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Not just $1tn, Afghan ores worth $3tn, says minister

19 June 2010 04:56 (UTC +04:00)

Baku â€“ APA. Afghanistanâ€™s untapped mineral wealth is worth at least $3 trillion â€” triple a US estimate, according to the governmentâ€™s top mining official, who is going to Britain next week to attract investors to mine one of the worldâ€™s largest iron ore deposits in the war-torn nation, APA reports quoting â€œThe Times of Indiaâ€.

Geologists have known for decades that Afghanistan has vast deposits of iron, copper, cobalt, gold and other prized minerals, but a US department of defense briefing this week put a startling, nearly $1 trillion price tag on the reserves. minister of mines Wahidullah Shahrani said on Thursday that heâ€™s seen geological assessments and industry estimates that the minerals are worth at least $3 trillion.

â€œAfghanistan has huge untapped natural energy and mineral resources which have enormous potential for our economic development,â€ Shahrani said. â€œEnsuring that this is done in the most transparent and efficient way while delivering the greatest value to the country is a priority of the government.â€

Shahrani said mineral and hydrocarbon laws have been updated to meet international standards and efforts are being made to prevent possible corruption in the awarding of contracts.