Titanium and chrome found.

TITANIUM AND CHROME FOUND. The National Geological Resources Administration of Nicaragua has discovered a mineral deposit with more than 200,000 metric tons of chrome and titanium in a mining zone in the country's north Caribbean region, reports AFP (Feb. 5, 2004):

"Reserves with 200,000 metric tons of chrome as well as titanium in the same spot, this is something practically sensational," said Ernesto Luna, director of Promotion and Development for the Resources Administration. The metals were found 20 kilometers south of the mining city of Siuna, in Nicaragua's North Atlantic Autonomous Region (RAAN), 350 kilometers northeast of Managua, following three years of exploration over a 500-kilometer area;

Titanium is one of the most costly metals, Luna said. Scientists also located a "large deposit" of calcium carbonate, which can be used to manufacture cement, and found gold, silver, iron and magnetite, he said. Titanium is used along with alloys to produce the hull of space ships, the rotors of airplane turbines, missiles, computer pieces, electrical equipment and dental prosthesis. Chrome is used in tools;

The discovery of the metals immediately attracted the attention of the Nicaraguan mining firm "Nica Gold S.A.," which requested a government permit to explore the area. "In Central America there are no chrome or titanium mines," said Jose Gonzalez, administrative manager for the firm. According to Jorge Prendiz, executive director of the Resources Administration, titanium sells on the international market for US$380 an ounce, slightly less than gold. Nicaragua possesses silver and gold mines. Gold currently represents one quarter of the country's exports. The country also has copper, zinc, iron, and tungsten ores, as well as marble, sand and semi-precious rock reserves.