Shares in Condor Gold jumped more than 5% in London on Monday after the Nicaragua-focused a processing plant at its India gold project, which eliminates the need to resettle about 1,100 people.
New evaluation, part of the company’s application for an environmental permit, includes a redesigned open pit, the relocation of the processing plant 1,200 meters from the village and the possible elimination of the southern waste dump, among other changes, Condor Gold said in the statement.
“Condor has been in constructive dialogue for several months with Nicaraguan Government officials at Minister level to permit the construction and operation of a new gold mine at Mina La India,” the company’s chief executive Mark Child said.
“I am delighted to say that Condor’s technical teams believe that the La India Project is both technically viable and economically attractive to proceed with a redesigned open pit that does not require community resettlement and also includes the relocation of the processing plant approximately 1,200 meters from the village,” Child noted.
The company initially staked concessions in Nicaragua, Central America’s largest country, in 2006. Since then, mining has significantly taken off in the country thanks to the arrival of foreign companies with the money and knowledge to tap into its reserves.
Source: Mining. com
