Nicaragua grants 80 exploration licenses to China

The Financial Times article explains that Nicaragua has granted approximately 80 mining concessions to Chinese companies over the past three years to exploit gold across an area comparable to Northern Ireland. This action strengthens Beijing's influence in the country and reflects escalating competition with the United States over strategic minerals. China is expanding its investments, with 16 Chinese companies securing most of the new concessions covering 1.4 million hectares (11% of Nicaragua's territory). Gold accounts for about 20% of the country's exports and represents its estimated wealth of 250 tons. Nicaragua is also using Chinese funding for infrastructure projects such as ports and airports. Meanwhile, China is seeking to boost its gold reserves, which is a strategic investment, having increased its gold purchases since June 2023. This effort is part of Beijing’s initiative to diversify its reserves and reduce reliance on the dollar.

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