The arrival of foreign investment to the west of the country is being promoted, in places where there are already companies interested in developing the potential for metal mining in the area.
The Mining Chamber of Nicaragua projects growth of 5% in exports this year compared to 2015, driven by a rebound in gold prices internationally and investments in the sector.Sergio Rios, director of the union, also attributed the positive growth projection to the approximate 5% achieved in production.
On August 16 and 17 industry representatives from around the globe will be taking part in business conferences and lectures on the role of mineral resources and the impact of the activity on the economy.
The II International Mining Congress is being organized by the Mining Chamber of Nicaragua and will be held on August 16 and 17 in Managua.
Businessmen are complaining that there are over one hundred applications for licenses which have been approved by the Attorney but are pending review and approval by the Ministry of Energy and Mines.
Mining companies in Guatemala say that one of the reasons for the delays in the process for obtaining mining exploration licenses is because the government does not support this sector of the economy.
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. It is expected that the investments from both companies will reache $55 million, to be allocated, in both cases, towards increasing production capacity in order to supercede figures reported in 2014.
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:
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 "... 'has created investor confidence in developing technology, and that has allowed us to increase our production capacity, improve our quality to get better returns from the waste materials we get from mining. That led, in 2013, to us becoming the chief exporter (country) with 442.6 million dollars which represented 18.44 percent of Nicaragua's total exports.'"
Goldcorp To Implement Human Rights Assessment Recommendations; Commits To Integrate Human Rights In Business Process
VANCOUVER, BRITISH COLUMBIA, June 30, 2010 – GOLDCORP INC. (TSX: G, NYSE: GG) today presented its initial response to the recently completed independent human rights assessment (HRA) prepared by On Common Ground Consultants Inc. The report is the result of an eighteen month assessment of how the Marlin mine which is operated by Montana Exploradora de Guatemala, a wholly-owned subsidiary of Goldcorp, has affected human rights, and whether the Company has in place and is implementing effectively policies and procedures to mitigate the risks of potential conflicts with international human rights standards.
The temporary suspension announced by President Alvaro Colom won’t take effect immediately.
Representatives from Goldcorp, owner of the mine, remarked that they will continue operating while the investigation takes place.
PrensaLibre.com printed statements by President Alvaro Colom: “We answered to the CIDH’s request, but there is a due legal and administrative procedure. The company has its rights, and the accusations still have to be proven”.
The mining industry in Nicaragua, is attracting foreign investors, which claim to be “comfortable” doing business in the country.
The recent opening of mine “La Libertad” showed the government’s expectative of making gold an important export product, potentially becoming the third largest income generator of the country.
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