Mining activities have grown at an annual average of 9% in the last ten years, mainly due to growing foreign investment, an increase in production and favorable international prices.
Wednesday, October 11, 2017
A report presented by the Nicaraguan Mining Chamber states that between 2006 and 2016, foreign direct investment totaled $793 million, having an annual average of $79 million.
Elnuevodiario.com.ni explains that "...In 2013, foreign direct investment in the sector totaled $178.9 million, the highest in the last 10 years, according to the study.In addition, gold production for export amounted to 2,216.5 million troy ounces in the last 10 years, for an annual average of 221.6 million troy ounces."
"...Nicaragua has a total area of 71,000 square kilometers available for mining concessions, a little more than the territory of Ireland, according to data from the state-run Investment Promotion Agency (ProNicaragua)."
This year's projections are for production of 276 thousand troy ounces of gold and 689 thousand silver, and it is expected that $355 million will be generated in export earnings.
The mining companies' association predicts that private investment this year will range from $125 million to $140 million.Sergio Ríos, president of the Mining Chamber of Nicaragua (Caminic),"... recently stated that 'gold production in 2016 amounted to 267,000 troy ounces' and that since 2011 the production of precious metal has grown at a annual average rate of 9.3%'."
The Assembly is preparing to approve a bill that creates the Nicaraguan Mining Company (Empresa Nicaragüense de Minas), which will be able to participate in exploration and exploitation activities carried out by companies who have received concessions.
In addition to the possibility of participating directly in activities carried out by concessionaire companies, once the law is approved, the Nicaraguan Mining Company (ENIMINAS), "... will have as its objective the execution and development of exploration and rational exploitation of the country's mining resources. "
The union of mining companies is promoting the arrival of new foreign investments in order to achieve greater development and formalization of metal mining in the country.
The president of the Mining Chamber of Nicaragua (Caminic), Sergio Rios, presented to foreign businessmen the characteristics and conditions offered by the country's for mining investments and invited them to invest in the country and take advantage of its geological potential.
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 "...
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