Nicaragua Showcases its Mining Opportunities in Canada

    MANAGUA, NICARAGUA, March 14, 2014 /24-7PressRelease/ -- Nicaragua participated in the 2014 Prospectors and Developers Association of Canada (PDAC) Convention, the world's leading mining event, with a delegation that showcased the country's mining sector development and investment opportunities. The event was held at the Metro Toronto Convention Center in Canada from March 2nd-5th, and was attended by 25,122 people.

Nicaragua's delegation included Carlos Zarruk, General Director of Mines at the Ministry of Energy and Mines (MEM, for its acronym in Spanish); and Denis Lanzas, Vice President of the Nicaraguan Chamber of Mines (CAMINIC, for its acronym in Spanish). Both attended meetings with international mining companies and service providers interested in exploring business opportunities in Nicaragua.

Representatives from PRONicaragua, the country's official investment and export promotion agency, also participated in the event, as well as successful companies developing mining projects in the country such as B2Gold, Golden Reign Resources and Canchi Perforaciones, from Canada and Condor Gold from the UK.

Over 120 participants visited the country's booth to obtain information on the main mining concessions and further business opportunities in the sector. Additionally, several companies and service providers showed interest in further exploring business opportunities in Nicaragua's mining sector.

"Over the years, Nicaragua has made important progress in the improvement of its investment climate in an effort to continue to attract high-quality foreign direct investment. The main legislation governing foreign investment in the country is Law 344, which establishes a series of solid legal guarantees for foreign investors," Zarruk said to Mining Weekly during the event, a premier source magazine of weekly news on mining developments around the world.

Thus, the mining sector has become one of the country's most important exporters throughout the years. According to the Central Bank of Nicaragua (BCN, for its acronym in Spanish), gold represented the country's main export product reaching US$435.9 million in 2013, a 3 percent increase in comparison to 2012, despite decreasing international prices. Furthermore, in 2013 the country's gold production increased by 38 percent, reaching 309,960 troy ounces.

Still, "Nicaragua is looking forward to developing the mining sector to its full potential. The mining industry is willing to work with the government to develop technology and promote social investment to become a premier mining destination in the region," Lanzas stated to Mining Weekly.

The PDAC is a national association that represents Canada's mineral exploration and development industry with over 10,000 individual corporate members. Its objective is to promote a responsible, vibrant and sustainable Canadian mineral exploration and development sector.

PRONicaragua is the official investment and export promotion agency of the Government of Nicaragua, established in 2002. It is a non-profit, public-private institution whose mission is to generate economic growth and job creation in Nicaragua by attracting high-quality foreign direct investment. The agency provides complimentary support services to qualified investors seeking investment opportunities in our country. For more information visit www.pronicaragua.org or contact us at [email protected].

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