Svalbard Business Resources

Economy - overview:
Coal mining is the major economic activity on Svalbard. The treaty of 9 February 1920 gives the 41 signatories 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 hunting of seal, reindeer, and fox.

Airports
Airports in Europe
Airports Worldwide

Country Budget
revenues: $11.5 million
expenditures: $11.5 million, including capital expenditures of NA (1998 est.)

Currency (code)
Norwegian krone (NOK)

Currency Exchange Rate
Norwegian kroner per US dollar - 6.7408 (2004), 7.0802 (2003), 7.9838 (2002), 8.9917 (2001), 8.8018 (2000)

Investing
Forex, Foreign Exchange Market: Currency Trading