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:
“The future author is one who discovers that language, the exploration and manipulation of the resources of language, will serve him in winning through to his way.”
—Thornton Wilder (1897–1975)
“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)
“I always put these pert jackanapeses out of countenance by looking extremely grave when they expect that I should laugh at their pleasantries; and by saying Well, and so?—as if they had not done, and that the sting were still to come. This disconcerts them, as they have no resources in themselves, and have but one set of jokes to live upon.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)