Nauru - Industry
The phosphate industry is the only industry on the island. It is under the control of the Nauru Phosphate Corp., a statutory corporation that is responsible to the president of the republic in his capacity as minister for island development and industry. About 75% of the profit from phosphate sales is invested in long-term trust funds that have been established to take care of the Nauruans after phosphate deposits are depleted. By 2002, the primary deposits were largely exhausted and expensive to mine; the mining equipment was poorly maintained and the mining operation overstaffed.