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McArthur River Mine Community Benefits Trust Agreement | ||
| Date: | 4 July 2007 | |
| Sub Category: | Funding Agreement | |
| Place: | McArthur River | |
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| State/Country: | Northern Territory, Australia | |
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| Payments: | ||
| Subject Matter: | | Consultation | Economic Development | Employment and Training | Health and Community Services | | Management / Administration | Mining and Minerals | |
| Summary Information: | ||
| On 4 July 2007 McArthur River Mining entered into an agreement with the Northern Territory Government to create the McArthur Riving Mining Community Benefits Trust ('the Trust'). The Trust aims to be a means of providing social and economic benefits to the local community. | ||
| Detailed Information: | ||
| Aims The Agreement aims to: - enable the sustainable development of the community; - establish community infrastructure enabling job creation, new enterprises and better social and health outcomes; and, - improve the positive impact of the mine on the local community. The Trust is particularly committed to projects which will develop employment, training and business in the community, but also those which benefit the environment, education, social development, health, culture and art. Funding McArthur River Mining commits $32 million over 21 years (the life of mine) to funding the Agreement. Advance payments of $1.25 - $1.35 million (indexed to CPI) are to be made each year. The Trust will also be able to seek government funding for specific projects. In addition, McArthur River Mining and the Northern Territory Government agree to provide in-kind support to the Trust including management, advice, a Project Officer and a Secretariat. Trust Structure The Trust will be managed by a Trustee Board comprising 9 directors: 2 nominated by the NT Government, 2 nominated by McArthur River Mining, 1 elected by community members and 4 representing Indigenous members. Trustee members include McArthur River Mining and the NT Government ('Foundation Members'); groups which are representative of the community ('Community Members') and groups which are nominated as 'Indigenous Members'. The Trust is to produce an Annual Plan each year outlining priorities, projects and funding. The Annual Plan is to be developed in consultation with the community and stakeholders and must be approved by McArthur River Mining and the NT Government. The Plan is to be implemented and the Trust administered by a Project Officer and a Secretariat, provided by McArthur River Mining and the NT Government. Projects Projects must be for a charitable purpose, consistent with the Annual Plan and the aims of the Trust, and recommended by the Allocation and Investment Committee. Projects which are not for a charitable purpose, which fund funerals, or which are payments to individuals are excluded. Review McArthur River Management will report to the NT Government each six months on its funding. The Trust is to be reviewed after 7.5 years and then after each 8 year period. | ||
Related Entries |
| Organisation |
Glossary |
| Charitable Trust (Australia) |
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