This week the U.S. Defense Department revealed that Afghanistan possesses at least $908.9 billion in untapped mineral resources. Iron accounts for $420.9 billion of the total, and copper $274.0 billion. There is cobalt, gold and molybdenum. The country could become, according to a Pentagon memo, the “Saudi Arabia of lithium.” Just as interesting, there is niobium, used to make superconducting steel.
Most significantly, Afghanistan has substantial deposits of rare earth minerals, estimated to be worth $7.4 billion. And why is this so important? At present, China has a near monopoly over them. It possesses about 36% of world reserves, by far the biggest share for any nation, and accounts for around 97% of global production. Five years ago Beijing substantially tightened export controls on these minerals. At this moment, officials are building a strategic reserve of them.
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