84 applications for exploiting iron oxide are awaiting the implementation of the Law on Development Promotion and Public Debt Restructuring.
One example of the country's potential is the company Five Star Mining, which according to the Central Bank of Honduras (BCH), between 2010-12 exported 2.4 million tons of iron oxide to China
Laprensa.hn reports: "With respect to other exploited metals, iron oxide is one of the "non-metallics" that has experienced growth over the past three years, going from $8.4 to $60.7 million in exports".
"For us, the debt conversion law was put in place just because of the negotiation of iron oxide for Chinese companies," said Pedro Landa
, mining expert.
"As you can see, they have reserved the approval of the iron oxide concessions
until the end of this negotiation, first with the Minister of Natural Resources (Rigoberto Cuellar) and Minister Arturo Corrales
on his recent visit to China and now with this Chinese mission which visited the country after the law was passed," he said.
"It is clear that what the government is doing is reserving most of the exploitations of iron oxide
in order to negotiate with the Chinese in this process of rapprochement and trade negotiations with the Asian country," he added.