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1994-06-28
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<text>
<title>Svalbard: Economy</title>
<article><hdr>The World Factbook 1993: Svalbard
Economy</hdr><body>
<p>Overview: Coal mining is the major economic activity on
Svalbard. By treaty (9 February 1920), the nationals of the
treaty powers have equal rights to exploit mineral deposits,
subject to Norwegian regulation. Although US, UK, Dutch, and
Swedish coal companies have mined in the past, the only
companies still mining are Norwegian and Russian. The
settlements on Svalbard are essentially company towns. The
Norwegian state-owned coal company employs nearly 60% of the
Norwegian population on the island, runs many of the local
services, and provides most of the local infrastructure. There is
also some trapping of seal, polar bear, fox, and walrus.
</p>
<p>Budget: revenues $13.3 million; expenditures $13.3 million,
including capital expenditures of $NA (1990)
</p>
<p>Electricity: 21,000 kW capacity; 45 million kWh produced,
13,860 kWh per capita (1992)
</p>
<p>Currency: 1 Norwegian krone (NKr)=100 ore
</p>
<p>Exchange rates: Norwegian kroner (NKr) per US$1 - 6.8774
(January 1993), 6.2145 (1992), 6.4829 (1991), 6.2597 (1990),
6.9045 (1989), 6.5170 (1988)
</p></body></article></text>