The Canadian mining company buys 40% of shares from joint venture partner Radius Inc. for $20,08 million, and takes total control of Trebol and El Pavon gold mining sites in Nicaragua.
B2Gold Corp. and Radius Gold Inc. announced on April 9 the signing of a binding letter agreement pursuant to which B2Gold has agreed, among other things, to acquire a 100% interest in the Trebol and El Pavon gold properties in Nicaragua in consideration of C$20 million, payable in common shares of B2Gold at a price per share equal to the volume weighted average price of B2Gold’s common shares on the Toronto Stock Exchange (“TSX”) for the ten trading days immediately preceding the date of the letter agreement.
The mining company Hemco is diversifying its activities and investing $138 million in hydropower, forestry and call centers in Bonanza on the Nicaraguan Atlantic.
Hemco Nicaragua SA is a good example of how private initiatives can contribute to the social and economic development of a country with its increase in investment following a strategy of diversification.
After six years of exploration the company B2Gold has confirmed the operation of a new mine in Rancho Grande.
At the moment the El Pavón project is at the stage of consultations with local authorities and the population for the purpose of assessing environmental impact, explained Martin Espalza, a representative from B2Gold.
"Espalza gave did not give details on the amount of investment required for the whole process of research and construction for the El Pavon project, but noted that the impact on employment generation will be very significant, especially for the regions near the quarry," reported Prensalibre.com.
The Canadian mining company will invest $100 million in the country in 2012 to expand its two gold mines.
B2Gold is the largest mining operation in Nicaragua, and owns La Libertad mine and 95% of the Limon mine, respectively producing about 90,000 and 40,000 ounces of gold annually. Together, the two mines are expected to generate $140 million in cash this year, 40% more than in 2011.
Nicaragua's mining industry aims to grow by 15% in 2012, totaling $418.6 million in sales, $54 million more than last year thanks to rising global prices.
The gold mining industry in Nicaragua plans to increase production by 15% and get annual revenues of $418.6 million in 2012, said Karla Guerrero, executive director of the Nicaraguan Chamber of Mines.
The Canadian Mining company Corazón Exploraciones SA has already invested $6 million in the mine La Libertad, and plans to invest a further $2 million next year.
The investment has contributed to the economy of the area of Santo Domingo in Chontales.
"The injection of capital has contributed significantly to the rural economy through the generation of direct and indirect jobs in the municipality of Santo Domingo, and other indirect contributions, such as social investment works and tax contributions for the community.
Foreign sales of gold in the year up to October reached a record $291.5 million, the largest in history.
According to data from the Center for Exports (CETREX), gold has become Nicaragua’s third largest export.
"Meanwhile the Canadian company B2Gold Corp, a major mining company operating in Nicaragua, confirmed that between January and September their adjusted net income, ie excluding deferred income tax, compensation through stock and foreign exchange gains or losses, totaled $57.2 million, while gold production reached 105,796 troy ounces", reports Mario José Moncada for Laprensa.com.ni.
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.
From 14 to 16 November, the fifth Central American Energy Fair will take place, with the theme "challenges and opportunities for boosting the region’s energy potential."
The event, which anticipates the participation of 80 to 100 companies, brings together businessmen and investors from the energy and oil sectors and, for the first time this year, the mining sector.
The Peruvian Congress has passed a law which will raise the taxes on mining profits by six times its current value, equating to about $1,100 million annually.
The reform, driven by nationalist president Ollanta Humala, aims to reduce the high rate of poverty in the country which is rich in natural resources.
An Article in Reuters reports, "Peru's mining sector, the second largest producer of copper and silver, is vital to the local economy as it contributes to nearly 60 percent of export earnings."
Three companies from the U.S. and Canada have acquired concessions rights for exploratory mining, with investments of about $5 million.
The new concessions add to those already existing in the country, in which a total of $12.7 million have been invested between January and May 2011, according to the Ministry of Energy and Mines (MEM).
Karla Guerrero, director of the Mining Chamber of Nicaragua told reporters that of the total investment, about $10 million has been earmarked for exploration and that at the current rate, investment could top 2010 levels of $20.7 million.
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.