US, China's monopoly under threat as Algeria discovers mega reserves of..., worth....
US, China's monopoly under threat as Algeria discovers mega reserves of…, worth ….
The southern region of the North African country Algeria is famous for its massive desert and harsh landscapes. But recently, the country has attracted global attention for its hidden treasure. This natural treasure is hidden under the earth's surface. The government-run mining group Sonarem recently announced that the recently discovered gold and marble reserves could change Algeria's economic future. Notably, the discovery of the natural resources is far more than its worth, and they showcased how the North African country sees its natural resources and its relationship with foreign investments. Massive Goldrese Reserves in Tamanrasset
The gold mines Tirak and Amesmessa are located in the southern Tamanrasset province of the country and in news because of the latest discoveries. As per Algeria360, CEO of Sonarem Belkacem Soltani confirmed the news that Tirak and Amesmessa mines have over 60 tons of pure gold. Algeria's substantial gold reserves could significantly increase its global gold production.
Algeria's gold mining sector has significantly expanded over the past three years, yielding almost 60,000 tons of ore and 400 kilograms of refined gold. This growth signifies a new era for the industry, characterised by Soltani's planned approach to scientific and methodical management. Marble Reserves
Algeria's marble reserves, estimated at 140 million cubic meters, offer a potential solution to the country's reliance on imported marble. This significant resource could replace the $290 million spent on marble imports over the last three years, thereby transforming the domestic industry.
Sonarem's operation of over 15 active quarries is leveraging Algeria's substantial marble reserves (estimated at 40 million cubic meters). This increased domestic production aims to lessen Algeria's dependence on imported marble and establish the country as a significant competitor in the international marble market. Could Bring Change In Landscape For Foreign Investment
These discoveries come at a time when the country is changing its mining laws to attasct foreign investments. In past years, the mining sector has been affected by 49/51 rule. As per the rule it required local investors to have the majority stake in the mining project. The rule aims to protect national sovereignty over natural resources, but often criticised for stifling foreign investment.
Algeria's government is proposing legislation to remove restrictions on foreign investment in its mining sector. Passage of this law would likely increase international participation in the country's gold and marble industries.
The country's upcoming revisions to its mining policies will determine whether sufficient investment is secured to fully exploit its substantial mineral resources.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
3 days ago
- Indian Express
This Muslim country has banned animal sacrifice on Eid al-Adha — know the ‘royal' reason
For the first time in years, Morocco will observe Eid al-Adha — the 'Festival of Sacrifice' — without its central ritual: the slaughter of sheep. Muslims in the North African nation, Morocco, will abstain from the animal sacrifice ritual due to a royal directive from King Mohammed VI, who urged citizens to abstain from the practice due to the country's deepening economic difficulties and a prolonged agricultural crisis, according to a report by The Guardian. In a statement broadcast in February by Morocco's Islamic affairs minister on the state-run Al Aoula TV channel, the king said, 'Performing it in these difficult circumstances will cause real harm to large segments of our people, especially those with limited income.' The monarch, who is also the kingdom's highest religious authority, added that he would perform the sacrifice on behalf of all Moroccans. The North African nation has been suffering the consequences of a six-year drought, which has severely impacted the country's livestock population. Reports suggest that sheep herds have declined by nearly 38 percent since 2016. With supply shrinking, prices have skyrocketed. Last year, a single sheep sold for as much as $600 (approximately ₹51,426), far exceeding Morocco's monthly minimum wage of $324 (₹27,833). As a result, many families can no longer afford to participate in the tradition. A survey by the Moroccan Centre for Citizenship found that 55 percent of households struggled to bear the cost of sacrificial animals. In response to the crisis, the Moroccan government suspended import duties and value-added tax on cattle and sheep in its 2025 budget to help control prices. Although the king's directive marks a rare intervention, it is not unprecedented. His father, King Hassan II, suspended Eid sacrifices on three occasions during his reign — in times of war, drought, and under IMF-imposed austerity that removed food subsidies. Morocco, where more than 99 percent of the population identifies as Muslim, has one of the highest red meat consumption rates in Africa.
India.com
5 days ago
- India.com
US, China's monopoly under threat as Algeria discovers mega reserves of..., worth....
US, China's monopoly under threat as Algeria discovers mega reserves of…, worth …. The southern region of the North African country Algeria is famous for its massive desert and harsh landscapes. But recently, the country has attracted global attention for its hidden treasure. This natural treasure is hidden under the earth's surface. The government-run mining group Sonarem recently announced that the recently discovered gold and marble reserves could change Algeria's economic future. Notably, the discovery of the natural resources is far more than its worth, and they showcased how the North African country sees its natural resources and its relationship with foreign investments. Massive Goldrese Reserves in Tamanrasset The gold mines Tirak and Amesmessa are located in the southern Tamanrasset province of the country and in news because of the latest discoveries. As per Algeria360, CEO of Sonarem Belkacem Soltani confirmed the news that Tirak and Amesmessa mines have over 60 tons of pure gold. Algeria's substantial gold reserves could significantly increase its global gold production. Algeria's gold mining sector has significantly expanded over the past three years, yielding almost 60,000 tons of ore and 400 kilograms of refined gold. This growth signifies a new era for the industry, characterised by Soltani's planned approach to scientific and methodical management. Marble Reserves Algeria's marble reserves, estimated at 140 million cubic meters, offer a potential solution to the country's reliance on imported marble. This significant resource could replace the $290 million spent on marble imports over the last three years, thereby transforming the domestic industry. Sonarem's operation of over 15 active quarries is leveraging Algeria's substantial marble reserves (estimated at 40 million cubic meters). This increased domestic production aims to lessen Algeria's dependence on imported marble and establish the country as a significant competitor in the international marble market. Could Bring Change In Landscape For Foreign Investment These discoveries come at a time when the country is changing its mining laws to attasct foreign investments. In past years, the mining sector has been affected by 49/51 rule. As per the rule it required local investors to have the majority stake in the mining project. The rule aims to protect national sovereignty over natural resources, but often criticised for stifling foreign investment. Algeria's government is proposing legislation to remove restrictions on foreign investment in its mining sector. Passage of this law would likely increase international participation in the country's gold and marble industries. The country's upcoming revisions to its mining policies will determine whether sufficient investment is secured to fully exploit its substantial mineral resources.
