Through its subsidiary Cobra Gold, Glen Eagle Resources has acquired a property of 15,000 square meters in Choluteca, to build a processing plant.
From a statement issued by Glen Eagle Resources:
MONTREAL, QUEBEC–(Marketwired – Oct. 6, 2016) – Glen Eagle Resources Inc. (TSX VENTURE:GER) (“Glen Eagle” or the “Company”) is pleased to announce that Cobra Oro, a wholly owned subsidiary of Glen Eagle, has purchased 15 000 square meters of land in Choluteka, Honduras. Based on the transaction, Cobra Oro acquires its own free trade zone which will reinforce its past exemption to pay a minimum 25% flat tax on profits, 25% duty tax on imports, reduce from 6% to 3% the sales tax on export and cancelled $8 000 in monthly rent as a tenant. The acquisition will further secure Cobra Oro’s ongoing expansion project supported at its core by an asset strategically located in one of the fastest economic growth area of all Honduras due in part to its low criminality rate among other factors.
The Belgian company Nyrstar sold to Morumbi Resources 100% of the subsidiary American Pacific Honduras, owner of the El Mochito zinc mine.
From a press release by Morumbi Resources:
Toronto, Ontario, September 22, 2016 – Morumbi Resources Inc. (“Morumbi” or the “Company”) (TSX-V:MOC) is pleased to announce that it has entered into a share purchase agreement (the “Agreement”) with certain affiliates of Nyrstar NV (collectively "Nyrstar") to purchase 100% of Nyrstar's indirect subsidiary American Pacific Honduras SA de CV ("AMPAC") and its flagship asset, the producing El Mochito Zinc Mine (collectively "El Mochito") in Honduras (the “Transaction”).
The 150% plummet that exports have suffered in the last two years is attributed to a fall in international prices of metals.
The fall in international prices of metals is the main reason behind the drop of almost 150% in foreign sales in the mining sector from 2015 to date. In the first half of 2015 the value of exports amounted to $256 million, while in the same period in 2016, it fell to $80.5 million, according to the Honduran Institute of Geology and Mines (Inhgeomin).
Companies in the sector point to the favorable geological conditions for this activity in the country and advocate that the suspension of concessions which has been in effect since 2009 be lifted.
Companies engaged in exploration and mining activities support their argument citing the new ways in which the activity now takes place, differentiating the artisanal mining techniques which were used in the past from those used in modern mining.
Less mining of metals such as silver, lead, zinc and iron oxide explains the 17% drop in mining activities in the first quarter, compared to the last quarter.
In the quarterly GDP report up to March 2016 the Central Bank states that"...The negative result in Mining and Quarrying (-17.0%) was associated with a decline in metal ore mining (silver, lead, zinc and iron oxide), which has been discouraged by low prices in the international market, which do not stimulate the development of projects aimed at exploring new mineral deposits. "
The Supreme Court has rescinded in a "definitive" manner the permit for operating the mine La Puya, which had been awarded to the company Progreso VII Derivadas.
Putting a legal end to the controversy which arose three months ago, the Supreme Court decided to suspend the permit permanently, after differences of opinion arose between the Ministry of Energy and Mines and the Court over legal criteria.
A bill proposes the creation of a public mining company, which would be able to participate in concessions and form associations with other public or private companies.
Elnuevodiario.com.ni reports that "...Some of the functions that this law would have is to carry out feasibility analysis to set up mineral processing establishments in areas with mining potential, within concession areas; and market products derived from the exploitation of mineral resources. "
The Mining Exploitation Project Niquegua Montufar II, run by Compañía Guatemalteca de Níquel, and the one called Tajmulco II, by Montana Exploradora de Guatemala, have been suspended by the government.
A statement issued by the Ministry of Energy and Mines indicates that "...Adhering to the appeal granted by the First Chamber of the Court of Appeals of the Civil and Commercial Branch constituted in the Court of Appeal, the Ministry of Energy and Mines (MEM), notified Compañía Guatemalteca de Níquel (CGN), of the suspension of its authorization license for operating the mining exploitation project Niquegua Montufar II. "
On August 16 and 17 industry representatives from around the globe will be taking part in business conferences and lectures on the role of mineral resources and the impact of the activity on the economy.
The II International Mining Congress is being organized by the Mining Chamber of Nicaragua and will be held on August 16 and 17 in Managua.
In Guatemala academics are trying to halt the mining industry while new rules for the sector are studied, instead of making concrete proposals to correct what needs to be corrected.
An academic consortium is proposing that the State of Guatemala turn its back on an industry that generates employment and income and suspend the granting of mining concessions in the country. Although the Morales administration has already rejected the possibility of a mining moratorium, the Central American Institute for Fiscal Studies (Icefi) and the Danish development organization IBIS still insist on calling a halt until a study of the sector is carried out.
The mining company which is an investor in the Cerro Chorcha project, in Bocas del Toro, has demanded international arbitration against Panama for expropriating the concession in 2010.
Six years after the Panamanian government expropriated the concession belonging to Dominion Minerals Corporation, in Cerro Chorcha in Bocas del Toro, the American company has filed for arbitration, Laestrella.com.pa reported.
The Supreme Court has ruled in favor of an injunction against the operation in Progresso VII, Derivada, but the legal criteria of the Ministry of Energy and Mines is that the project can continue to operate.
The Supreme Court of Guatemala had granted a provisional injunction against the environmental organization (Legal, Social and Environmental Action Center (Calas) in order to suspend the license for the mining project Progreso VII, Derivada, located in San Pedro Ayampuc and San José del Golfo.
Armstrong Equipment, Inc. is an American based company that specializes in the distribution to Latin America of equipment and parts used in the mining sector, rock crushing and asphalt paving.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (305) 592 8361
Constructora Celaque is a leader when it comes to construction of civil projects and mining in Honduras with more than 15 years of experience.
Operates in Honduras and Honduras
Phone: (504) 2239 6794 - (504) 9905 7845