Afghan mineral $1 trillion wealth underestimated

KABUL, Afghanistan (AP) -- Afghanistan is gearing up to award contracts to mine one the world's largest iron ore deposits buried in a peaceful province of the war-torn nation that has at least $3 trillion in untapped minerals, the country's top mining official said Thursday. Geologists have known for decades about Afghanistan's vast deposits of iron, copper, cobalt, gold and other prized minerals, but a U.S. Department of Defense briefing earlier this week put a startling, nearly $1 trillion price tag on the reserves.


Afghanistan's Minister of Mines Wahidullah Shahrani called that a conservative estimate. He said he's seen geological assessments and industry reports estimating the nation's mineral wealth at $3 trillion or more. For Afghanistan, a violent, landlocked country with virtually no exports, it is a potential windfall, although formidable obstacles remain including lack of investment, infrastructure and adequate security in most of the nation. "The ministry has been working closely with the international organizations, including the World Bank, the U.S. Geological Survey and the international mining and finance community for some time to ensure all of the Afghan people benefit from our rich natural resources for decades to come," he said. Source: Daily News