India Gazette
03-06-2025
- India Gazette
"Tour was very successful": BJP MP Baijayant Panda on all-party delegation to Bahrain, Kuwait, Saudi Arabia, and Algeria
New Delhi [India], June 3 (ANI): BJP MP Baijayant Panda led an all-party delegation to Bahrain, Kuwait, Saudi Arabia, and Algeria, successfully presented India's stance on terrorism. The delegation shared facts and figures about the Pahalgam terrorist attack and India's response, highlighting Pakistan's role in supporting terrorism. Panda said that all four countries have taken steps against terrorism and have a clear understanding of India's position. 'The tour was very successful. We went to four countries: Bahrain, Kuwait, Saudi Arabia, and Algeria. All four countries have taken steps against terrorism, and their stand is also clear. They understand India. India's history is such that we do not need to give justification. We are a country of non-violence. We went there to give facts and figures about the terrorist attack in Pahalgam and India's response to that. We have also imposed economic sanctions on trade, visas, shipping and water. Our objective is that Pakistan should change its wrong policy and stop openly supporting terrorism. PM Modi has built a very good relationship with the leadership of these countries for the last 10-11 years, and they have also given the highest civilian honours of their country to PM Modi,' Panda said. India has imposed economic sanctions on Pakistan, including trade, visa, and shipping restrictions, to pressure the country to change its policy of supporting terrorism. Panda highlighted Pakistan's history of spreading propaganda and its misuse of funding after being removed from the Financial Action Task Force (FATF) grey list. The delegation discussed these concerns with their counterparts in the visited countries He further spoke about Pakistan's propaganda and misuse of funds, stating, 'Pakistan spreads a lot of propaganda. For many years, Pakistan was on the grey list of the Financial Action Task Force (FATF), due to which it was not able to misuse the funding it received for development. Now that it is not on the FATF list, it has misused it, and we have discussed this.' PM Modi's strong relationships with the leadership of these countries, built over the past 10-11 years, facilitated the delegation's successful engagement. The all-party delegation, led by Panda and including BJP MPs Nishikant Dubey, Phangnon Konyak, and Rekha Sharma; AIMIM MP Asaduddin Owaisi; Satnam Singh Sandhu and Ghulam Nabi Azad; and former Foreign Secretary Harsh Vardhan Shringla, arrived in Delhi after successfully concluding their visits to Algeria, Saudi Arabia, Kuwait, and Bahrain. During their visit, the delegation briefed the international partners on India's response to the April 22 Pahalgam terror attack and Operation Sindoor, India's broader fight against cross-border terrorism, while engaging with leaders in Saudi Arabia, Kuwait, Bahrain, and Algeria. India's Ambassador to Algeria, Swati Vijay Kulkarni, highlighted the strong support extended by Algeria in combating terrorism. She noted that the North African nation unequivocally condemned terrorism and affirmed its solidarity with India during the delegation's visit. 'As India's global diplomatic outreach, India launched 7 groups of all-party delegations to foster cooperation in combating terrorism. The outreach was taking place in the immediate aftermath of the deadly terror attack that happened in Pahalgam on 22nd April, Operation Sindoor and subsequent developments. One such delegation, led by MP Baijayant Panda and comprising very senior MPs and former Foreign Secretary, visited Algeria from 30th May to 2nd June. During their visit to Algeria, they had very successful and productive engagements. They had two important meetings... During all these engagements, Algeria strongly condemned terrorism. They said that Algeria stands with India on the issue of terrorism. They also said that Algeria will take only the side of justice. So, we are very happy that they have given a very clear and strong message for India to remain united on terrorism,' Ambassador Kulkarni said. Earlier, Panda said that India's appeal to place Pakistan back on the Financial Action Task Force (FATF) grey list is gaining significant resonance globally, emphasising the role of illicit financing in fuelling terrorism. He highlighted Pakistan's misuse of funds for terrorism and its military, noting that the other Islamic countries had taken a strong stand against any kind of fundamentalism in their country. 'Pakistan is not interested in improving itself or helping its people... They have diverted the money for terrorism and its army and looted it... Terrorism is fuelled by two things. One is ideology and the other is illicit finance... Ideology-wise, these Islamic countries have taken a strong stand... They do not permit any kind of fundamentalism from their soil... Financing part is the other aspect,' Panda stated. 'Pakistan for many years was under FATF, which monitored the legitimate use of funding, and thus there was a period of lull in terrorism... Now, for the last couple of years, they were released from the grey list, and now they are operating freely... Our appeal to them that Pakistan should be kept on the FATF grey list is getting a lot of resonance. The world is committed to not tolerating terrorism anymore,' he added. Greylisting Pakistan by the FATF will limit its access to international loans. Pakistan was included in the grey list in 2018 and removed from it in 2022. India has stated that it will leave no stone unturned to bring Pakistan onto the grey list again. Meanwhile, delegation members Satnam Singh Sandhu and Rekha Sharma hailed the delegation's diplomatic outreach as a resounding success. They noted that the mission has successfully exposed Pakistan's terrorist activities, with all four countries especially Algeria, endorsing India's zero-tolerance stance against terrorism and recognising the nation's challenges with cross-border terror. (ANI)
