Canada's Calibre Mining bought from B2Gold Nicaragua, the El Limón and La Libertad gold mines, as well as the Pavon project and other concessions, in a transaction that totaled $100 million.
The El Limón and La Libertad mines have produced more than 1.4 million ounces of gold since 2010, and their combined production of gold in 2019 is projected to be between 150,000 and 160,000 ounces, the company said in a statement.
Nicaraguan mining companies forecast more growth for 2014 in line with the investments made by the sector.
According to statistics from the Center for Exports (CETREX) up to November this year sales of raw gold rose by 10.4% going from 12,001 kg in 2012 to 13,251 in 2013. An increase in value of 2.9 % with revenues of $395.1 million was recorded, while in the same period of 2012 it was $389.9 million .
Falling gold prices in the international market are worrying the mining sector, but are not a reason to stop investing in the country.
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. "
The Canadian company B2Gold, which operates the Limon and La Libertad mining projects in Nicaragua, has announced higher revenues and production.
In the third quarter of 2011, the company’s gold mines produced a total of 34,303 ounces of gold and generated revenues of $50.5 million. This represents a 13% increase in production and a 26% increase in revenue, compared with the same period in 2010.
The growth of the Nicaraguan economy is being led by the mining sector, with gold being the standard bearer.
The Canadian mining corporation B2Gold, owner of the concessions in Nicaragua for the Mines El Limón (Leon) and La Libertad (Chontales), has opened offices in the municipality of Santo Domingo, Chontales, an area for which they have an exploration concession "with good potential to become a new mine. "
Calibre Mining Corp. and B2Gold and have begun the second phase of exploration of the Primavera gold and copper mine.
In a press release, Calibre explained that this phase of exploration has an available budget $441,000, and that they will focus on three areas that show a potential of up to 1.48 grams of gold per ton.
Calibre will act as the project operator, via a purchase option agreement with B2Gold, which could leave them with 51% of concessions in the Borosi area subject to financing $8.32 million worth of costs by June 2014.
The company announced an investment of nearly $ 34 million to increase domestic production of gold.
The company´s president, Clive T. Johnson, said projections for 2011 are to achieve a production of 140.000 ounces of gold.
About $ 11 million will be invested at La Libertad mine to improve production and about $ 4.5 million in exploration work.
"While at El Limón mine, 50.000 ounces of gold are expected with a capital investment of 12 to 16 million dollars. $2.5 million will be invested to explore new deposits and $1.5 million to support community projects,” reported Elnuevodiario.com.ni.
The Orosi Mine, owned by Canadian corporation B2Gold Corp., commenced gold and silver production.
According to a press release issued by the company, the first dore bar was produced on January 5th, 2010.
B2Gold expects to produce approximately 80,000 to 90,000 ounces of gold per year at an estimated average operating cash cost of approximately $465 per ounce with an initial seven year mine life.
Its owner, Canadian company B2Gold, estimates 2010 production in 120.000-130.000 gold ounces for its two mines in the country.
In a press release, B2Gold announced that mining project Orosi is 95% ready, could begin operations in November, and has had a construction cost of $62 million.
B2Gold expects to output 120.000-130.000 gold ounces in 2010, out of which 80.000-90.000 will come from Orosi, and the remaining from mining project Limón.