Fisherfolk and stakeholders who were affected by the the Rio Cobre pollution, during the period of July 26 to August 4 this year, are to receive $16 million dollars in compensation.
This comes from the $117 millilon dollar Environmental Performance Bond, which the National Environment & Planning Agency, NEPA has drawn down from bauxite company, Windalco.
The National Water Commission and the National Irrigation Commission, both claimed for compensation for revenue and operational losses.
Both agencies will split a total of $60 million dollars.
NWC will get the larger cut of that figure, close to $43 million dollars.
The scale of the economic impact and cost of restorative work and social impacts have been assessed to exceed $200 million dollars.
That is well beyond the value of the company’s performance bond.
The details were disclosed today in a press release from the Ministry of Economic Growth and Job Creation.
Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator Matthew Samuda says the language of the Bond was assessed and certain weaknesses became apparent.
He notes that going forward, the weaknesses will be addressed when new Bonds are being issued.
