The FWCACCT is managed by Far West Coast Investments. The aim of this assistance is to assist Far West Coast members with resources to facilitate and maintain a standard of living on an equitable level with the broader Australian community. The Trust Coordinator is based at the Ceduna Office.
Through the mining agreement with Iluka, funds were identified for use for the benefit of the FWCAC members. These funds are invested in the Far West Coast Aboriginal Community Charitable Trust, of which, funds are available on an annual basis for Members Assistance.
Applications can be made under a number of Assistance Categories, (all of which meet the requirements of the charitable objectives of the Far West Community Trust).
You can find these Application Forms online here. Copies of theses application forms and guidelines can also be emailed or faxed to you or you can collect in person at the FWCAC office in Ceduna.
We are committed to ensuring all financial arrangements are carried out in an ethical manner, and have an established funding policy and guidelines for Trust based assistance for Far West Coast Aboriginal Corporation members, as well as other Aboriginal people living in the Far West Coast region.
Far West Coast Investments Pty. Ltd. is an economic development and investment company, and part of the Far West Coast Group of Entities. Far West Coast Aboriginal Corporation is the only Shareholder.
Background: Prior to the Native Title Determination, the Far West Coast Traditional lands Association (now Far West Coast Aboriginal Corporation) was the representative body of Far West Coast people for Native Title.
Before this there was a Liaison Committee set up to negotiate the Indigenous Land Use Agreement between the prospective Native Title Holders and Iluka Resources who operate the mineral sands mine north of Yalata. Terms and conditions were negotiated through a 9b Mining Agreement.
Due to these negotiations, the Far West Coast mob were able to secure a clause that means Iluka must support Far West Coast business development as it relates to the operation of the mine. This rule is the same for any of Iluka’s contractors as it is for Iluka.
In 2010, Far West Coast Investments was established as a company (ASIC Registered) to focus on economic development. It established a Trust for profits of economic development and established the company Far West Mining and Civil to begin economic development through machinery hire in the same year.
In 2014, FWCI became a 6 Director Board. With the commencement of General Manager John Isgar in 2015, FWCI was in a position to assist the Far West Coast Aboriginal Corporation to further develop its economic aims for members through pursuing economic development and investment opportunities.
Further, as the result of the FWCAC decision to step away from 3rd party managed trusts, the FWCI commenced management of Trust Funds for FWCAC in 2015, through the 100% Aboriginal Owned and managed Far West Coast Aboriginal Community Charitable Trust (FWCACCT).
FWCI appointed Jason Wild as the Trust Coordinator, to be based at the Ceduna office. Trust services as described above are now conducted direct with members, are locally based and easily accessible for members either in person or by phone.
The FWCI Directors function as the Liaison Committee that works closely with Iluka on employment, education and business development targets for Far West Coast Aboriginal peoples.
As business opportunities arise, the Directors of FWCI study financial viability and decide whether to invest as FWCI or establish a new company. The reason new companies may be established is so that the financial risk can be spread. If a business doesn’t work out then FWCI isn’t financially liable.
The company has looked at many business opportunities, however, the Directors are very aware of risk so the business has to be just right for any investment to take place.
FWCI established Poynton Property Investments Pty. Ltd. which has purchased a building in the main street of Ceduna. This is a commercial property with the investment being based on commercial viability, the building is now home to FWCAC and FWCI, and currently has 5 office spaces rented to other agencies.
In mid 2016, FWCI established Munda Wana Wilurrara Pty. Ltd. and purchased 2 companies in joint venture:
More information about the FWCI and the Money Story can be found in the FWCAC and Group of Entities Strategic Plan and on pages 13-15 of the 2014/2015 Annual Report and for the most recent information see the FWCI Newsletter – Issue 5.
In late 2009, with the help of MLCS Corporate, Indigenous Business Australia, the Liaison Committee, South Australian Native Tittle Services and others; negotiations started on supplying a D10 Bull Dozer to Exact Mining on a dry hire agreement. The Dozer started operating at the mine in February of 2010 on a five year contract.
A loan was provided by Indigenous Business Australia to make the purchase possible and this loan was paid off in full in three and a half years.
Far West Mining & Civil Pty. Ltd.was established by FWCI to be a machinery hire company and has since purchased several other machines, including: light towers, pump sets, excavators, a skid steer loader and vehicles on lease.
All plant and equipment is owned outright with no debt owing.
Today Far West Mining & Civil Pty. Ltd’s clients include: Iluka Resources, Exact Mining, Kalari Transport, Eyre Peninsula Natural Resource Management Board and Friends of Sceale Bay Incorporated.
Far West Mining and Civil has been a very good investment for the Far West Coast. In the past the company has been wholly dependent on Iluka’s presence on country and their mining activity.
Currently there is a downturn in income due to the Jacinth-Ambrosia mine being placed into care and maintenance in 2016.
As a result, Exact Mining are no longer required to carry out earthworks and the D10 Bull Dozer is no longer required.
The Far West Coast Native Title Holders started their investment activity by purchasing the D10 for $1.4M and leasing it to Exact Mining.
The D10 Bull Dozer was operated at the mine for just over six years and amassed around 36,000 machine operating hours. This amount of hours brings it to the end of it’s mining life.
Other machines have followed and will be, for the most part, retained by Iluka at Jacinth-Ambrosia, but the D10 was by far the most successful investment.
The Far West Coast is being mindful of future needs and is looking at investments away from the mining sector in order to continue to provide Trust based assistance to it’s members.