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The world's smallest republic, Nauru lies in the Pacific Ocean, 4000 km (2480 miles) northeast of Australia. Once a British colony exploited for its phosphates by the UK, Australia, and New Zealand, it became independent in 1968. The phosphates industry made Nauruans among the wealthiest people in the world, but the imminent end of phosphate reserves, economic mismanagement, and bad investment decisions have left Nauru facing financial ruin.