BY SAMIE WAIKORI
The Minerals and Resources Bill 2025 is projected to establish a basis for sustainable development of the country’s resources.
Speaking before the Bills & Legislative Committee (BLC) this week, Deputy Secretary for Economics at the Ministry of Finance and Treasury, Mr Selwyn Takana said the bill has the potential to determine which resources can be managed and to ensure how resources are used without compromising the need of future generation.
“I believe that the mining sector is heading towards a much-needed sustainable path with the mineral resources bill.
“We want to see a sector moving forward from an outdated ad hoc system to a modern transparent and a competitive framework that sets to maximise national revenue, job creation, ensures environmental and social sustainability and most importantly supports the resource owners,” he said.
Takana also stated that the economic difficulty registered by logging and the slow recovery of service sector after the pandemic reminds us of the necessity to diversify our economy.
He added that this should be an economy that does not only take place in Honiara but creates jobs and opportunities all across the country.
“Also, an economy that represents resource owners, values the environment and is committed to a development process that does not leave anyone behind,” said Takana.
He mentioned that the new bill will allow us to shift the paradigm towards a mining sector that benefits many.
Moreover, Takana stressed that country needs to learn from its past and from the experiences of its neighbours to create a modern framework that sensifies investment job creation and growth.
At the same time, he said the country must also not give up its role as stewards of the land it inherited for future generations.
“Thanks to this bill, we will have stronger safeguard against mismanagement, stricter fiscal management of mining resources and more severe punishment against rule breakers.
“The public sector will have better tools to monitor mining activities to ensure transparency to reap their benefits.
“Also, investors will receive a stable framework, allowing them to plan ahead and contribute to reinvigorate our country’s private sector,” he said.
Takana said his team at the ministry has examined the new bill and have come up with list of suggestions, considerations and recommendations for BLC and parliament to take it into consideration.
“And with these modifications, I believe the bill will be more complete from the fiscal point of view, strengthening our ability to identify and avoid irregularities.
“Ultimately, our goal is to transform the resources that sit below our feet into healthcare, education and infrastructure improvement for all Solomon Islanders,” he said.
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