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:
“How many inner resources one needs to tolerate a life of leisure without fatigue”
—Natalie Clifford Barney (1876–1972)
“We live in a time which has created the art of the absurd. It is our art. It contains happenings, Pop art, camp, a theater of the absurd.... Do we have the art because the absurd is the patina of waste...? Or are we face to face with a desperate or most rational effort from the deepest resources of the unconscious of us all to rescue civilization from the pit and plague of its bedding?”
—Norman Mailer (b. 1923)
“When we want culture more than potatoes, and illumination more than sugar-plums, then the great resources of a world are taxed and drawn out, and the result, or staple production, is, not slaves, nor operatives, but men,—those rare fruits called heroes, saints, poets, philosophers, and redeemers.”
—Henry David Thoreau (1817–1862)