In the last decade, gold production in Nicaragua has spiked dramatically, prompting some observers to call it a new Gold Rush.
Gold mining is thriving in Nicaragua, where production of the precious metal has risen from 109,200 total ounces in 2006 to 267,000 ounces last year. Silver mining in the country has thrived as well, with output rising from 94,200 ounces in 2005 to nearly 700,000 in 2016. What’s behind this consistent uptick in production, and how long can we expect it to last?
Investment in Nicaragua and Abroad
According to Mining.com, Nicaragua’s mining industry attracted over $900 million in investments between 1991 and 2016, with 73.1% of the total coming between 2011 and 2016. And investments are projected to reach as much as $140 million in 2017 alone.
These investors, predominantly from companies based in the U.S., Canada, and Mexico, are already reaping the benefits of this sudden boom in gold mining. For every dollar made by these foreign firms, Nicaragua itself earns 66 cents in taxes, remuneration, and payments for local goods and services, according to the country’s Chamber of Mines. This veritable windfall has quickly made the gold mining industry the engine driving the country’s economic growth.
It’s also possible that the gold rush we’re now seeing is only just the beginning, since the vast increase in gold production has come about after mining companies have developed only 0.3% of Nicaragua’s total land area. If the government approves additional sites for exploration, it’s likely that even more gold will be unearthed.
More Production Requires More Safety
Regardless of what they’re mining and where they’re mining it, companies need an effective on-site dust control strategy and managed application program in place to minimize the unnecessary costs that stem from regulatory violations and damaged equipment. At the same time, taking such proactive measures goes a long way towards ensuring worker safety. With over four decades of experience in the metal mining industry, Midwest Industrial Supply, Inc. has the requisite knowledge and expertise to protect your mining site, construction site, or unpaved access or haul road from fugitive dust particles that damage equipment, hinder productivity of equipment and workers, and impact nearby ecosystems and communities.
When properly applied through the guidance of one of our experienced team members, our suite of patented products — including EK35®, one of the first Synthetic Organic Dust Control® products on the market — settle into the surface and trap any fines within it. The product then binds these fines to the aggregate and prevents them from escaping into the air.
Equally effective on clay, gravel, limestone, and sand, our products form a stable, durable, and weather-resistant surface that lasts all year-round, in turn reducing the costs of maintenance and eliminating the need for frequent reapplications. Non-toxic, non-corrosive, and environmentally friendly, our products also ensure compliance with labor laws and government regulations, regardless of where you’re mining.
Whether your company is in the thick of the Nicaraguan gold rush or running operations right around the corner from our offices in Canton, Ohio, Midwest can offer tried-and-tested products and managed application programs to meet all of your dust control needs.