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Economy of Suriname

Suriname was ranked the 124th safest investment destination in the world in the March 2011 Euromoney Country Risk rankings.

Bauxite

The backbone of the economy of Suriname is the export of aluminium oxide (alumina) and small amounts of aluminium produced from bauxite mined in the country. n 1999, thealuminium smelter at Paranam was closed and mining at Onverdacht ceased; however, alumina exports accounted for 72% of Suriname's estimated export earnings of US$496.6 million in 2001. Suriname's bauxite deposits have been among the world's richest.

West Suriname Plan

The major mining sites at Moengo and Lelydorp are maturing, and it is now estimated that their reserves will be depleted by 2006. Other proven reserves exist in the east, west, and north of the country sufficient to last until 2045. However, distance and topographymake their immediate development costly.

Gold Mining

There is one large scale gold mine operating in Suriname. This is the Rosebel Gold Mine. Development of a second large scale mine called the Merian Gold Project was approved by the government of Suriname on June 7, 2013. This mining project would be a partnership of Newmont Mining Corporation and Alcoa World Alumina and Chemicals. Merian is about 60 kilometres (40 mi) south of the town of Moengo on the Marowijne River. The government estimates there are another 20,000 small scale operators. Only 115 of these were registered by the government in 2009. The government calls these people porknokkers. Because of unemployment in Suriname, some local people turn to small, illegal gold mining as their source of incomes. Gold mining has caused environmental damages in the country.

Oil

Oil is a promising sector. Staatsolie, the state-owned oil company, produced 16,200 barrels (2,580 m3) a day in 2012. Staatsolie currently refines 7,350 barrels (1,169 m3) a day at Tout Lui Faut in the District of Wanica and is building more capacity to go to 15,000 barrels (2,400 m3) a day.

Hardwood

Some big companies are getting the hardwood out of the jungle. However, proposals for exploitation of the country's tropical forests and undeveloped regions of the interior traditionally inhabited by indigenous and Maroon communities have raised the concerns of environmentalists and human rights activists both in Suriname and abroad. These opposing parties are not yet strong in Suriname.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Suriname"

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