El Salvador is 'sitting' on a mountain of gold but has not been able to exploit it?

El Salvador President Nayib Bukele is calling for a reversal of the mining ban after claiming the country is 'sitting' on a veritable mountain of gold, which the leader said is worth an estimated $3 trillion.

El Salvador President Nayib Bukele calls for reversal of mining ban to extract gold

President Bukele said El Salvador is in possession of huge gold mines that could change the financial future of the small Central American country of 6.4 million people, according to AFP on December 10.

Mr. Bukele cited the results of a study by a team of anonymous authors who assured that mining just 4% of the country's gold reserves would be enough to add $131 billion, equivalent to 380% of current GDP, to the domestic economy.

"We have the potential to have the largest gold reserves in the world per ^square kilometer," Bukele said. "If we use our natural resources properly, we can transform El Salvador's economy overnight," the leader wrote on his X account in late November.

Seven years ago, El Salvador made global headlines when it became the first country in the world to ban all metal mining.

The 2017 ban was implemented following warnings about the toxic environmental consequences of chemicals used in the mining process, such as cyanide and mercury.

During his 2019 presidential campaign, Bukele voiced his support for a ban on mining. However, since his election, President Bukele has consistently opposed the ban and promoted efforts to mine minerals in a “modern, sustainable” manner that protects the environment while still ensuring the use of El Salvador’s underground treasures.

This week, Mr. Bukele again proposed gold mining, but quickly faced pressure from opponents.

Critics of the leader fear that reopening mining operations could lead to water pollution, given the large amount of fresh water needed for processing, as well as the threat posed by toxic chemicals used in the process.

"The president claims that responsible mining is possible, but there is currently no evidence to support his claim," Newsweek magazine quoted Pedro Cabezas, a member of the Central American Alliance Against Mining (ACAFREMIN) as saying on December 10.

Source: https://thanhnien.vn/el-salvador-dang-ngoi-tren-nui-vang-nhung-chua-khai-thac-duoc-185241211105231857.htm