Newmont Mining's Plans for Afghanistan
By Michael de Yoanna
Created 2010-09-30 15:00

By: Michael de Yoanna [1]

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Newmont Mining's Plans for Afghanistan

If you want to argue that the economy is still shaky, look no further than the gold market. On one side, The Wall Street Journal [2] boasts that gold prices have hit more than $1,300 per troy ounce for the first time ever in a "seemingly unstoppable surge that has confounded skeptics and turned bears into bulls." But it's not really a record when the numbers are punched to account for inflation.

In fact, you'd have to go back three decades to find gold's real high: $2,318 if adjusted for 2010 dollars, according to the Columbia Journalism Review [3], which just can't understand why the Journal and a slew of other trusted outlets aren't doing the proper math. Perhaps they don't know that the federal government provides a handy online Inflation Calculator [4], making the task a breeze.

Regardless, a real gold rush is on, and as Bloomberg News [5] reports, the United States' largest producer of the shiny metal, Denver-based Newmont Mining Corporation, is apparently looking for more action. During a conference in London this summer, Newmont officials pushed the idea of developing gold resources in war-torn Afghanistan. The company has since been in contact with the country's officials, says Afghanistan Minister of Mines Wahidullah Shahrani. The nation could soon reap $1.2 billion to $3.5 billion a year by exploiting natural resources such as gold, iron ore, copper, oil, and gas deposits there.

Source URL: http://www.5280.com/blogs/2010/09/30/newmont-minings-plans-afghanistan

Links:
[1] http://www.5280.com/tag/authors/michael-de-yoanna
[2] http://online.wsj.com/article/SB10001424052748703882404575519580713957638.html?mod=ITP_pageone_0
[3] http://www.cjr.org/the_audit/this_gold_record_keeps_skippin.php
[4] http://data.bls.gov/cgi-bin/cpicalc.pl
[5] http://www.bloomberg.com/news/2010-09-28/newmont-interested-in-afghanistan-gold-mining-minister-says.html