Afghanistan's mining sector sees $7 billion in contracts over past two years

These contracts, as per MoMP's spokesman Humayun Afghan, have been entered into with both domestic and foreign companies, highlighting the growing interest in Afghanistan's mineral resources.

"Investors involved in these seven significant contracts come from diverse backgrounds, including Iranian, Chinese, Turkish, and British companies, contributing a total investment of approximately $6.5 billion," stated Afghan, emphasizing the international appeal of Afghanistan's mining opportunities.

In addition to these major contracts, Afghan revealed that local firms were awarded contracts for the extraction of 200 minor mines, demonstrating the government's efforts to involve local businesses in the mining sector.

Notable among the available resources, the lead mines in the province of Ghor, as well as the oil and iron mines in Panjshir, have been declared ready for extraction by the Ministry of Mines and Petroleum. This presents lucrative opportunities for investors keen on tapping into these resources.

Meanwhile, the Afghanistan Chamber of Commerce and Investment (ACCI) weighed in on the matter, emphasizing the importance of preserving national interests while engaging domestic and foreign companies in mining contracts. ACCI called upon the Islamic Emirate, Afghanistan's governing body, to facilitate investment in the sector and urged the international community to lift existing restrictions.

"The Ministry of Mines and Petroleum holds a crucial responsibility to create favorable conditions for both Afghan and foreign investors. In doing so, it must prioritize national economic interests and pave the way for increased investment," commented Mohammad Younis Momand, the head of ACCI.

Addressing concerns about transparency and legality, the Ministry of Mines and Petroleum asserted that all mining operations are conducted with complete transparency, ensuring that no mines are extracted illegally within the nation.

As Afghanistan seeks to harness its mineral wealth to bolster its economy, these developments signal potential opportunities for investors and the nation's ongoing efforts to responsibly exploit its natural resources. The government's commitment to transparency and the encouragement of both domestic and foreign investment will likely play a pivotal role in shaping the future of Afghanistan's mining sector. (ILKHA)