6 days ago
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.
