The president of El Salvador, Nayib Bukele, has ignited an intense debate by proposing the exploitation of the country’s vast gold reserves. In a context marked by the Metallic Mining Prohibition Law in force since 2017, Bukele has openly challenged this regulation, pointing out the enormous economic potential that these resources represent.
Gold Reserves: An Underrated Treasure
According to Bukele, El Salvador could host one of the highest densities of gold deposits in the world. Previous studies have evaluated only 4% of these reserves, estimating around 50 million ounces of gold, equivalent to almost four times the country’s current GDP.
If fully explored and exploited, the reserves could exceed 8,800% of El Salvador’s GDP, opening a window of unprecedented economic opportunities.
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Potential impact: Development and infrastructure
The president has outlined three key areas where revenue from gold mining could have a transformative impact:
The legislative barrier: Metallic Mining Prohibition Law
Despite these projections, Bukele faces a major obstacle: the Metallic Mining Prohibition Law, which prohibits the extraction of metals and the use of toxic chemicals such as cyanide and mercury. This regulation, implemented in 2017 after a decade of debates, was established as an environmental and social protection mechanism.
However, Bukele considers this law “absurd” and argues that no other nation in the world applies a total ban on metal mining. He has suggested the possibility of repealing it to allow responsible exploitation of resources, under strict environmental and social standards.
An international and strategic vision
In line with his vision, Bukele has invited international experts to explore the deposits and evaluate the country’s mining potential. According to a report by Vaneck, this strategy could not only attract foreign investments, but also position El Salvador as a benchmark in the sustainable management of natural resources.
Conclusion
Nayib Bukele’s proposal to exploit Salvadoran gold reserves poses a crucial decision for the future of the country. While the repeal of the Metallic Mining Prohibition Law could draw criticism, the positive economic impact could redefine the course of El Salvador.
The key will be to balance economic development with environmental protection and social well-being, ensuring that this natural wealth benefits all Salvadorans.
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