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Friday, 22nd December 2006 (7070 views)

The gold industry in Fiji may suffer adverse economic growth as a result of the current political crisis, according to the Reserve Bank of Fiji (RBF).

The RBF says that major repercussions from the political crisis are expected to hit several of the country's industries throughout 2007, despite the impact being relatively minimal in 2006.

Tourism, gold and sugar are all expected to see subdued trading next year.

For example, the Emperor Gold Mining Company closed its Vatukuola mine on December 5th due to it being economically unviable and this has meant the loss of over a thousand jobs as well as a contraction in gold output.

The RBF governor Savenaca Narube issued a statement saying the situation would become clearer "as we confirm the response of the international community to Fiji's military-appointed government, as well as the private business sectors response to the downturn in economic growth".

However Gold Rim Resoruces has declared that it will begin its drilling programme at Sabeto in Fiji regardless of the political situation.

 

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