A country with a population of 560.000 inhabitants, Suriname has an economy dominated by the mining industry, with exports of oil and gold accounting for approximately 85% of exports and 27% of government revenues. This makes the economy highly vulnerable to mineral price volatility. The worldwide drop in international commodity prices and the cessation of alumina mining in Suriname significantly reduced government revenue and national income during the past few years.
What is the Mineral Institute of Suriname?
A Mining Institute is a mining authority. It is an entity of technical nature that seeks to boost the sector with transparency, efficiency, environmental, social and productive responsibility. The institute creates an organizational framework and set of plans, methods, principles, rules, procedures and mechanisms for monitoring and evaluating all mining related aspects.
It ensures that all activities, operations and actions, as well such as managing information and resources, are conducted in accordance with constitutional and legal norms within the policies set by the management.
Why is a Mineral Institute so important?
The purpose is to align the mining sector of Suriname to international best practice.
What does this mean for Suriname?
- By strengthening the legal, regulatory, and institutional frameworks governing the mining sector and the revision of relevant legislation and regulations; the Mineral Institute is enabled to perform its tasks. The Mineral Institute ensures the integration and strengthening of the mining cadaster, geological data management, and mining inspectorate functions.
- Sector administration capacity building
- Strengthening revenue assessment, collection, and forecasting
- Enhancing environmental, health, and social performance of the mining sector
- Building independent oversight capacity and stakeholder consultation mechanisms
- Mining projects will be subject to formal inspections following good international practices
- Standard operating procedures and associated documentation of key mining functions within the Minerals Institute
- Highly skilled and trained government staff to manage, regulate, and monitor the mining sector (disaggregated by gender and function)
- Establishment of a system for transparent assessment and collection of revenues from the mining sector