El Salvador's legislature has lifted a nationwide ban on metals mining, a move supported by President Nayib Bukele. The ban, implemented in 2017, made El Salvador the first country globally to prohibit metals mining. Bukele has long advocated for the reversal of the ban, citing its negative impact on economic growth. The legislation grants the Salvadoran government sole control over mining activities within the country's land and maritime territories.
SAN SALVADOR - El Salvador 's legislature overturned a national ban on metals mining on Monday, backing a key item on President Nayib Bukele 's agenda for boosting economic growth amid criticism from environmental groups.
El Salvador became the first country in the world to ban forms of metals mining in 2017. Bukele, who took office in 2019, has called the ban absurd and supports gold mining. All 57 of Bukele's allies in the Central American country's 60-seat legislature voted for the president's legislation to overturn the ban, with three lawmakers voting against it. The legislation will grant the Salvadoran government sole authority over mining activities within the country's land and maritime territory.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes.and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
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