GEMS FROM KABUL.docVIP

GEMS FROM KABULIt could be the Gold Rush of the 21st century ?C and India is leading the pack of investors lining up for a chunk of the treasure in the mountains of Afghanistan.For months now， Afghanistan’s Minister of Mines， Wahidullah Shahrani， has been travelling the world to attract investors to tap an estimated $1 trillion worth of minerals in the war-ravaged country. His efforts may soon pay off. With the Afghan parliament expected to pass a new mining law soon， mining companies from Britain to China are making plans to unearth the country’s massive mineral deposits?C including gold， copper and iron ore ?C after international combat troops pull out by the end of 2014. Shahrani says the new law， which has been approved by the cabinet， will bring the tender process in line with international norms. “It has really clear， strong provisions on transparency， on publication of contracts， involvement of the communities， and provides a lot of security and protection to investors by having the exploration and exploitation license awarded in a single contract to the same company，” he said. “We did not have such a provision in the old mining law.”For India， the new law will open up untold opportunities. It will pave the way for a consortium led by Steel Authority of India Ltd （SAIL） to sign an$8-10 billion deal to develop four iron ore blocks and build a steel plant in Hajigak， 130 km west of Kabul in the central highlands of Bamiyan province. The Hajigak project has an estimated 1.8 billion tonnes of high grade ore. “The negotiations have been concluded and we are waiting for the new mining law， and with the approval of the new mining law， that contract is going to be awarded，”Shahrani said. “It will be the largest ever economic project in the history of the country， which will involve the construction of the first ever steel plant in the country， and a railroad from the iron ore mine to the steel plant.”Afghanistan is one of the world’s poorest and most corrupt countrie