Gold in Nicaragua: A Business with Its Own Brightness

The country is going through an economic crisis that has hit most sectors, however, gold seems to be on the sidelines of the bad times, as in the first nine months of the year exports totaled $397 million, 26% more than in the same period in 2019.

Tuesday, December 17, 2019

Between January and September 2018 and the same period in 2019, foreign sales of gold in the country increased by $82 million, going from $315 million to $397 million, according to figures from the Center for Export Procedures (Cetrex).

According to Cetrex data, based on traded value, gold exports are second in importance, since beef sales exceed them.

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Aiser Sarria, general manager of Condor Gold, a company that has invested in the country, told that they have disbursed $60 million in an exploration project and when they are in the exploitation stage they expect to sell the ounce of "... gold at a price of $1,250 in the international markets."

Sarria added that "... The production that we have projected annually is between 75 thousand and 100 thousand ounces annually, we are talking with current prices of between $110 million and $150 million of income from exports, in addition to what is currently generated and the historic that we may have, therefore that would practically announce a 30% increase in the production and export of gold from Nicaragua."

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