History

History

History

Timeline

1880. Mining activity began in Bonanza with the exploitation of the gold deposits in the region of Río Pis-Pis.

1909. US and Canadian companies acquired rights to develop the mineral deposits.

1922. Mining activity was interrupted by civil war in the country.

1934. Mining activity was reactivated. Concessions were acquired by the American Smelting and Refining Co. and Rosario Mining Co., which created a joint venture called Neptune Gold Mining Company.

1979. Neptune Gold Mining Co. closed its operations due to nationalization of the country’s mines, which started being administered by the Nicaraguan Corporation of Mines (CONDEMINA) and later by the Nicaraguan Institute of Mining (INMINE), an autonomous entity with full capacity to acquire rights and contract obligations. INMINE was responsible for the development of mineral resources.

1990. The Government of Nicaragua opened an international bidding process for the privatization of the mines located in the RAAN.

1995. Hemco won the international bid for rights to the mine in Bonanza.

2006. Hemco stopped being exclusively a mining company and incorporated 3 new business segments: renewable energy, forestry and business process outsourcing (BPO).

This modernization process has made Hemco a strong company nationally and internationally, ranking it among the 200 largest businesses of Central America and the Caribbean.

2008. The Javier Chamorro Mora Forestry Project was inaugurated, planning to develop 7,500 hectares of forest plantations over a 15-year-period. The first 400 hectares were planted this same year.

Feasibility studies got underway to develop 5 hydroelectric projects that together will produce from 40 to 50 MW.

Construction of the Accedo Technologies technological park began.

2009. Construction of the first building of the Accedo Technologies technological park was completed. The first of the 3 buildings that will be constructed has 4,800 square meters of space, is situated in a 3.5-hectare industrial park and will offer skilled employment to 630 people per shift.

An additional turbine is being installed in the Siempre Viva dam, which will contribute another 2.5 MW to Bonanza, RAAN, by the end of 2010, expanding our current capacity in both Siempre Viva and Salto Grande to 5.5 MW in 2010 and 7 MW by 2012.