They will be exploring areas for sustainable production, using no toxic chemicals or other environmentally harmful methods. The company expects to see results from their work in a few weeks as they return from the isolated interior of Honduras. Based on results, Maxam looks to assist the Artisanal miners, who now work with only hand tools, in acquiring newer equipment to streamline production.
In addition, the company is investigating a mining concession in the Choluteca Province, near the famous New York and Honduras Rosario Mining Company‘s Bonanza and Rosario Mines. The concession, which dates back to the Spanish mining era, is potentially a source of ore using new and more efficient exploration and mining methods.
Mining, the mainstay of the Honduran economy in the late 1800s, declined dramatically in importance in the 1900s. The New York and Honduras Rosario Mining Company (NYHRMC) produced US$60 million worth of gold and silver between 1882 and 1954 before discontinuing most of its operations. Mining’s contribution to the GDP steadily declined during the 1980s, to account for only a 2 percent contribution in 1992. El Mochito mine in western Honduras, the largest mine in Central America, accounted for most of the mineral production. Ores containing gold, silver, lead, zinc, and cadmium were mined and exported to the United States and Europe for refining.