Pakistan, Sept. 7 -- Underneath the rugged mountains of Afghanistan lies extraordinary wealth. Geological surveys estimate that the country holds over $1 trillion in untapped mineral resources, which include vast deposits of copper, gold, iron ore, lithium and rare earth elements critical for modern technology.

Five years after regaining power, the Taliban are desperate to unlock this hidden treasure. They have floated a striking pitch by inviting American companies and capital back into the country to mine it.

At first glance, the offer sounds surprising. After fighting the United States for two decades, Taliban leaders are now openly inviting American investors to build factories, extract minerals, and modernise infrastructure. Foreig...