US finds mineral riches in Afghanistan notes Hiroyuka Maruyama, CEO at Oppenheimer Lloyd.

June 15, 2010 - PRLog -- Hiroyuka Maruyama, Global markets CEO at Oppenheimer Lloyd in Tokyo noted Monday that a team of U.S. geologists and Pentagon officials has discovered vast mineral wealth in Afghanistan, conceivably enough to turn the scarred and impoverished country into one of the world's most lucrative mining centers.

"There is stunning potential here," Gen. David H. Petraeus, commander of the United States Central Command, said in a report published Monday. "There are a lot of ifs, of course, but I think potentially it is hugely significant."

Maruyama continued, “Americans discovered nearly $1 trillion in untapped mineral deposits in Afghanistan, including iron, copper, cobalt, gold and critical industrial metals like lithium.”   “Afghanistan could become the "Saudi Arabia of lithium," a key raw material in the manufacture of batteries for laptops and cell phones.”

The report said the U.S. Geological Survey began aerial surveys of Afghanistan's mineral resources in 2006, using data that had been collected by Soviet mining experts during the Soviet occupation of Afghanistan in the 1980s. Promising results led to a more sophisticated study the next year.

Then last year, a Pentagon task force that had created business development programs in Iraq arrived in Afghanistan and closely analyzed the geologists' findings. U.S. mining experts were brought in to validate the survey's conclusions, and top U.S. and Afghan officials were briefed.

So far, the biggest mineral deposits discovered are of iron and copper, but finds include large deposits of niobium, a soft metal used in producing superconducting steel, as well as rare earth elements and large gold deposits in Pashtun areas of southern Afghanistan, the report said.

# # #

Oppenheimer Lloyd was established as a diversified financial services company to bring innovative investment advice to both private and corporate clients across Asia and around the world.