Portugal’s Mineral Bonanza

 

Apparently Portugal has just sold licences for oil and gas exploration off the Algarve, they are in talks with major companies such as Rio Tinto about Gold and Iron Ore deposits that are potentially worth a fortune.

 

What were they doing with it all this time “saving it up for a rainy day”. This is not recently discovered mineral wealth that somehow got overlooked it has been known about for some time.

 

We all know that there can be a lack of impatience when it comes to Portuguese bureaucracy but sitting on vast amounts of mineral deposits through decades of financial mediocrity seems to be a bit, well, slap dash.

 

Four years ago the Government looked into digging up these vast economy saving riches but decided against it because !!!!!! no you got me there.

 

Thank the heavens there is now a government that puts its economy, which ultimately means its people before political idealism.

 

Large companies investing lots of money in Portugal will help to turn around the economy in Portugal faster than any other measure. With the recent Chinese investment into EDP as well as these mineral companies chipping in, this will with a bit of luck pave the way for further already interested parties to join the party.

 

Please multi national companies may not be everyone’s cup of tea but they rarely back the wrong horse. Its time for all these doom sayers to accept that Portugal is staying in the Euro and has a bright future ahead of it.