Geologists extrapolating from depth and strike reports estimate at least 1 million ounces of gold at two sites. In April, prospectors found the first significant silver ever reported in Haiti: between 20 million and 30 million ounces. And in the end, it may be copper that is the most lucrative: geologists suspect that more than 1 million tons lay in just one of many areas under exploration.
The prices of precious metals have been volatile in recent years, with copper selling for about $8,000 per ton, silver at $30 an ounce, and gold at $1,600 per ounce.
"Ultimately, I think mining is going to dwarf anything else in Haiti," says Michael Fulp, an Albuquerque, N.M.-based geologist who visited the drill sites. "Usually you've got about a one-in-1,000 chance of making a mine from the exploratory stage, but those odds are much better in Haiti because of the lack of any previous modern-day exploration and very, very promising samples."
Gold was last gathered in Haiti in the 1500s, after Christopher Columbus ran the Santa Maria onto a Haitian reef. Spaniards enslaved the Arawak Indians to dig for gold, killing them off with harsh conditions and infectious diseases. When the Spaniards learned of even more lucrative deposits in Mexico, they moved on.
In the 1970s, United Nations geologists documented significant pockets of gold and copper, but foreigners weren't willing to risk their cash in a country where corruption and instability has long discouraged outside investment.
Ironically, it was only after the catastrophic 2010 earthquake that investors saw real opportunity. Fifteen days after a seismic jolt brought down much of Port-au- Prince, a Canadian exploration firm acquired all of the shares of the only Haitian firm holding full permits for a promising chunk of land in the northeast.
"Investors want to get in at the bottom," said Dan Hachey, president of Majescor Resources, the Canadian company, "and I figured after that earthquake, Haiti was as low as it could get."
Hachey was also betting that the $10 billion in foreign assistance promised for earthquake recovery would force change and accountability.
"The eyes of the world will not allow the government to fool around," he said.
Three firms are considering mining in Haiti, but so far only SOMINE has full concessions to take the metals out of the mountains. Those permits, for 50 square kilometers (31 square miles), were negotiated in 1996 under President Rene Preval and require the firm to hire Haitians whenever possible.
In exchange for minimal permit fees, SOMINE committed to spend $2.25 million in the first two years. In addition, it will pay $1.8 million after a feasibility study, according to the contract.
Bottom line: Haitians should get $1 out of every $2 of profits, compared with about $1 out of $3 that most countries get from mining firms.
Discoveries of rich resources, whether diamonds, oil or gold, often prompt great economic booms but come with great risk of environmental, health and social problems. Chile, one of the wealthiest nations in Latin America, is the world's largest copper exporter, deriving a third of its income from the metal. Peru, with one of the fastest growing economies in the world, has privatized most of its mines in recent years, and now gets about 20 percent of its total revenues from the industry.
Though the contractual terms are generous for Haiti, there is plenty to be cautious about. Haiti's government is repeatedly rated as one of the most corrupt in the world. The mines would ostensibly be regulated by government officials responsible for enforcing environmental, mining and corporate laws, but at this point those officials don't exist and there are neither plans nor budgets to hire them.
Further, open pit mines, common around the world, are crater-like holes made up of a series of massive terraced steps that drop thousands of feet into the ground. When the resources are exhausted, usually after about 25 years, the pits can be refilled or converted into reservoirs. In many cases, the mines leave serious problems — environmental contamination, displaced communities and mountaintops torn asunder.
From Papua New Guinea to the Philippines to Brazil, mining accidents have allowed tons of waste to be spilled into rivers and lakes, creating environmental disasters.
- 911 transcript: Orlando gunman said he was...
- Trump fires his campaign manager in dramatic...
- Secret Service: Man at rally said he wanted...
- GOP sees no immediate fundraising boost from...
- 2 big wildfires in LA-area foothills burn...
- 'Jesus's wife' papyrus is likely a fake,...
- Work for Uncle Sam? Careful about wading into...
- Police interviewing some of the 12 girls...
- Immigration ruling called hurtful, a... 73
- Mormon youth leader dies on trek outing... 71
- Preventing mass shootings? Utah... 67
- Nearly 70 percent of Utahns say Donald... 62
- Dems stage election-year sit-in on... 46
- Poll: Trump up over Clinton in Utah,... 42
- Democrats end 25-hour plus protest to... 30
- Chaffetz: I'm going to be 'kid in a... 29