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Afghanistan's fortune may brighten up as U.S uncovers $1 trillion worth of critcal mineral reserves
Afghanistan hits jackpot as a team of U.S geologists and Pentagon official's uncovered extensive reserves of precious minerals such as lithium, gold, copper, iron, valued at around $1 trillion, the New York Times reported.
The find could be a game-changer transforming the impoverished nation's fortunes. The discovery includes large deposits of acute minerals such as lithium - the backbone of modern industry, primarily used for batteries for laptops and smartphones. An internal Pentagon memo said that Afghanistan can become the "Saudi Arabia of lithium".
The reserves are dispersed across the country, including southern and eastern locations bordering Pakistan.
Though Afghanistan's nascent mining industry infrastructure could take years to generate a revenue stream, the discovery is bound to have diverse political ramifications. With deep-rooted corruption, multiple tribal chiefs vying for strategic mineral resources and Taliban increasing its offensive to corner these resources, this can actually prove to be a bane for the nation.
Just last year, Afghanistan's minister of mines was replaced on charges of bribery, for accepting $30 million to allot mining rights to China. Also the rampant corruption can birth a situation similar to Russia where a few well-connected oligarchs can command control over the resources.
The discovery can further tear apart the country, by bringing the ruling central government and tribal provinces in a tiff over control of resources.
Also at the helm are global ramifications, with China, Russia and India in the backyard, nations which are scouting for resources across the globe to fuel their burgeoning market. Also in question would be the implications of the discovery on the tenure of U.S. occupation in Afganistan.
In one of the biggest non-military investments in Afghanistan, two Chinese firms have extended a $4 billion investment in the vast Aynak copper mine, south of Kabul. Another big contract is due to open for bidding, to mine an estimated 1.8 billion tons of iron ore in the region of Hajigak.
Data collected by Soviet agencies during their occupation of Afghanistan, served as a lead for the American geologists who arrived in 2004, as part of a reconstruction effort. In 2009 Pentagon task force - that had created business development programs in Iraq was transferred to Afghanistan - brought in units of American miming experts to attest the claims of the survey and further reported the findings to Defense Secretary Robert M. Gates and Mr. Karzai.
Recent discoveries at the dry slat lakes in western Afghanistan point to huge reserves of lithium comparable to Bolivian deposits - which currently holds the largest lithium reserves.
Geologists are rife with excitement as they have probably stumbled upon a spectacular discovery as Gen. David H. Petraeus, commander of the United States Central Command, said "There is stunning potential here" and Jack Medlin, a geologist in the United States Geological Survey's international affairs program said "On the ground, it's very, very, promising, actually, it's pretty amazing."
http://www.ibtimes.com/articles/28380/20100614/afgansitan-minerals.htm
Afghanistan hits jackpot as a team of U.S geologists and Pentagon official's uncovered extensive reserves of precious minerals such as lithium, gold, copper, iron, valued at around $1 trillion, the New York Times reported.
The find could be a game-changer transforming the impoverished nation's fortunes. The discovery includes large deposits of acute minerals such as lithium - the backbone of modern industry, primarily used for batteries for laptops and smartphones. An internal Pentagon memo said that Afghanistan can become the "Saudi Arabia of lithium".
The reserves are dispersed across the country, including southern and eastern locations bordering Pakistan.
Though Afghanistan's nascent mining industry infrastructure could take years to generate a revenue stream, the discovery is bound to have diverse political ramifications. With deep-rooted corruption, multiple tribal chiefs vying for strategic mineral resources and Taliban increasing its offensive to corner these resources, this can actually prove to be a bane for the nation.
Just last year, Afghanistan's minister of mines was replaced on charges of bribery, for accepting $30 million to allot mining rights to China. Also the rampant corruption can birth a situation similar to Russia where a few well-connected oligarchs can command control over the resources.
The discovery can further tear apart the country, by bringing the ruling central government and tribal provinces in a tiff over control of resources.
Also at the helm are global ramifications, with China, Russia and India in the backyard, nations which are scouting for resources across the globe to fuel their burgeoning market. Also in question would be the implications of the discovery on the tenure of U.S. occupation in Afganistan.
In one of the biggest non-military investments in Afghanistan, two Chinese firms have extended a $4 billion investment in the vast Aynak copper mine, south of Kabul. Another big contract is due to open for bidding, to mine an estimated 1.8 billion tons of iron ore in the region of Hajigak.
Data collected by Soviet agencies during their occupation of Afghanistan, served as a lead for the American geologists who arrived in 2004, as part of a reconstruction effort. In 2009 Pentagon task force - that had created business development programs in Iraq was transferred to Afghanistan - brought in units of American miming experts to attest the claims of the survey and further reported the findings to Defense Secretary Robert M. Gates and Mr. Karzai.
Recent discoveries at the dry slat lakes in western Afghanistan point to huge reserves of lithium comparable to Bolivian deposits - which currently holds the largest lithium reserves.
Geologists are rife with excitement as they have probably stumbled upon a spectacular discovery as Gen. David H. Petraeus, commander of the United States Central Command, said "There is stunning potential here" and Jack Medlin, a geologist in the United States Geological Survey's international affairs program said "On the ground, it's very, very, promising, actually, it's pretty amazing."
http://www.ibtimes.com/articles/28380/20100614/afgansitan-minerals.htm
