Nicaragua gold exports continue to grow

Gold’s role in Nicaragua’s economy continued to grow in importance in H1, with exports surging.

Gold surpassed beef as the country’s most valuable export in 2020, on higher volumes and prices.

And the upward trend continued in H1, with exports worth US$431mn, compared to US$264mn in the first half of 2020, according to data from export regulator Cetrex.

The main driver was higher volumes, up 44.6% to 7,701kg (247,600oz).

While Nicaragua did not halt mining operations as a result of COVID-19, Calibre Mining voluntarily suspended production temporarily in 1H20.

Average gold prices also rose by 12.7% to US$55,982/kg (US$1,741/oz).

Coffee remained Nicaragua’s second biggest export, with shipments worth US$359mn in H1.

A number of gold mining companies in Nicaragua are planning production growth in the country, including Calibre, Hemco Nicaragua, Mako Mining and Condor Gold.