The Ministry of Mineral Resources has revealed that mining activities generated an impressive income of $116,231,108.50 between 2021 and 2023, according to a report from the Standing Committee on Natural Resources which reviewed the annual report for this period. This total revenue stems from the issuance of seven Special Mining Leases in the 2021-2022 fiscal year, which included five for gold and silver, one for bauxite, and one for magnetite iron sand.
The ministry emphasized the crucial role of the mining sector as a driver of economic growth, asserting that the revenue generated is vital for supporting government initiatives and public services through various royalties and fiscal benefits. Furthermore, one mining site in Nawailevu, previously dedicated to bauxite extraction, is currently undergoing rehabilitation efforts in line with an approved plan that includes reforestation with a pine plantation, aimed at providing long-term benefits for the landowners.
This announcement of substantial income from mining aligns with ongoing discussions surrounding the sector’s potential for economic development and job creation. Previous articles have highlighted the importance of improving governance and regulatory frameworks within the mining industry. The Ministry has engaged in efforts to clarify the distinctions between mining leases and exploration licenses, ensuring landowners are well-informed about their rights and obligations.
The financial success of the mining sector presents an optimistic outlook for Fiji, as these developments suggest a commitment to sustainable resource management that benefits both the local communities and the national economy. By fostering transparency and improving community engagement, the Ministry is paving the way for future initiatives that could further elevate the role of mining in Fiji’s economic landscape.
Leave a comment