Mining: $25 Million Investment Announced

Plantel Los Angeles, a mixed capital company operating in Chontales, Nicaragua, plans to invest $25 million in the construction of three new raw gold processing plants.

Wednesday, March 10, 2021

The company, which will invest in the new processing plants, caters exclusively to producers who are classified as artisanal miners. The announcement of these projects comes in the context of the increase in gold exports, since between January 2020 and the same month of 2021, Nicaraguan sales abroad went from $50.6 million to $60.8 million.

You may be interested in "Gold in Central America: Exports grow 11%"

Sergio Murillo, president of the Chamber of Mines of Nicaragua (Caminic) told Laprensa.com.ni that "... there are strong expectations that this year will achieve a 12% growth in volume and exceed $750 million in exports, which has even encouraged investors such as Calibre and Hemco, which also have projects that will promote the growth of the production of the precious metal."

According to the executive, it is estimated that out of 35 thousand artisanal miners, only 12 thousand have entered the production model promoted by companies such as Plantel Los Angeles and Hemco. The rest extract gold without adequate standards.

An official statement from Plantel de los Angeles assures that the company "... has cooperated with the organization of artisanal mining in the area, to convert it into a formal and sustainable activity, improving safety and environmental practices and guaranteeing fair payment to its suppliers."

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The arrival of foreign investment to the west of the country is being promoted, in places where there are already companies interested in developing the potential for metal mining in the area.

The Mining Chamber of Nicaragua projects growth of 5% in exports this year compared to 2015, driven by a rebound in gold prices internationally and investments in the sector. Sergio Rios, director of the union, also attributed the positive growth projection to the approximate 5% achieved in production.

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