Central Bank reported that recommencement of mining activities in 2011 accounted for a total gold production 51,054 ounces of which 39,429 ounces were exported in 2011.
Total silver produced was 19,043 ounces for the year (2011).
The upward trend of international gold prices in 2011,
averaging USD1,568 per ounce accounts for 28% increase from the average price
of USD1,225 per ounce in 2010
This has generated 0.2% of domestic revenue and accounts for 1.7%
of the 10.7% economic growth last year.
reported the mining industry is a significant employer in the country and
second only to the palm oil industry.
The mining company employed 1,166 workers in 2011, of which 900
were locals and 266 expatriates, represented 2.7% of the estimated Solomon
However mining operations last year encountered setbacks at the
main pit as well as landowner disturbances such as road blocks.
A new mining lease for nickel last year will extend other
mining activities mineral sector.
In addition, Foreign Direct Investments approvals for
investment in the mining sector last year totalled 15 applications for mineral
Western, Isabel and Guadalcanal provinces were the main target
areas for mineral prospecting companies though some companies also showed
interest in other provinces.
Meanwhile mining activity, in line with the scaling up of production at the Gold Ridge mine is expected to contribute 2.3% of the growth in 2012.
By Daniel Namosuaia
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