In one of the world’s biggest discovery of mineral reserves, geologists have found minerals worth $ 1 Trillion in war hit country Afghanistan. The discovery includes huge reserves of copper, iron, cobalt, lithium and gold which might transform the economy of Afghanistan that was war-bedraggled.
US geologists have discovered the minerals which are still untapped. Huge deposits of lithium can turn Afghanistan into Saudi Arabia of Lithium because of ever increasing demand of lithium in today’s battery powered and hybrid technologies. Lithium reserves found in Afghanistan are as large as those in Bolivia, which is currently the largest producer of lithium. So in other sense we can say that if geological surveys are correct, Afghanistan can steeply climb the list of growing economies in the world.
This will attract foreign investment to the country even before the mines are profitable which in turn can lead to creation of jobs. It can also change the direction of war as it could lead the Taliban to fight even harder to gain control over the land and the mineral reserves.
A new tussle could be seen between China, India and US to dominate the development of mineral reserves in that region. US and India have invested heavily in Afghanistan in building vital civil infrastructure, health, education and rural development and have high stakes in the country.
But scrupulous care must be taken not to let Afghanistan become a mere resource bank for foreign corporations with all economic benefits channeled into the hands of current corrupt administration.
Aug 30, 2010
Hajigak Iron Ore Mine: Contract to nearly 1.8 billion tonnes of high quality iron ore mine is expected to open for international bidding this year.
Aynak Copper Mine: Two chines firms have invested $4 billion to start mining in one of the world’s biggest untapped copper deposits.
OCT 30, 2010
Five Indian companies Sesa Goa, Ispat Industries, Essar Minerals, RINLO and JSW steel were involved in the international bid for 1.8 billion tonne Hajigak Iron ore mine.
Labels: Fossil Fuels