• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 5 hours Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 33 mins Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 4 hours Instagram Now Banning Photos Of People At Gun Ranges, Claiming They Promote "Violence"
  • 28 mins Let's shut down dissent like The Conversation in Australia
  • 2 mins Pepe Escobar: “How The Houthis Overturned The Chessboard”
  • 10 hours Famous Manufacturer of Anti-Ethanol Additives Proves Ethanol's Safety and Benefits
  • 16 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 23 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 23 hours Hong Kong protesters appeal to Trump for support.
  • 13 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 8 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 12 hours Trump Accidentally Discusses Technology Used In The Border Wall
Alt Text

How To Play A Recovery In Oil Prices?

A realistic correction in the…

Alt Text

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

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