A collective of landowners in Drasa, Lautoka, is set to receive $6 million in lease payments next week. This disbursement is seen as a celebration of their achievements as resource owners, benefiting from a successful pine industry model established in the 1970s, according to the Fiji Pine Group of Companies.
The company noted that 2024 has been a year of growth despite facing several challenges as it seeks to enhance various operational areas. Lease security bonus payments will be distributed at the company headquarters on Wednesday, where heads and representatives from the numerous landowning units, known as Mataqali, will convene to commemorate a successful operational year.
These events are significant as Mataqali members plan their projects within their respective villages, aided by the financial support from the cheque they receive. The business opportunities generated within the villages have been substantial for pine landowners, who have consistently capitalized on these annual bonus payments.
Since 2013, lease bonus payments have opened up numerous possibilities and business ventures for thousands of landowning units, with the initial payout being relatively modest at around $661,835, equivalent to $10 per hectare of pine plantations. This amount rose to over $1 million the subsequent year when Fiji Pine Limited increased the payout to $15.50 per hectare.
To date, the Fiji Pine Group has distributed at least $25 million in lease security bonus payments to pine landowners.