rights to the islands 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. Annual government expenditures amounted to around A$30 million, thus giving the republic around A$80 million per annum. This surplus was then added to the trust.
Read more about this topic: Nauru Phosphate Royalties Trust
Famous quotes containing the word beginnings:
“[Many artists], even the greatest ones, are not sure of their own existence. So they search for proof, they judge, they condemn. It strengthens them, it is the beginnings of existence. They are alone!”
—Albert Camus (1913–1960)
“When the beginnings of self-destruction enter the heart it seems no bigger than a grain of sand.”
—John Cheever (1912–1982)
“The beginnings of altruism can be seen in children as early as the age of two. How then can we be so concerned that they count by the age of three, read by four, and walk with their hands across the overhead parallel bars by five, and not be concerned that they act with kindness to others?”
—Neil Kurshan (20th century)