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TORONTO — As Afghanistan seeks to attract investors and rebuild its economy after decades of war, its government is looking to Canada to help bring its mining sector to life.
The Eurasian country is counting on its vast deposits of iron ore, copper, gold, lithium and other minerals to lure capital and technology from around the world and form the cornerstone of its economic expansion. The government forecasts mining will represent 25 per cent of gross domestic product by 2016 and 45 per cent to 50 per cent by 2024.
Afghanistan’s mineral reserves could eventually be worth as much as $1-trillion, according to estimates by the Pentagon and U.S. geologists, though the amount remains far from proven.
A crucial test for Afghanistan is Friday’s deadline for companies to express their interest in bidding for licences to explore and develop four key gold and copper mining properties.