President Nayib Bukele: 'God placed a gigantic treasure under our feet.'
Back in 2017, El Salvador became the first country in the world to initiate economic suicide by prohibiting the potential development and utilization of its national resources.
According to Bukele, El Salvador may be sitting on unmined gold reserves worth an estimated $3 trillion, approximately 8,800% of the nation’s current GDP.According to preliminary studies cited by the president, El Salvador’s gold reserves could be worth an astounding three trillion dollars – representing over 8,800% of the country’s current GDP. Bukele argues that mining just 4% of the country’s gold deposits could generate $131 billion, which would be equivalent to 380% of the current GDP.
On December 1, Bukele announced that, in addition to gold deposits, El Salvador’s territory hosts “metals of the fourth and fifth industrial revolutions,” news agency EFE reported. The president stated that studies have identified cobalt, lithium, nickel and “rare earth elements used for advanced electronics,” as well as platinum, iridium, tantalum, titanium, gallium and germanium, among others.
Many of the reports cite gallium, a rare metal with a wider array of uses in electronics. But the kicker is that the metal is also needed for This week, Bukele doubled down on his proposal, and his critics quickly responded. They fear that reopening mining could contaminate water sources, especially given the amount of freshwater needed for mining operations and the risks posed by heavy metals used in the process.
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