Hey everyone I hope you all are fine and doing great. Today I'm going to Write about the Country Cape Verde and It's gold reserves and how gold reserves are playing their role in It's economy.
Overview
Cape Verde is located on West Coast of Africa. It is also known as Island nation and made up of 10 volcanic Islands.
It has population of around 560,000 People. Though it is a small country W.R.T population and size but it has a Growing economy that rely on Gold Reserve, Fishind , Agriculture and tourism.
Gold Reserves
According to the Survey done by United States Geological Survey, Cape Verde has an estimated 30,000 ounces of gold reserves, which is very small quantity and don't make it a majore player in the Gold industry. Country's Total Foreign Reserves are 769 million US dollars.
History
Cape verde Gold mining history is dated back to the Colonial Period. In Colonial Period Portuguese during exploration find a very small amount of gold and the Country's Streams and rivers.
However, it wasn't until the 20th century that serious exploration and development of Cape Verde's gold reserves began.
In the recent years many country's are trying their level best to find gold reserves in Cape Verde, these Country's includes canada and Australia.
Challenges.
There has been growing concern about the environmental impact of gold mining in Cape Verde and Country is facing some Challenges which i'm listing below
- Deforestation
- Soil erosion
- Water pollution
- Emission Of dengrious Chemicals.
- Lack of infrastructure
The Governament is trying it's level to work on all the challanges they are facing when it comes to Gold mining.
Conclusion.
Currently Capre Verde doesn't have much gold Reserves, but still Gold reserves are playing their Role in their Economy. Capre Verde can easily become one of the major player in the Gold industry if they do Right investment and management.