Outlook for Gold in Nicaragua

Falling gold prices in the international market are worrying the mining sector, but are not a reason to stop investing in the country.

Wednesday, May 22, 2013

In an interview in Laprensa.com.ni by Lucia Navas with Pablo Venturo, B2Gold's country manager, the official explains how the company's operations are in Nicaragua and their expectations for the future.

According to Venturo, recently there has been a significant drop in international prices, however, they are waiting to see what the trend will be over the next few months. "When we started operations in the country in April 2009 the price of gold was $850, since then there was an upward trend reaching its peak in 2011. In 2009 we started with major investments such as the acquisition of properties and the reconstruction of Mina La Libertad, which helped double production from forty thousand ounces a year to its current capacity of 130 thousand ounces. That was an investment of $74 million between 2009 and 2010. That investment has allowed us to maximize our revenue this year and leaves us ready and in a robust position to face a complex future. "



More on this topic

Nicaraguan Gold Amid Falling Prices

April 2013

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.

Gold Shines in Nicaragua

January 2013

Good prices on the international market and new mining investments could result in gold being the Nicaragua’s flagship product in 2013.

During 2012 110,000 ounces of gold were extracted, and in 2013 the figure could rise to 130,000 ounces.

The Nicaraguan Chamber of Mines (Caminic) announced that during 2013-2014 two new gold mining centers will open.

Investments in Gold Mining On The Rise

October 2011

During 2011 the price of gold has continued to rise, and so far this year has recorded growth of 16%, which has encouraged mergers and acquisitions in this mining sector.

In the eleventh year of rising prices, gold reached the record value of $1,923.70 an ounce on September 6.

Nicaragua Expects to Export $140 Million of Gold

March 2010

The country’s mining industry expects to double its gold exports in 2010, its main destinations being the United States and Canada.

The Central Bank of Nicaragua revealed that in 2009 the country sold 88.000 troy ounces, netting $81 million.

Sergio Ríos, president of Caminic, the Chamber of Mining Companies of Nicaragua, commented that “as long as the U.S.

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Hemco S.A.

Organization that operates in Nicaragua.
Phone: (505) 2266-1925

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