Published July 12, 2012
The island of Haiti, the poorest country in the Western Hemisphere, now looks to be home to one of the largest gold deposits in the Americas; the gold is a precious find for the nation with the metal suggesting potential wealth.
With estimates going as high as $20 billion worth of precious metals existing in the soil, foreign investors have already begun extrapolating the riches--begging the question, the gold is gold for whom? Two Haitian ministers recently signed a "memorandum of understanding," allowing select foreign investors to initiate drilling within the country. These surreptitious dealings are in direct violation of a Haitian law passed in 1976 which prohibits the act of drilling in the absence of a mining convention, a research, exploration or exploitation license. However, the mining by foreign companies continues at the expense of the local communities. Unfortunately, furtive foreign investment looms as a trending practice, suggesting further exploitation rather than prosperity for the Haitian people.