The Ministry of Finance and Treasury (MoFT) revealed that the establishment of the EITI is aimed to improve revenue collection, enhance transparency and strengthen governance in the mining Sector.
This commitment will pave the way to ensure maximum benefits from our mineral resources are received and both the government and resource owners are informed on the value of their resources.
Mining activities in the Solomon Islands have significantly increased over the years. The Customs & Excise Division reported that export duty for minerals grew from $13.9 million in 2023 to $22.8 million in 2024.
According to the Ministry of Finance and Treasury, the establishment of the Solomon Islands EITI Office will enable independent work to be done on reconciliation of various payments from the mining companies to the Government including provincial Governments and landowners and provide reports to Government and stakeholders including the public annually.
Solomon Islands withdrew from EITI in 2018 and concentrated on the Mining Governance Reform to allow transparency in the mining sector to be also reflected in the new mining legislation.
Now that the review of the new Mining Legislation is completed, which also includes the Government commitment to international reporting standard, the Government, through a recent cabinet decision endorsed the re-engagement in EITI International Reporting Standard in the Mining Sector.
The Ministry of Finance and Treasury confirmed that the re-engagement will follow the appointment of the National Coordinator, the Head of the SI EITI National Secretariate and the formation of the Multi-Stakeholder-Group or SI MSG.
The initiative will allow representatives from the government, industries, civil society groups, and mining companies in the MSG to ensure accountability and transparency in the industry.
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GCU statement
