Approximately 2000 small miners are working in the area where Cobra Oro is located. A majority of them are processing their ore using mercury for gold extraction and working without environmental permits.
Cobra Oro gold processing plant was originally built on the premises that the previous government would enforce the Minamata Agreement, which it signed in 2014 along with more than 100 countries to stop the use of mercury for gold extraction, a highly polluting metal, toxic and detrimental to people’s health living in the vicinity of these operations.
It was against this backdrop that Cobra Oro’ plant was built with the purpose to bring a solution to the small miners by having their ore brought to Cobra Oro and be processed in a regulated and safe environment.
The newly elected government of Xiomara Castro made environmental issues related to mining a central theme of her campaign, precluding a tougher approach towards illegal mining and permitting, which is welcomed by the Company and seen as opening many new opportunities to Cobra Oro in the near future and possibly vindicate the foundations upon which the plant was built originally.
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Glen Eagle Resources Inc
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