Resources
Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GDP and 80% of exports. Oil production is now declining from its peak of 370,000 barrels per day (59,000 m3/d) in 1997. The 1998 fall-off in oil prices had a negative impact on government revenues and the economy. Gabon public expenditures from the years of significant oil revenues have not been spent well.
The government has recently announced it will reassess exactly how much iron ore the Belinga site contains before awarding the concession to a mining company, most likely to be China’s CMEC, who temporarily secured the rights to the ore in 2007.
Read more about this topic: Economy Of Gabon
Famous quotes containing the word resources:
“Parents can offer their help by suggesting and locating resources likely to be unfamiliar to children, such as people, books, and materials that can be useful.”
—Dorothy H. Cohen (20th century)
“Everywhere we are told that our human resources are all to be used, that our civilization itself means the uses of everything it has—the inventions, the histories, every scrap of fact. But there is one kind of knowledge—infinitely precious, time- resistant more than monuments, here to be passed between the generations in any way it may be: never to be used. And that is poetry.”
—Muriel Rukeyser (1913–1980)
“But, with whatever exception, it is still true that tradition characterizes the preaching of this country; that it comes out of the memory, and not out of the soul; that it aims at what is usual, and not at what is necessary and eternal; that thus historical Christianity destroys the power of preaching, by withdrawing it from the exploration of the moral nature of man; where the sublime is, where are the resources of astonishment and power.”
—Ralph Waldo Emerson (1803–1882)