Condor Gold receives environmental permit for $125 million La India Gold project
A gold exploration company with significant project development across Central America has taken the first steps towards building a new mine.
Condor Gold announced in a statement this week that it has received the all-important environmental permit for the development, construction and operation of a processing plant and associated mine site infrastructure at its wholly-owned La India Gold Project, located in Nicaragua.
The La India open pit has an existing probable mineral reserve of 6.9 million tonnes, with Condor looking to achieve a gold production of approximately 80,000 oz gold per annum.
The new processing plant will have a capacity of up to 2,800 tpd (1.0 million tpa).
“I am delighted that the Ministry of the Environment and Natural Resources (“MARENA”) has granted Condor Gold the key Environmental Permit for the development, construction and operation of a processing plant with capacity to process up to 2,800 tpd. Gold production is expected to be approximately 80,000 oz gold per annum from a single open pit, represents a US$120 million investment and creates 1,000 new jobs, said Mark Child, Chairman and Chief Executive Officer of Condor.
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“The receipt of the Environmental Permit is a tribute to the hard work and dedication of Condor Gold’s team on the ground, they are 100% Nicaraguan nationals; I am proud of their achievements. It also marks the culmination of 11 years of detailed scientific geological work and technical mining studies at La India Project, including three years of the permitting process. The local team share the Company’s vision of working with the local communities to alleviate poverty, provide employment and significantly raise living standards in a former mining community by building a new gold mine. The grant of the permit is also an important sign of commitment by the Nicaraguan Government to the mining industry in the Country.”
Subject to financing, completion of a number of studies and further development, construction is expected to commence within 18 months of the grant of the Environmental Permit and will take no longer than two years to complete.