Brother Metal Company Receives Mining Concession in Madriz with a 25-Year Validity
The Ministry of Energy and Mines granted a mining concession to Brother Metal in Madriz for 25 years. The Yalagüina II lot covers 2,605.27 hectares in Totogalpa, Yalagüina, and Palacagüina, and includes a 3% royalty and per-hectare payments.
TL;DR
- Brother Metal, S.A. received a 25-year mining concession for the Yalagüina II lot in Madriz, Nicaragua.
- The concession covers 2,605.27 hectares across municipalities Totogalpa, Yalagüina, and Palacagüina.
- The company, represented by Chinese businesswoman Xiaocun Bao, has exclusive rights to explore, exploit, and process minerals.
- Obligations include paying annual surface rights (starting at $0.25/hectare, increasing to $12/hectare) and a 3% royalty on extracted substances.
- Brother Metal must allow inspections, supply annual information, comply with regulations, and register the title publicly.
- Exploration must begin within four years, with a possible one-year extension.
- An Environmental Permit is required before operations can commence.