Gold Mining to Keep Growing

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.

Guerrero "explained that the price of the precious metal has risen in the last 10 years and, today, is seen as a 'refuge' for buyers and international investors," reports La Prensa on its website.

Gold is the third most important export from Nicaragua. There were $222 million worth of sales in 2010 and in 2011 sales reached $364 million, the expected revenue for 2012 is $418.6 million, said Guerrero.

Source: laprensa.com.ni

More on this topic

Mining Production Increases in Nicaragua

February 2011

In 2010 the production of gold troy ounces increased by 88% and silver by 56%, generating $ 226.67 million in sales.

The Nicaraguan Chamber of Mines (Caminic), argues that with the successful production in 2010 of 156 thousand troy ounces, the country ranks among the top ten producers in Latin America.

More Investments in Mining in Nicaragua

September 2011

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).

Nicaragua: Gold Mine Doubles Profits

November 2011

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.

Nicaragua: B2Gold Gold Production Soars

April 2011

The two gold mines owned by B2Gold Corp in Nicaragua generated $ 47 million in the fourth quarter of 2010.

During the period, La Libertad mine produced 24.865 ounces and the Limon Mine 9.174, generating sales of $ 34.4 million and $ 12.6 million, respectively, for a total of 34.039 ounces and $ 47 million in revenues.