Corporate Responsibility
Social responsibility
As part of the acquisition the company entered into the Vatukoula rehabilitation trust deed, whose primary remit is the remediation of the environmental and social aspects of the local community around Vatukoula Gold Mine. VGM Plc has gladly taken this responsibility and has committed to continue giving funds to the trust going forward.
In December 2009 VGM signed the Social Assistance Trust which was established to support those members of the Vatukoula community who were previously employed at the mine at the time of the mine closure in December 2006, but who have not been able to find employment. This group will be provided assistance at the Trust's direction, with retraining, relocation, and any other such requirements that they may have.
Vatukoula Gold Mines Ltd will provide a total of Fijian $6.0 million (approx. US$ 3.23 million), payable over 5 years to the fund, with the first amount of Fijian $1.5 million (approx. US$ 0.77million) payed on the 8th March 2010, and the balance in equal instalments over 4 years on the anniversary of completion. The fund will be administered by a total of eight trustees, four appointed by Vatukoula Gold Mines Ltd, and two each appointed by the government of Fiji and the former employees made redundant and not re-employed.