Crucitas Mine in Costa Rica: Key Figures

Infinito Gold, owner of the strip mining project "Crucitas" in Costa Rica, presented investors details of the controversial $66 million mine.

Monday, September 7, 2009

The company reviewed the mine's total gold output at 940.000 ounces, raising the Net Present Value of the project to $127 million.

For projecting cash flows, Infinito used a price of $750 per gold ounce, and estimates a mining cost of $342.50 per ounce, which is "very competitive", according to the company.

Cash flow before taxes and capital expenses (CAPEX) would be $356 million, and $200 million after taxes and CAPEX, making the project "very attractive and economically feasible".

An article in Costa Rican news site Elpais.cr lists the benefits the country would obtain with the mine, according to Infinito: "260 direct jobs... $30 million in salaries, $10.5 million in social security, $83.8 million in corporate taxes and $14 million in mining canon".

More on this topic

Everybody Wins, Nobody Loses ... Except You and Me

February 2014

The money that the State of Costa Rica will lose in the dispute over the failed concession of the Crucitas mine will come from taxpayer's pockets.

Editorial

During the 20 year period of the soap opera that is Crucitas gold mine, none of the individuals who are involved in one way or another have suffered any financial loss and many, on the contrary, have seen an increase in their income and their bank accounts.

Cancellation of Crucitas Mining Concession Stands

November 2011

The First Chamber of the Supreme Court of Costa Rica has dismissed appeals filed by the company Industrias Infinito.

In November 2010 the Administrative Court ordered the cancellation of a mining concession to Industrias Infinito, a company that has invested $127 million in the project.

Costa Rican Court Cancels Las Crucitas Mining Concession

November 2010

A local court ruled to annul the concession previously granted to Industrias Infinito, and ordered the company to pay compensatory damages.

The court ordered the Costa Rican State and Industrias Infinito to pay environmental damages.

An article in Elfinancierocr.com noted that the ruling is not definitive, as another court (Sala Primera), must first resolve an appeal by Industrias Infinito.

Costa Rica: Court Sustains Measures Against Crucitas Gold Mine

June 2010

An appeals court maintained a series of precautionary measures hampering the development of Crucitas gold mine, owned by Infinito Gold.

The court’s decision was based on a “in dubio pro natura” principle, which implies prevention and precaution in favor of natural resources. The measures against the company will remain in place until a final ruling is issued.

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