Future Groote Cultural Economy

GHAC is moving quickly but diligently to realise the ANL’s vision of achieving a perpetual “Future Groote Cultural Economy” and controlling our destiny via strategic investments and partnerships.

The initial investments in infrastructure are targeted towards assets that will facilitate the ongoing economic development activities on Groote.

With income streams from the Winchelsea Mining Pty Ltd, a JV between Anindilyakwa Advancement Aboriginal Corporation “AAAC” (Bara/Jaragba Clan owned) and AusChina International Mining Pty Ltd “ACIM”.  Seed capital can be invested into developing our enterprises.

The Local Decision Making Agreement link (LDMA) provides a pathway to self-determination and economic independence for the Anindilyakwa people and significant progress continues to be made against the actions detailed in each implementation plan.

The Gemco mine has operated on Groote Eylandt for over half-a-century and pays millions of dollars in statutory royalties to the NT Government each year. The ALC receives the equivalent of those statutory royalty monies from the Federally-administered Aboriginal Benefits Account for distribution to mining affected Traditional Owners or their Aboriginal Corporations. The ALC allocates about $40 million a year of this royalty money on Indigenous social, cultural and job-creation programs across the archipelago for the benefit of Traditional Owners.

In addition to the statutory royalty payments, Gemco also pays negotiated royalties and rents into two Aboriginal trust accounts; one set-up by the Church Missionary Society in 1969 called the Groote Eylandt Aboriginal Trust (GEAT) and the second set up by the ALC in 2006 called the Anindilyakwa Mining Trust (AMT). Around 85 percent of the money received into these trust accounts comes from the negotiated mining royalties with the remainder mostly coming from fund investment returns. While the GEAT money can only be used for charitable purposes, the AMT money can be directed toward other programs and initiatives.

The intent is for the trusts to essentially act as a superannuation fund for the Traditional Owners and replace some of the royalty income lost when Gemco mining ceases in about 7 years. Generating $40 million in investment return each year will require the AMT account to hold about $650 million. Taking into account future royalty receipts, investment returns and planned capital spending, there is a shortfall of around $60 million that the Winchelsea Mine profits needs to find and inject into the AMT.

Funding

Funding of these projects will come from a number of known sources.
With worldwide demand for batteries increasing GHAC are sitting on a substantial asset base to leverage economic development.