Belize Natural Resources
Although a number of economically important minerals exist in Belize, none has been found in quantities large enough to warrant their mining. Those minerals include dolomite, barite (source of barium), bauxite (source of aluminum), cassiterite (source of tin), and gold. In 1990 limestone, used in roadbuilding, was the only mineral resource being exploited for either domestic or export use.
The similarity of Belizean geology to that of oil-producing areas of Mexico and Guatemala prompted oil companies, principally from the United States, to explore for petroleum at both offshore and on-land sites in the early 1980s. Initial results were promising, but the pace of exploration slowed later in the decade, and production operations never commenced. As a result, Belize remains almost totally dependent on imported petroleum for its energy needs.
Belize has considerable potential for hydroelectric and other renewable energy resources, such as solar and biomass. In the mid-1980s a Belizean businessman proposed the construction of a wood-burning power station for the production of electricity, but the idea foundered in the wake of ecological concerns and economic constraints. In late 2005, a company named Belize Natural Energy found oil in commercial quantities in the Spanish Lookout area of Belize.