The company B2Gold Corp. could acquire up to 65% of the gold and copper mining project NEN.
The gold and copper mining Project NEN, currently property of Canadian Calibre Mining Corp, is located on the North Atlantic side of Nicaragua, and covers 70,976 hectares.
B2Gold Corp executed a letter of intent, through which it could acquire 51% of the project by making an investment of $7 million on exploration and other projects before 2012 and an additional 14% in a selected area of the project upon completion of the preliminary feasibility studies.
Three companies from the U.S. and Canada have acquired concessions rights for exploratory mining, with investments of about $5 million.
The new concessions add to those already existing in the country, in which a total of $12.7 million have been invested between January and May 2011, according to the Ministry of Energy and Mines (MEM).
The government has denied a Canadian company a license.
The Costa Rican authorities in the mining sector have declined the request to reopen the Bellavista gold mine by the Canadian company B2 Gold, arguing that the act would be contrary to the national moratorium on mining.
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