Afghanistan's Taliban rulers are working to protect ancient Buddha statues in caves carved into cliffsides outside Kabul. One reason: They’re pinning their hopes on China to develop the site, believed to hold the world's largest deposit of copper.
The Taliban’s spectacular reversal illustrates the powerful allure of Afghanistan’s untapped mining sector. Successive authorities have seen the country’s mineral riches, estimated to be worth $1 trillion, as the key to a prosperous future, but none have been able to develop them amid the continual war and violence. Now, multiple countries, including Iran, Russia and Turkey are looking to invest, filling the vacuum left in the wake of the chaotic U.S. withdrawal.
A technical committee from MCC is due in Kabul in the coming weeks to address the remaining obstacles. Relocating the artifacts is key. But MCC is also seeking to renegotiate terms, particularly to reduce taxes and slash the 19.5% royalty rate by nearly half, the percentage owed to the government per ton of copper sold.
After the Soviet invasion in the late 1970s, Russians dug tunnels to investigate the copper deposit; the cavernous bore holes are still visible. These were later used as an al-Qaida hideout, and at least one was bombed by the U.S. in 2001. “We have already transferred some to the capital, and we are working to transfer the rest, so the mining work can begin,” Dilawar told The Associated Press.They did not speak to the AP on record, citing sensitivities around the talks happening while international sanctions still prohibit dealings with the Taliban.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Volkswagen Prepares for a Deglobalized WorldFor years, Volkswagen thrived as a global company. But war, health scares and trade disputes are rolling back decades of globalization.
Read more »
Crypto Biz: Do you believe in Ethereum killers? Put your money where your mouth is, March 18–24You'll be able to easily invest in smart contract alternatives if you're an accredited investor thanks to Grayscale. The new fund (GSCPxE) will include exposure to Cardano, Solana, Avalanche, Polkadot, Polygon, Algorand and Stellar.
Read more »
What Are Preserved Lemons And Why Are They in Soo Many BA Recipes?What are preserved lemons and why are they in so many BA recipes?
Read more »
Taliban ban women in Afghanistan from flying without male chaperoneThe move comes after the Taliban backtracked on their commitment to open high schools to girls.
Read more »