The Mineral Industry Of Central American Countries

The Belizean economy had an estimated annual growth of about 3.4% over that of 1986. Economic growth during the 2 previous years was slower and was characterized by a negative trade balance. The gross domestic product (GDP) was an estimated $200 millioni2 in current dollars. Limited natural resources and scarce finances continued to make the Government's task a difficult one. Belize and China signed an economic cooperation agreement in April under which the Chinese Government is to provide technical assistance, a cash grant of $60.000, and a long-term, interest-free loan of approximately $1.5 million. In May, it was reported that gold was discovered in a remote area of the Maya Mountains in western Belize. An estimated unassayed value of $400 million has been placed on the deposit by one of its discoverers. However, the government in Belmopan has played down the discovery. Two U.S. oil companies. Seahawk Oil International of California and Alston Oil Co. of Texas, were granted licenses to explore for oil. Seahawk Oil will explore a large area of the Orange and Corozal Districts, while Alston Oil will prospect a 90,000-acre area of the western Cayo District. Another U.S. oil company, Pecten Oil Co., recently completed seismic studies off-shore of Belize City. Pecten Oil has made plans to start drilling in 1988.