Wednesday, 17 August 2011 10:18 AM

Cabinet Approves Initiatives to Improve Mining Sector

Cabinet has approved two new initiatives, including a new mining tax framework, to ensure greater returns and transparency in the country's mining sector.

Finance Minister Gordon Darcy Lilo announced the initiatives this morning at the National Mining and Community Awareness Forum in Honiara.

The National Mining Forum brings together mining experts and officers from the government, resource owners, mining company representatives and NGO's to improve the understanding of key stakeholders on the mining industry and to identify issues that need attention and ways to address them.

In his key-note address to officially open the Forum, Minister Lilo says the initiatives - a new mining tax framework and Cabinet's approval to affiliate with the Extractive Industries Transparency Initiative (EITI) - will ensure greater returns and transparency in the country's mining sector.

The Finance Minister further announced that Cabinet has already endorsed the country's affiliation to E-I-T-I with the Finance Minister appointed to 'champion' the initiative in the country.

Minister Lilo also announced Finance Macro-economic Permanent Secretary Harry Kuma as E-I-T-I's national focal point.

The National Mining and Community Awareness Forum will conclude on Thursday.

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