Mining currently accounts for less than one percent of Fiji’s Gross Domestic Product (GDP), but it holds substantial potential to boost the nation’s economy, according to Shamal Chand, a senior economist at Westpac Fiji. In the latest release of the Westpac Wave, which outlines the economic outlook for Fiji, Chand emphasized the strategic position of the country within the Pacific Ring of Fire, an area renowned for its rich deposits of porphyry copper-gold and epithermal gold systems.
Chand noted the significance of established mining operations in Fiji, particularly highlighting the Vatukoula Gold Mine, which has produced over seven million ounces of gold since its inception. He also pointed to the Tuvatu Gold Mine on Viti Levu, which has transitioned to full underground mechanized operations.
The Namosi Joint Venture, located approximately 30 kilometers west of Suva, is another key player in Fiji’s mining landscape, containing one of the most notable porphyry copper-gold systems. Under the leadership of Newmont, this venture is progressing through feasibility studies, indicating its potential for significant resource development. Additionally, the Rama copper-gold prospect on Viti Levu is emerging as a promising site, having revealed multiple porphyry targets through ongoing drilling and geophysical surveys.
These mining projects not only signal the potential for substantial mineral reserves but also promise increased export earnings, royalties for landowners, and the creation of new jobs. Investments in mining-related infrastructure could further contribute to broader economic benefits across the region.
Chand pointed out that copper, in particular, has long-term growth potential. Increased industrial applications, such as electrification, electric vehicles, and grid improvements, are expected to drive demand for copper. He highlighted that the Namosi project has indicated resources of approximately 1.3 billion tonnes at 0.35 percent copper, while the Vatukoula mine continues to be a significant contributor.
With the ongoing challenges facing Fiji’s tourism and agriculture sectors, the mining industry presents a viable alternative for diversifying the economy, promising a hopeful outlook for the future of economic development in Fiji. The increasing global demand for copper, with record prices noted in recent months, underlines the opportunities that lie ahead for the mining sector in the nation.
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