Gold becomes Nicaragua’s top export

Gold has become Nicaragua’s top export following a surge in prices and growth in production.

Shipments of the metal were worth US$666mn in 2020, far above second ranked beef at US$551mn and coffee at US$437mn, according to data from export regulator Cetrex.

Gold exports were up from US$500mn in 2019, when the precious metal was the second most valuable product after beef (US$531mn).

By volume, gold volumes reached 12,150kg (391,000oz) last year, up from 11,447kg, with realized prices up at US$54,813/kg from US$43,669/kg in 2019.

Prices have been bolstered as a result of massive stimulus packages introduced by governments globally in response to the COVID-19 pandemic.

Gold production in Nicaragua has increased amid a forecast boom in output, with projects expected to deliver 300,000oz/y of additional production in the coming years, according to figures compiled by BNamericas.

These include Condor Gold’s La India project and Mako Mining’s San Albino, coupled with growth at Calibre Mining’s Limón and Libertad mines and Colombian miner Mineros’ Hemco Nicaragua division.

“In recent years gold has been among the three most important exports in the country, along with beef and coffee, depending on what is going on with prices,” Mario Arana, head of the country’s producers and exporters association (APEN), told Revista Summa.

“Thanks to companies investing in the market, exploration has continued to succeed... and [gold mining] has consolidated as a growth activity,” he added.