Afghanistan starts tender for gold and copper deposits
By Ghanizada - Tue Dec 06 2011, 12:40 pm
Tuesday, December 06, 2011 – Officials in the ministry of mines of Afghanistan following a statement said, the government is starting a tender process for deposits in Badakhshan, Ghazni, Heart and Sar-I-Pul, and Balkh provinces.
This comes as the consortium of the Indian companies, Steel Authority of India a week earlier announced to invest as much as $11 billion in Hajigak iron ore after SAIL was announced a winner during the bidding process.
Ministry of mines of Afghanistan Wahidullah Shahrani following the statement said, Afghanistan’s rich mineral resources have the potential to transform the nations’s economy and provide early investors with subtantial upside.
Mr. Shahrani further added, The country has a favourable regulatory and fiscal regime designed in accordance with best practices, and has security in place in designated provinces.
He also said, Afghanistan is a geologically rich country. Assessments of only a fraction of the country’s land area indicate the potential for considerable mineral resources.
Afghanistan hopes its budding mining industry will generate billions in revenue to help rebuild the nation after 30 years of war.
Afghanistan’s natural resources including iron ore, copper, gold and other materials have been estimated of having around $1 trillion price based on the US department of defense estimation while officials in the ministry of mines of Afghanistan said, other reports estimate the nation’s mineral wealth at $3 trillion or more.