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.
During the period 2013-2014 B2Gold extracted 197,808 ounces from El Limon and La Libertad mines, while HEMCO achieved a total production of 113,770 ounces.
For non compliance with the deadline to deliver the financial results of 2013-2014 the securities commission of British Columbia, Canada, the trading of the shares by the owner of the Molejón mine in Panama has been suspended.
Despite having announced in September changes in company structure and operation of the Molejón gold mine in Panama, the Canadian company Petaquilla Minerals continues to face financial difficulties.
The Securities Commission of British Columbia in Canada, has issued a resolution barring the two top executives of Petaquilla from trading shares of the company until financial information is presented for the period ending July 2014.
Problems continue for Petaquilla Minerals, which breached a salary payment arrangement that should have been finalized in October and it has now been reported that two of its executives have been banned from buying or selling shares in the company.
Conflicts over environmental protection and excessive bureaucracy in the process of granting concessions are the factors that limit the great mining potential in the region.
The mining sector in Central America represents great potential for investment and business, however, it has so far contributed only 0.75% to the Gross Domestic Product (GDP), averaged from the six countries in the region, between 2008 and 2012.
Investment to be made in the local mining sector between 2009 and 2018 is estimated at $10 billion and it is projected that by 2019 the value of the export of metals will reach $2500 million a year.
From a statement from the Mining Chamber of Panama:
Relevant data related to mining in Panama:
• Mining brings economic, environmental and social benefits to the country.
On November 19th-21st 2014 companies engaged in mining infrastructure and construction in Central America and the Caribbean will meet in the Atlapa Convention Center in Panama.
The Mining Chamber of Panama, is organizing for the third time the International Minera EXPOConferencia event.
Mr Zorel Morales, Executive Director of the Mining Chamber of Panama, said that "...
The Canadian company B2Gold will be extending exploration activities in the La Libertad gold mine for seven years and operating six other projects in other parts of the country.
The process of conversion of the La Libertad gold mine, initiated by the Canadian B2Gold and which currently extracts between 140,000 and 150,000 troy ounces of gold a year, will continue for seven years, according to statements made by company representatives.
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 "...
The study notes that in ten years the contribution of mining to the economy was only 1.25% of GDP.
From a press release issued by the Central Institute for Fiscal Studies (Icefi):
The study entitled "Assessment of the mining situation in Honduras 2007-2012" highlights the controversial nature of mining in Honduras, which generally comes from: a) conflicts between mining companies and communities; b) low levels of contribution to national and municipal taxes; c) environmental problems; d) human rights violations; d) weak legal framework and one which is favorable to mining companies; e) weakness state institutions which regulate mining activities.
At the moment studies are being carried out on more than 160 applications from companies seeking to explore mining areas under the framework of the new legislation passed in 2013.
Since the adoption of the new Law on Mining operations in Honduras, the Honduran Institute of Geology has received more than 160 applications for exploration permits from mining companies.
From August 12th to 14th representatives from companies in the mining industry in Central America and other countries will meet in Managua.
In the event being organized by the Chamber of Mines and the Ministry of Energy and Mines of Nicaragua topics related to the exploitation of mining in the region, the impact of mining on the environment, and the technical training required by the sector will be discussed, among other things.
The Guild of Extractive Industries would accept the increased royalties as agreed at the start of the Pérez Molina administration.
An article in Prensalibre.com reports that Mario Orellana, president of the Union of Extractive Industries, said "... The initiative proposed by the Ministry of Energy and Mines (MEM) is embodied in the agreement that we voluntarily accepted at the start of this government.
A study reveals the state's inability to meet the demands for services and road infrastructure that arise when a mining project is set up.
"Mining in Guatemala's economy in 2011 accounted for 2.8% of the production of goods and services nationwide .... By 2012, the total tax contribution of the mining sector was $62,496,766 equivalent to 5.7% of production of mining and quarrying," indicated the Central American Institute for Fiscal Studies (ICEFI).
Representatives of companies in the sector and investors will meet from 2 to 5 March in Canada in order to take part in the business conference.
The Prospectors and Developers Association of Canada (PDCA) has organized since 1932 the Annual Mining Convention which is attended by companies involved in the industry of mining exploration and exploitation in various countries.
A multi-sector table will discuss everything from a possible new law to a potential moratorium on the activity.
The Government, the business sector, environmentalists, workers, the church, and indigenous communities will meet to discuss a number of general guidelines for the country's mining future. Within a period of 60 days the decisions made by the multisectoral board members will be made public.