NICARAGUA, Mexico — An Antiguayan mining company has set a new world record for the cost of mining a nickel ore in one day, according to a report by The New York Times.
The new record was set at the end of February when an Antigual mine owner, Jose Miguel Garcia, paid $12.2 million for a nickel worth $1.28 billion.
That means that the mine owner paid the average cost of the production of a nickel at the time of mining for a company worth about $7 million.
The Antiguana mine owner said that he bought the nickel ore with a combination of public and private investments.
The Antigucans are the world’s top nickel ore producer and it is estimated that there are about 6,000 nickel mines operating in the country.
The country has about $2.5 trillion worth of nickel, according a 2010 report by the International Nickel Institute.