The world’s largest gold mining company, Grupo Gold, has entered into a long-term strategic partnership with Guatemala’s state-owned mining company.
In a move that could help it win back its former glory, Grupos is also looking to partner with other mining companies to develop a new mine on its land.
Guatemala has already seen the value of gold rise as a result of the recent global boom.
The mining industry in Guatemala is now worth over $1.6 trillion, and has seen a massive growth in recent years due to the country’s economic boom.
However, mining has also faced environmental and human rights issues.
The government has repeatedly stated it wants to bring gold mining back to Guatemala and has even sought to impose stricter environmental regulations.
With Grupos coming in to help with the mining, it is also likely to boost the company’s visibility in the country.
The partnership will help to strengthen Grupos’ brand and create jobs.
“Grupo Gold is excited to partner to ensure that the mining operations of Grupo will not only bring economic prosperity to the communities, but also enhance the lives of the workers in the industry,” Grupos CEO José Carlos Ruiz told CNN.
“This partnership with Grupo provides the Guatemalan people with the opportunities to grow their industry and to benefit from this new development.”
It will also give the company a chance to diversify its investments, adding that the project could also provide employment to local people.
Grupo has been looking to mine in the region for years.
But its recent struggles have made it an unlikely prospect for gold.
A report by The Economist revealed that in the year that the country became independent, only 2.8% of the country was mined, while nearly 90% of gold and precious metals came from neighbouring Mexico.
However in 2017, a huge spike in demand for gold led to a massive boom in the world’s supply.
This led to Grupos becoming one of the most popular gold mining companies in the developing world.
The company has now invested more than $1 billion in the project and is looking to increase its mine to over 6,000 hectares.
The investment is expected to be completed by 2021, with the mine set to open by 2025.
With the new partnership, Grups new project could create jobs and increase its competitiveness in the sector.
“We are very excited about this partnership,” Grupo CEO Carlos Ruíz told CNN, adding “We look forward to working with Grupos on a project that will create jobs for the local people.”
“Gugas project could provide jobs to local workers, improve the quality of life of Guatemalan citizens and improve their quality of lives,” Grups President Carlos López González added.
The project will take over a 40-kilometre stretch of land from the border with Mexico to the Guatemayan-Mexico border.
In addition, the new mine could create thousands of jobs and boost Grupo’s brand.
“It is the biggest project for the Grupo gold mine in decades,” Grupios vice president for strategic planning, Enrique Gonzáles, said.
“With the support of the Grupos brand, we are confident of reaching the goal of becoming a leader in the gold and silver mining industry.”
According to Grupo, the project is expected have a longterm impact on the Guatemalans economy.
“The new project will help us grow the Grupa gold mine, and we will also contribute to the local economy, in particular by providing jobs for local people,” Ruiz said.
The new project is the latest investment in the Guateman mining sector and is likely to see another boom in production.
According to the company, in 2017 it extracted 1,903 tons of gold, or roughly $14.4 million worth of gold.
This year, the company is expecting to extract 1,600 tons of ore.
That means the company expects to extract between $9.6 million and $16 million worth worth of ore per day.
The Guatemalan government is looking for new investment opportunities to bolster its economy, as the country has seen its economy shrink by more than 20% in the last three years.
This has resulted in a massive rise in the price of gold since then, as investors are turning to mining in Guatemala.
“Gold has a long history in Guatemala and Grupo is one of Guatemalas biggest and most successful gold producers,” Lópiz said in a statement.
“Our investment in this project will strengthen our position as a leading gold producer in Central America, and create millions of jobs for our people.”
The Grupo project is also expected to attract the attention of foreign investors as well.
In 2016, Grupa invested $2.8 million in a new mining project in Mexico, with another $1 million in 2018.
In 2019, the Guatemarans government announced that it would be launching an investment fund to attract investment to the new gold mine.
This investment fund will aim to invest $3.5 million