B2Gold Bets on Gold in Nicaragua

The Canadian mining company will invest $100 million in the country in 2012 to expand its two gold mines.

Wednesday, March 7, 2012

B2Gold is the largest mining operation in Nicaragua, and owns La Libertad mine and 95% of the Limon mine, respectively producing about 90,000 and 40,000 ounces of gold annually. Together, the two mines are expected to generate $140 million in cash this year, 40% more than in 2011.

In an interview with Reuters, company CEO Clive Johnson stated that the costs are low in Nicaragua, about $600 per ounce, while most other mining countries spend more than $1,000 for each ounce produced. Currently spot gold prices are around $1,700 an ounce.

Johnson added that the first thing he did upon arriving in the country was to meet with president Daniel Ortega, for a session that was scheduled to be 20 minutes long but ended up lasting two hours. "That meeting gave B2Gold a good standing, a position the company still maintains," he said.

More on this topic

Gold Fever in Nicaragua

August 2011

The growth of the Nicaraguan economy is being led by the mining sector, with gold being the standard bearer.

The Canadian mining corporation B2Gold, owner of the concessions in Nicaragua for the Mines El Limón (Leon) and La Libertad (Chontales), has opened offices in the municipality of Santo Domingo, Chontales, an area for which they have an exploration concession "with good potential to become a new mine. "

Nicaraguan Gold Mine Production Increases

December 2010

"La Libertad" gold mine, owned by B2Gold Corp, could increase its production and operating life.

The company announced the results of exploratory drilling, which indicates the possibility of increasing current production, which stands at 80.000-90.000 ounces of gold annually.

B2Gold Announces Investments in Nicaragua

November 2010

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.

Nicaragua: Orosi Gold Mine 95% Ready

November 2009

Its owner, Canadian company B2Gold, estimates 2010 production in 120.000-130.000 gold ounces for its two mines in the country.

In a press release, B2Gold announced that mining project Orosi is 95% ready, could begin operations in November, and has had a construction cost of $62 million.

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