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Economy of Suriname

The economy of Suriname is dependent upon the exports of aluminium oxide and small amounts of aluminium produced from bauxite mined in the country. Suriname was ranked the 124th safest investment destination in the world in the March 2011 Euromoney Country Risk rankings; the backbone of Suriname's economy is the export of aluminium oxide and small amounts of aluminium produced from bauxite mined in the country. In 1999, the aluminium smelter at Paranam was closed and mining at Onverdacht ceased. Suriname's bauxite deposits have been among the world's richest. Inexpensive power costs are Suriname's big advantage in the energy-intensive alumina and aluminium business. In the 1960s, the Aluminum Company of America built the US$150-million Afobaka Dam for the production of hydroelectric energy; this created the Brokopondo Reservoir a 1,560 km² lake, one of the largest artificial lakes in the world. In 1976–1977, a 100 km long single track railway was constructed by Morrison-Knudsen Co. in West Suriname from the bauxite containing Bakhuis Mountains to the town of Apoera on the Corantijn river, to transport bauxite by river to processing plants elsewhere.

The construction of this railway was financially funded by the Dutch government's independence/severance payments after November 25, 1975. After completion of this railway and associated facilities, for political and economical reasons it was never used and was left to be overgrown by the jungle. Plans to construct a dam in the Kabalebo River were developed but never executed. In 1984, SURALCO, a subsidiary of Alcoa, formed a joint venture with the Royal Dutch Shell-owned Billiton Company, which did not process the bauxite it mined in Suriname. Under this agreement, both companies share profits; the major mining sites at Moengo and Lelydorp are maturing, it is now estimated that their reserves will be depleted by 2006. Other proven reserves exist in the east and north of the country sufficient to last until 2045; however and topography make their immediate development costly. In October 2002, Alcoa and BHP Billiton signed a letter of intent as the basis for new joint ventures between the two companies, in which Alcoa will take part for 55% in all bauxite mining activities in West Suriname.

The government and the companies are looking into cost-effective ways to develop the new mines. The preeminence of bauxite and ALCOA's continued presence in Suriname is a key element in the U. S.-Suriname economic relationship. 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 south of the town of Moengo on the Marowijne River; the government estimates. Only 115 of these were registered by the government in 2009; the government calls. 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. Establishment of Ordening Goudsector Commission for the Ordering of the Gold Mining Sector was established by the government in 2010.

OGS is leading the reform effort to develop sustainable and environmentally responsible gold mining practices and transform informal small-scale gold mining into a viable sub-sector of the mining and national economy of Suriname. Ban on mercury use in small-scale miningSuriname does not produce chemical mercury and only allows mercury imports with a license. Since the 1990s these licenses were not issued anymore. Moreover, all licenses are used for mercury imports for medical research; therefore and import in mercury is illegal. Mercury is used in the small-scale gold mining; however people who are caught with mercury in their possession will be fined. Foreign investmentOn April 13, 2013, the government reached an agreement with multinational IAMGOLD to increase investment in Suriname. Kaloti Mint House SurinameOn March 1, 2013, Kaloti Mint House Suriname laid its funding stone and is expected to start its refinery production by the first quarter of 2014. Kaloti Mint House will be instrumental in producing “clean gold” in Suriname.

Kaloti Mint House have been awarded the ISO 9001:2000 certification for gold and bullion manufacturing and ISO 14001 Environmental Certification. The company is presently applying for ISO 14025 for the Assaying of Silver. Kaloti will focus on melting and producing gold bars to international standards for local and international markets. Minamata TreatyIn October 2013, the UN wants to adopt the Minamata Treaty to ban the user of mercury altogether in Suriname; the School of MiningThe Government initiated a training unit within the Ordening Goudsector called the School of Mining. This training unit consists of 14 teachers; the teacher's training is aimed at preparing them for the fieldwork. The duties of the teachers will be to provide hands-on training on the goldfields to small-scale gold miners; the teachers begin with prospecting and showing the small-scale miners more efficient ways to mine in their areas. Along the way they promote mercury free production methods; the Management of Ordening Goudsector hypothesizes that showing small-scale gold miners the benefits of new production methods will be the incentive itself to start the training programs.

