Gold Mining in Costa Rica still drawing growth

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    The gold mining industry in Costa Rica has always been in the hands of foreign investors who have taken advantage of sizeable tax breaks and incentives in Costa Rica. Open to foreign capital, the Costa Rican governments welcomes foreign investment. Recently there has been a public outcry against the effects that mining operations have on the surrounding environment; this has caused the shutdown of some operations.

    The mining installations are hidden from the publics eyes. Jungle surrounds most mining encampments. The roads end where the encampments begin. The tunnels are out of sight and away from any nearby towns.

    But the foreign investment and growth keep coming…

    A U.K.-based holding company for gold mining companies in Costa Rica, Ascot Mining, Monday said it has tripled milling capacity at the company’s Chassoul Gold project in Costa Rica.

    Ascot said the mill is increasing toward its expanded design capacity of 150 tons per day with gold production targeted to reach 1,200 ounces of gold per month within 60 to 90 days.

    Further increases are planned through delivery of supplementary ore from the company’s other nearby mines.

    In August the firm said it was very near completion of its expansion program at the Chassoul mine which when finished will triple capacity of the milling facility.

    At a very local level, there are local miners that continue to work in abandon mines, but these are not legal operations and are very dangerous. Workers digging with hand tools and shovels make on average about $20 per day, in these old mines.

    Some economists have recently come against foreign investment in gold mining saying it makes no sense to let foreign companies extract Costa Rica natural resources out of the country and economy.

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