Australian Billionaire Keen To Invest in Afghanistan’s Mining Sector

An Australian billionaire is willing to invest in Afghanistan’s one trillion dollar worth mining sector.

“An Australian billionaire is interested to invest in Afghanistan’s natural resources, which are estimated to be worth over one trillion dollars,” said an Australian governmental official in an interview with Arab News.

Earlier this month, President Ashraf Ghani and Andrew Forrest, owner of Fortescue Metals Group, discussed opportunities in Afghanistan’s mining sector over a video conference, in which Forrest expressed his interest in investing in Afghanistan.

It is unclear which field Forrest was considering investing in. His company is the fourth largest iron ore producer in the world.

Afghanistan is endowed with a variety of natural resources. The U.S. Geological Survey has estimated Afghanistan’s natural resources at USD 1 trillion.

In 2007, China became Afghanistan first major investor in its mining sector after signing a multibillion-dollar deal for a copper project in Logar province, south of Kabul.

After four decades of war and the continuous delays in peace negotiations between the government and the Taliban, Afghanistan is facing an uncertain future.

Corruption and lack of security remain to be the major challenges in the development of foreign direct investment in the country.