The recent discovery in Baghdad of what may be one of the world’s
largest gold deposits could make Iraq a bigger producer of precious metal than
oil, and help it pay its outstanding debt to Western countries stemming from the
two Gulf Wars.
What’s more, the gold vein found in an eastern Baghdad
neighborhood is expected to increase the area’s real estate prices with the
influx of hundreds, if not thousands, of gold seekers, according to a report by
As Iraq — with one of the world’s largest untapped oil
deposits—continues to increase its oil production output for export, the
discovery of large quantities of gold changes the economic landscape for the
Middle Eastern country, noted James Méndez, president of Méndez Internet
Management Services, an authorized money service business and Iraqi currency
broker based in Puerto Rico.
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“This means that in addition to large quantities of oil, Iraq
will have one of the world’s largest gold deposits, which ensures the country
will have plenty of money to pay its debts and to cover the cost of the upcoming
revaluation of its currency, which should happen soon,” Méndez told CARRIBEAN
Mining operations continue in the upscale Aldajh area after the
discovery of the existence of large quantities of gold in the soil,
currencynewshound.com reported Wednesday.
For more than two years, exploration and drilling have been going
on under the streets in the region, extending from Fudhaliyah to Obeidi, where
low-lying water channels are used for the diversion of rainwater during flood
The drilling operations extend for several meters deep into the
earth, except for longitudinal drilling spanning more than ten kilometers (6.2
miles), the online report said.
So far the mining has raised thousands of tons of earth, which
has been set aside in order to extract the gold particles, the report