Nicaragua: $23 million in Mining Investment

In the remainder of the year B2Gold plans to invest $23 million in mining work, expansion of tailings dam and other works in the La Libertad gold mine in Chontales.

Friday, August 21, 2015

In addition, the concessionaire plans to invest $5 million in exploration in areas close to the mine and within the concession area. Representatives from the B2Gold predict closing 2015 with a total production of between 135,000 and 145,000 ounces of gold from the La Libertad and Santo Domingo mines.

"... Despite the low gold price, Omar Vega, manager of the La Libertad mine, said the company is prepared to undertake the necessary investments in order to deal with the fall in the international price of gold.

Vega told that "...'We can not control the price of gold, but we can control variables such as managing our cost structures, efficiency of operations and compliance with plans for exploration and expansion. This means that as an industry we must be prepared for every kind of situation.'"

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The concessionaire B2Gold expects to invest $44 million this year in the La Libertad, Santo Domingo and El Limón mines, while HEMCO SA plans to spend $14 million on the operation of the Bonanza mine.

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While the outlook is expected to improve at the international level, the mining industry in Nicaragua has announced that it is prepared to withstand the collapse of gold prices.

According to Pablo Venturo, B2Gold mining manager, the investments of about $400 million which have been implemented over the past four years has allowed them to be ready today for the collapse of gold prices in the international market.