Bukele wants to undo El Salvador's ban on gold mining
Seven years after El Salvador became the first country to ban metallic mining within its borders, especially gold mining, president Nayib Bukele is calling the prohibition "absurd." The Salvadoran president took to social media with a post on X to proclaim that El Salvador needs to exploit gold deposits in the country (translated here to English): GOD PLACED A GIGANTIC TREASURE UNDER OUR FEET: El Salvador potentially has the highest density gold deposits per km² in the world. Located on the Pacific Ring of Fire, one of the richest areas in mineral resources thanks to its volcanic activity… Studies carried out in only 4% of the potential area identified 50 million ounces of gold, valued today at $131.6 billion. This is equivalent to 380% of El Salvador's GDP. The total potential could exceed $3 trillion, more than 8,800% of our Gross Domestic Product. Tapping into this wealth could transform El Salvador: Create thousands of quality jobs. Finance infrastructure throughou...