Nicaraguan Chamber of Mines (Caminic), argues that with the successful production in 2010 of 156 thousand troy ounces, the country ranks among the top ten producers in Latin America.
"Nicaragua should position itself within the top twenty exporters (worldwide), it is a matter of continued exploration and build two or three more mines," said to La Prensa Sergio Rios, president of Caminic and manager of Hemco Nicaragua S.A.
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The Orosi Mine, owned by Canadian corporation B2Gold Corp., commenced gold and silver production.
According to a press release issued by the company, the first dore bar was produced on January 5th, 2010.
B2Gold expects to produce approximately 80,000 to 90,000 ounces of gold per year at an estimated average operating cash cost of approximately $465 per ounce with an initial seven year mine life.
Canadian corporation B2Gold invested $54 million to reopen the gold mine located in the province of Chontales.
B2Gold plans to extract 90.000 gold ounces a year, generating exports for approximately $85 million.
Emilio Rappaccioli, Energy Minister, commented that the new mine will double the country’s mining production, making gold the second or third most important export product.
The company announced an investment of nearly $ 34 million to increase domestic production of gold.
The company´s president, Clive T. Johnson, said projections for 2011 are to achieve a production of 140.000 ounces of gold.
About $ 11 million will be invested at La Libertad mine to improve production and about $ 4.5 million in exploration work.
Minning project Escobal could rival Mexico's Fresnillo, the largest silver mine of the world.
The Escobal silver project in Guatemala may one day equal the Fresnillo mine – the world's biggest producer of the precious metal – Tahoe Resources CEO Kevin McArthur said on Monday.