SPC Geoscience Division

Home

Pacific countries discuss financial management options for deep sea minerals development

E-mail Print PDF

spc logo

nautilus

26 August 2015, Nadi

Deep sea mining is an emerging industry in the Pacific region and has the potential to become a major new revenue stream for Pacific Island countries.

Effective management of this revenue will be critical to ensure that long term benefits are realised.

Through the European Union Deep Sea Minerals Project, the Secretariat of the Pacific Community (SPC) is partnering with the International Monetary Fund and the Pacific Financial Technical Assistance Centre to hold a workshop in Nadi this week (24-27 August) that focuses on the management of revenue emanating from deep sea minerals development.

Representatives from 14 Pacific Island countries, civil society groups, the private sector, finance officials and experts have been invited to participate.

The workshop aims to develop and discuss appropriate fiscal regimes, revenue management and public financial management options that can be considered and implemented for deep sea minerals mining.

“This is part of EU ongoing efforts to assist Pacific countries to prepare to effectively manage deep sea mineral resources that occur within their waters and their interests in the international seabed area,” SPC Deep Sea Minerals Project Manager, Akuila Tawake, said.

“Participants will learn how to develop appropriate revenue management schemes to ensure that countries receive their fair share of the proceeds from such mining,” Mr Tawake added.

Pacific countries are rightly concerned that Deep Sea Mining projects must be socially acceptable, ensure that the environment is protected and guarantee that they contribute to the genuine development and prosperity of the countries and their people said Johnny Engell-Hansen, Deputy Head of Delegation of the European Union for the Pacific.

On the basis of case study exercises, the participants are also expected to discuss, consider and endorse the Pacific Islands Regional Deep Sea Minerals Financial Framework, developed by SPC and the Pacific Financial Technical Assistance Centre.

Pacific ACP (Africa Caribbean Pacific) States represented include Cook Islands, Federated States of Micronesia, Fiji, Kiribati, Marshall Islands, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Timor-Leste, Tonga, Tuvalu and Vanuatu.

This is the seventh regional training workshop in the Deep Sea Minerals project series. The mining of deep sea minerals is yet to commence in the Pacific region.

For more on the European Union Deep Sea Minerals Project implemented in partnership with SPC, -visit http://gsd.spc.int/dsm

Media contact: Akuila Tawake, SPC-EU Deep Sea Minerals Project Manager, This e-mail address is being protected from spambots. You need JavaScript enabled to view it ), +679 3249272Appeler : +679 3249272 or +679 3381377Appeler : +679 3381377 ext: 36272

Last Updated on Sunday, 20 September 2015 20:07  

Newsflash

Dear colleagues,

Today marks World Water Day, a day of celebration and reflection on a precious natural resource and on our role in its management and protection.

This year is also the International Year of Water Cooperation – a theme of enormous significance to the Pacific. Across the region, water management is a critical development issue with profound implications for economic growth, human rights, public health and the environment. To put the scale of the issue in context, it has been estimated by UNICEF and WHO that little more than half the population of our region has access to improved drinking water and sanitation.

There are clearly major challenges ahead, but today, SPC joins its member countries and territories in celebrating the real progress being achieved through building water partnerships.

In Fiji, the collaborative work of the Nadi Basin Catchment Committee is enabling practical solutions to reduce the human impacts of flooding. This pioneering work demonstrates what can be achieved when communities, agencies and the private sector come together to face a problem that is not solvable through the efforts of individuals.
Innovative technologies continue to be developed and shared across the region. Tuvalu has been particularly active in sharing the knowledge behind its tremendous success in using composting toilets to reduce both use of fresh water and pollution of groundwater lenses and coastal lagoons.

In Palau, Federated States of Micronesia and Marshall Islands, government sectors are joining forces at a subregional level to raise awareness of water and sanitation issues and find solutions to common problems. Our Melanesian members too have begun collaboration to better respond to the development issue of access to safe drinking water and sanitation. With SPC’s support, the Melanesian Spearhead Group Secretariat will shortly appoint a Water and Sanitation Access Facilitator to help develop policy and practical solutions in MSG countries.