The Supreme Court has rescinded in a "definitive" manner the permit for operating the mine La Puya, which had been awarded to the company Progreso VII Derivadas.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.
In the last six years capacity mining production in the country has tripled and it is expected to increase even more with the startup of two new projects.
According to Denis Lanzas Cisneros, vice president of the Chamber of Mines of Nicaragua, one of the main reasons behind the growth of the sector in recent years is the regulatory framework which established the Mining Act, which "... 'has created investor confidence in developing technology, and that has allowed us to increase our production capacity, improve our quality to get better returns from the waste materials we get from mining. That led, in 2013, to us becoming the chief exporter (country) with 442.6 million dollars which represented 18.44 percent of Nicaragua's total exports.'"
In the first quarter sales abroad of lead totaled $83 million, due to the operation of the San Rafael mine, which extracts silver, lead, zinc and gold.
In eighth place out of the top 25 export products of the country, foreign sales of lead in the first three months of 2014 were equivalent to $83 million, while in the same period in 2013 the figure was just $1.5 million , according to the Bank of Guatemala.
The growth of the metal mining sector and the framework provided by a new mining law have generated interest from foreign companies.
Up until October 2013, the share of mineral products in exports of general merchandise was $232.7 million, equivalent to 7%. This, and the adoption of a new mining law last year, has attracted interest from foreign investors who have set their eyes on Honduras.
The decline in the price of precious metals worldwide has forced the company to temporarily suspend operations at Cerro Blanco.
"The Cerro Blanco mine in Asuncion Mita, Jutiapa, will enter into a state of maintenance and care, ie only keeping areas active that are necessary for the development of the mine and its infrastructure, but it will not perform exploitation activities as was planned. "
The approval of the Mining Act has peaked the interest of investors interested in the exploration and exploitation of minerals, which could contribute up to $3.5 billion.
Laprensa.hn reports that "Santos Gabino Carvajal, president of the National Association of Metal Mining in Honduras (Anamimh), said that in the last seven years Honduras has not received a single dollar in mining investment, despite its great potential, and that all investments planned in the country were diverted to Nicaragua and Colombia. "
Noble House Precious Metals Trading Group. Fine quality presious metals of gold, silver, and platinum coins, ingots, bars, and bullion in Panama.
Organization that operates in Panama
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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
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Constructora Celaque is a leader when it comes to construction of civil projects and mining in Honduras with more than 15 years of experience.
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