Wallahi, it is great to see Eritrea succeed with all the limitation imposed on it by the UN sanctions. This nation is the beacon of hope in the Hope of Africa.
Right now the country is under a mining boom. They will start exporting gold at the end of 2010. It is perfectly timed with record gold prices.
In one mine alone, they have 27 million tones of ore, with 1 million tones of gold and 800 millions lbs of copper and 1 billion lbs of Zinc.
Asmara belt has some 70 million tonnes of ore thought to contain between 500,000-1 million ounces of gold, 2 billion lb of zinc and 700-800 million lb of copper.
This is just tip of the iceberg. There has been rumors that Eritrea has Oil due to it’s close proximity to Saudi Arabia and Yemen.
Eritrea: Highly prospective for oil and gas
http://eastafro.com/Post/2010/10/14/eri ... l-and-gas/
Japanese want to start looking for Oil in Eritrea.
http://www.eritreaembassy-japan.org/dat ... %20_en.pdf
Eritrean president interview
What are the plans to begin exploring the Eritrean oil and gold deposits? / Daniel
- I just got the report yesterday. These are some thirty companies from almost as many countries involved in the project. It's all about gold, silver, copper and tin. There are huge assets, which will in time at the end of this year. The oil we take later. What this means for our economy, I would not go into. We do like Norway. The assets are for the generations to come. We do not need big money. We create a secure foundation for the future by improving roads, organize clean water, build houses and schools, energy, good health and good education. That is how we create a sustainable future. Not by buying big houses and get bank accounts in Switzerland. These resources will be invested here.
