A ‘Heads of Agreement’ between Woodside and the State of Western Australia has been signed and executed, confirming that Traditional Owners of a proposed new LNG site in the state will receive substantial payment to allow the ground to be mined.
Woodside has agreed to the terms of an agreement between the State of Western Australia and the Kimberley Land Council on behalf of Traditional Owners, related to the establishment of a LNG Precinct in the James Price Point area, north of Broome.
The Heads of Agreement outlines commitments for all the parties involved, and significant financial and other benefits for Indigenous people in the Kimberley. While the monetary amount has not been revealed, reports from ABC News Online last week suggest that Traditional Owners could receive $1 billion in compensation over 30 years.
However, the Agreement is subject to a number of conditions, and will require the conversion of the Heads of Agreement to an Indigenous Land Use Agreement to be negotiated and entered into later in 2009.