Solomon Islands has rejoined the Extractive Industries Transparency Initiative (EITI), the United Nations Development Programme said on 29 September.
UNDP said the return was a step in the country's efforts to strengthen transparency and accountability in the governance of its natural resources.
The agency said the mining sector is expected to contribute more to public revenues and employment as the economy diversifies, with gold and nickel projects such as Gold Ridge and Kolosori adding to the sector's expansion.
Minister of Finance and Treasury Hon Rexon Ramofafia said rejoining the EITI reflected the government's commitment to transparent and accountable development of the country's mineral resources.
"As investment and production increase, we want citizens to have confidence in how the sector is managed and how revenues are collected and used," Ramofafia said. "The EITI provides an important framework for government, industry and civil society to work together towards that goal."
According to the release, work carried out as part of the re-engagement identified opportunities as well as challenges for the sector. These included the need for reliable production and revenue data, along with stronger oversight and better systems for managing information.
UNDP said reliable information can help government institutions strengthen revenue collection and improve public financial management. It said greater transparency can also support responsible investment and give communities a stronger basis for taking part in discussions about how natural resources are managed.
UNDP Pacific Resident Representative Munkhtuya Altangerel said the return to the EITI was an opportunity to link transparency with stronger institutions and better development outcomes. As the mining sector grows, she said, the quality of the institutions that govern natural resources will be just as important as the resources themselves.
The EITI brings government and industry together with civil society around shared information and dialogue, UNDP said. It said work it supported had brought together government institutions, civil society, companies, women leaders, youth and community representatives to examine governance risks and identify areas for better coordination and information sharing.
The re-engagement was supported by the Government of the United Kingdom through funding to UNDP for technical assistance to the Solomon Islands government. UNDP said that support helped with institutional capacity and with technical and policy analysis in preparation for renewed EITI implementation.
British High Commissioner Paul Turner said the EITI can support Solomon Islands in strengthening its revenue collection and exports, and that it would benefit the government as well as local communities and mining companies, which he said would have greater export markets.
UNDP said the return reflected the leadership of the Solomon Islands government and the Solomon Islands EITI National Secretariat, with technical engagement from the EITI International Secretariat and support from development partners.
The release did not say when the country's membership was formally restored, or when it left the initiative.