Haiti Hopes Gold Find Means Boom Times Ahead

Exploratory drilling shows Haiti may be sitting on nearly $20 billion of gold, silver and copper. 

Posted: 05/25/2012 10:41 AM EDT

A significant discovery of gold and other precious metals in Haiti's Northeastern mountain range has given residents hope that once mining gets under way in about five years, the revenues will offer the resources needed to transform a country beset by poverty and ravaged by earthquakes and disease into an emerging island economy.

According to recent reports, a round of exploratory drilling by U.S. and Canadian investors this year has unearthed valuable metals including gold, silver and copper, which may be worth close $20 billion. This discovery is viewed by many as Haiti's gold moment, a potential economic boon that could help the nation rebuild its infrastructure and improve the quality of life of its 10 million residents, many who live on $1.25 per day. That is, if the potential mining projects are managed in a transparent manner by the country's rulers, according to Bureau of Mines Director Dieuseul Anglade.

The current project is being led by the Société Minière du Nord-Est (SOMINE, SA.), a Haitian company that is a partner of Majescor and its affiliate SIMACT Alliance Copper Gold Inc. Haitian engineer Michel Lamarre, who heads SOMINE, signed a 15-year mining agreement in March 2005 that includes research and mineral rights. He has said the gold mines could end years of Haiti's dependence on humanitarian aid.

 

For more on Haiti’s mineral find, visit theroot.com.

 

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(Photo: AP Photo/Dieu Nalio Chery)

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