Fiji [Oceania], October1: Lakeba's pine industry has earned about $8,500 in royalties since commercial harvesting began in June this year.
The government is projecting $4.6 million in royalties over the next five years.
Forestry Minister Alitia Bainivalu says 2,301 logs, totalling more than 283 cubic metres, have been delivered between June and September.
She says there was no commercial pine income for Yavusas from 2023 to 2025, as harvesting had not yet started.
Bainivalu says the Lakeba Trust receives $30 for every cubic metre of pine supplied to buyers.
Over the next five years, Government expects the Trust to receive about $4.6 million s in royalties as harvesting increases.
The industry is also expected to create jobs in logging, transport and sawmilling.
Government has allocated $2 million for the Wainiyabia Jetty, while a 14-kilometre road and sawmill upgrades are also planned.
Bainivalu says a proposed dividend policy would see 25 per cent of net profits paid to the Lakeba Trust from 2027 to 2029, rising to 30 per cent from 2030.
The Trust will then distribute the benefits among Lakeba's eight villages and Yavusas under its established rules.
Source: Fijian Broadcasting Cooperation