The Fiji Hardwood Corporation Limited (FHCL) is set to reassess the valuation of its standing mahogany trees, anticipating a significant rise from the previous 2017 valuation of $213 million as these trees have matured. General Manager Semi Dranibaka announced plans to undertake a new forest inventory across its 41,000 hectares of mahogany, ensuring that stakeholders are informed with up-to-date information.
With only 5,000 hectares harvested since 2005, there is a considerable potential for increased production. However, the key challenge for FHCL lies in not just boosting output, but in ensuring access to global markets. This access is contingent on achieving necessary forest certifications, which require compliance with stringent environmental and operational standards.
Dranibaka emphasized, “Certification is not merely about harvesting, it includes replanting and protecting the environment, and ensuring adherence to international regulations.” The corporation has secured a grant of $956,000 this fiscal year to support the certification process, which is seen as a pathway to enhance economic benefits for both the government and landowners.
Reports from FHCL are expected to be finalized by the end of this year, with a comprehensive audit anticipated for the next year. This process is crucial not only for enhancing market access but also for strengthening relationships with landowners, assuring them of appropriate compensation and involvement in the ongoing operations.
By addressing the challenges of certification and adopting sustainable practices, FHCL aims to revitalize Fiji’s mahogany sector, potentially unlocking greater economic opportunities for local communities. This commitment to sustainability and responsible resource management represents a hopeful outlook for the future of Fiji’s timber industry, fostering both economic growth and environmental stewardship.
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