• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 52 mins Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 7 hours Tesla Launches Faster Third Generation Supercharger
  • 56 mins EU has already lost the Trump vs. EU Trade War
  • 8 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 53 mins ''Err ... but Trump ...?'' #Humph
  • 10 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 2 hours China's Renewables Boom Hits the Wall
  • 22 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 17 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 23 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 22 hours Does .001 of Atmosphere Control Earth's Climate?!
  • 22 hours Trump Interview On Farage's Radio Show #classy
Alt Text

This Supermajor Is Leading The Energy Sector

This supermajor has been standing…

Alt Text

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

Alt Text

How To Play A Recovery In Oil Prices?

A realistic correction in the…

Joao Peixe

Joao Peixe

Joao is a writer for Oilprice.com

More Info

Premium Content

More Mining Uncertainty as Honduras Elects New President

Right-wing candidate Juan Orlando Hernandez is set to become the next president of Honduras following 24 November elections, and the mining sector is on edge, unsure whether the regime change will be investor-friendly or usher in mining regulations.

Hernandez, of the conservative National Party (PN), has promised to do more to attract foreign investment, but has also publicly considered new taxes or royalties for the mining sector to boost state coffers in the face of growing debt.

According to experts at SouthernPulse.com, the results of 24 November presidential elections show Hernandez as the clear winner with over half the votes counted. Hernandez garnered 34.25% of votes, while his main opponent, Xiomara Castro Zelava, wife of ousted president Manuel Zelava and representative for the Liberty an Refoundation Party (LIbre), came in second with 28.67%.  

Related article: Indonesia Rejects Extension of Chevron Oilfield Contract

However, both Hernandez and Castro have claimed victory, and Castro is now calling the elections a fraud.

While Hernandez has vowed to do more to attract foreign investment to Honduras, and foreign investors have perhaps been optimistic about having conservative at the helm, he has specifically mentioned changes in the mining sector as one way to reduce state debt, though mining exports are already on the decline.

In the first eight months of 2013, mining exports fell 5.1% to $176 million, compared to the same period a year ago. Most of this was the result of a 16.6% fall in gold exports to $75.9 million.  

The sector has been languishing in a state of uncertainty since August, when former president Porfirio Lobo vetoed highly controversial plans to transfer mining projects into trusts or public-private partnerships. This law had been passed in January before it was shot down in the summer.

Related article: Is Oil in These Out-of-The-Way Places The Next Big Play?

Honduras’ next president, which looks set to be Hernandez, will have to readdress this legislation.

Honduras has been bitterly divided since the 2009 coup, and Hernandez “has an uphill slog once he becomes president of a country with rampant poverty, a divided populace and the highest murder rate in the world,” says SouthernPulse. “However, his victory signals relative continuity of right-wing executive policies including a more prominent use of the military to fight crime.”

By. Joao Peixe of Oilprice.com




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play