Solomon Islands and Papua New Guinea have agreed to strengthen cooperation on mining sector governance, with officials from Papua New Guinea expected to visit Solomon Islands as the two countries pursue reforms aimed at maximising the benefits of their mineral resources.
The agreement followed a roundtable in Port Moresby between Solomon Islands Prime Minister Matthew Wale, Papua New Guinea Prime Minister James Marape, Kumul Minerals Holdings Ltd. and the Mineral Resources Authority.
Wale said the meeting provided an opportunity for Solomon Islands to learn from Papua New Guinea's experience in managing its mining industry, as his government advances reforms to improve governance of the country's mineral resources.
He said reforming the mining sector, particularly the alluvial gold industry, remains a priority for his administration.
According to Wale, the government is pursuing reforms to bring greater structure, transparency and national benefit to the sector, including plans to establish a dedicated gold export unit and, over the longer term, a national gold refinery.
"This will allow us to refine our own gold, control pricing and retain more value within our economy," Wale said.
He also stressed the importance of building trusted partnerships across the mining value chain, from extraction and processing to export.
"We want a model where all parties benefit fairly and value is retained within our economy to support national development," he said.
Marape said Papua New Guinea has faced significant challenges in developing its mining sector but remains committed to ensuring greater benefits flow to its people.
He said landowners should remain at the centre of resource policy and that fiscal arrangements governing mining projects must be transparent and clearly defined.
"There is often confusion between taxes, royalties and equity. Investors must know upfront what they will pay and what benefits will flow to landowners and the State," Marape said.
Both leaders agreed that strong governance, clear legislation and effective regulatory oversight are essential to ensure the fair and sustainable management of mineral resources.
The meeting concluded with an agreement for Papua New Guinea's mining authorities to visit Solomon Islands in the near future to support the country's ongoing mining sector reforms.