Entrepreneurial Credit FundThe Minis

Morris W. Offit

Morris W. Offit is an American businessman. Moffit is co-chief executive officer at Offit Hall Capital Management LLC, founder and former chief executive officer at OFFITBANK, independent director of American International Group, elected to the Board of Directors and chairman of the Audit Committee in August 2005. Moffit was born to the son of Rhea and Michael Offit. Moffit is a supporter of the Two state solution in Israel, he served as Chairman of the Board of Johns Hopkins University, Chairman of the Board of the Jewish Museum, trustee of the New-York Historical Society, trustee of The Museum of the American Revolution. He served a three-year term as president of UJA-Federation of New York, he serves as a trustee of the American Institute for Contemporary German Studies. Moffit was honored as The New Jewish Home's Eight over Eighty Gala 2017 honoree. Forbes September 28, 1981; the all-American gnome.. Wachovia Press Releases election

Finnish gunboat Karjala

Karjala was a Finnish gunboat, built in 1918 at Ab Crichton shipyard in Turku. She served in the Finnish Navy during World War II. Karjala was named after the Finnic cultural region of Karelia. Like her sister ship Turunmaa, she served as cadet training vessel during peacetime and was nicknamed as Kurjala by cadets. From summer of 1919 Karjala amongst other Finnish naval vessels was tasked with security and patrol duties the Koivisto region where the British naval detachment was located. During prohibition in Finland in 1925 some illegal alcohol had been smuggled onboard Karjala by cadets; some of the alcohol was spilled to a nearby lantern which ignited the liquid resulting in an explosion which injured several cadets. Event became known as the'second blast of Karelia' after the Viborg blast of 1495. On 4 September 1939 Karjala as part of the Coastal Fleet was moved to the Sea of Åland. However, as Karjala was replaced by Hämeenmaa the ship sailed to Kotka on 18 September. For the rest of the autumn Karjala patrolled the waters from Kotka to Koivisto together with Turunmaa.

On 4 December 1939 had Finnish coastal facilities at Koivisto saw lights moving in the sea. This appeared to be minesweeping effort for two days group of Soviet destroyers sailed in to shell Finnish coastal facilities. On 7 December 1939 Karjala was sent to tow Finnish submarine Saukko along with three motor torpedo boats to Koivisto both to lay mines and to intercept the Soviet ships. Detachment however did not succeed in either of its goals. On 4 January 1940 Karjala arrived to Åland to join with the Coastal Fleet, she participated in anti-submarine patrols. On 29 August Karjala together with her sister ship Turunmaa, gunboats Hämeenmaa and Uusimaa were escorted by Riilahti and Ruotsinsalmi through the main Soviet mine barrier south of Hanko to the eastern Gulf of Finland. While returning with Uusimaa from escorting a troop ship on 3 September Karjala was bombed by German Heinkel He 111 bomber near Koivisto. Though the aircraft scored no direct hits the shocks from several near-misses forced Karjala to undergo repairs at a shipyard.

On 29 October Karjala which had just returned from repairs joined with Turunmaa in shelling the island of Sommers, where a Finnish landing attempt had been turned back. Most of the war Karjala like other Finnish gunboats was tasked with guarding of the mine barriers north-east of Hogland and performing anti-submarine patrols in the same region. However, when it became apparent on 12 July 1942 that Soviet submarines had managed to bypass the mine barrier Karjala was sent to strengthen the escorts protecting the shipping between Sweden and Finland. Gardiner, Robert, ed.. Conway's All the World's Fighting Ships 1906–1921. London, England: Conway Maritime Press Ltd. ISBN 0-85177-245-5. Auvinen, Visa. Leijonalippu merellä. Pori, Finland: Satakunnan Kirjapaino Oy. ISBN 951-95781-1-0. Kijanen, Kalervo. Suomen Laivasto 1918–1968, I. Helsinki, Finland: Meriupseeriyhdistys/Otavan Kirjapaino. Kijanen, Kalervo. Suomen Laivasto 1918–1968, II. Helsinki, Finland: Meriupseeriyhdistys/Otavan Kirjapaino