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Pacific countries discuss financial management options for deep sea minerals development

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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

Kia Orana and Salutations:

Delegates representing Members of the SPC
Director General of the SPC, Dr Jimmie Rodgers
Director of the SOPAC Division, Dr Russell Howorth
Members of the STAR scientific and technical network
Representatives of partner and donor organisations
SPC Staff
Friends

I must say from the outset that Noumea occupies a special place in my heart and it’s a great pleasure to return to be among friends from around the region, and to be a guest of Director General Dr. Jimmie Rodgers.  

The only down-side is that this visit has to be a very brief one as I must return home to Parliamentary duties.  But it’s great to be back and to be included in this week’s organised gatherings of esteemed representatives from around the Pacific and beyond.

Following the STAR Network Meeting address yesterday, my pleasure doubles this morning in providing a few welcome remarks and a short Outgoing Chair's Address for this opening plenary session of the Second Meeting of the SPC Applied Geoscience and Technology Division – more commonly referred to – as SOPAC.

It is pleasing to welcome delegates representing most of the SPC Members here today. I also extend a welcome to all those delegates representing partners and donors that provide the support, including financial resources for the Division to carry out its extensive work programme.  In particular, I recognise the Chair of STAR, Professor John Collen and his colleagues from the Science, Technology and Resources (STAR) Network.  

Thank you for the privilege of addressing the STAR Meeting last evening.  I’ve noted that some 40 scientific and technical papers were presented over the course of the 2-day meeting.  

Likewise Professor Gary Greene, Chair of the Programme Monitoring and Evaluation Group (PMEG), who are drawn from the STAR Network to provide for Members the invaluable independent annual ongoing overview of the Division and its work.

I am aware you have been carrying out your monitoring and evaluation over the past week with staff at the Division Offices in Suva and here in Noumea amongst the Members.  On behalf of the Members, I extend to your team our sincere appreciation.