Lake Nicaragua News

HKND Group, concessionaire of the Nicaragua Interoceanic Grand Canal project, signed an agreement with international geological and resource consultancy CSA Global of Australia in the headquarters of HKND Group in Hong Kong, entrusting CSA Global to conduct an aerial geological survey of the canal route and Lake Nicaragua shore line. The survey comprises of Aerial mapping of topography, photography and geophysical and geological data. HKND Group concluded an open tender works package award with CSA Global for the services. “The survey is a major step in the construction development process and supports pre-works planning, design and engineering for the canal and infrastructure”, stated senior advisor of HKND Group, John Murray.

The $50 billion Nicaragua Canal scheme promises to bring huge economic benefits to Central America's poorest country. But environmentalists and peasant farmers strongly oppose the project. And many are wary of the Chinese company that is to construct the canal. The massive canal will connect the Pacific and Caribbean and could reduce the cost of shipping commodities from Europe to Asia. The canal would be both longer and wider than the Panama Canal. Canal critics fear there will be confiscations of land, environmental mayhem and a job boom that will bypass the locals. In an interview with BBC today (March 19), Wang Jing, the Chinese billionaire who intends to build a shipping canal through Nicaragua connecting the Atlantic and the Pacific, has dismissed the project's critics.

An international consortium of environmental scientists has expressed strong concern about the impact of a controversial Central American canal across Nicaragua. The leading researchers from 18 institutions in the United States and Central and South America -- have voiced their opposition to the Nicaragua Interoceanic Grand Canal and the haste with which the project has been initiated, reports UPI. The path of the Nicaragua Interoceanic Grand Canal to connect the Atlantic and Pacific oceans will cut through Lake Cocibolca (aka Lake Nicaragua), Central America's main freshwater reservoir and the largest tropical freshwater lake of the Americas.

In Nicaragua, a Chinese company is busy building what will become one of the world’s largest transoceanic canals. One of the largest engineering projects in history - They call it the Grand Inter-Oceanic Canal. Engineers say it will surpass the nearby Panama Canal in size and capacity. The canal would be three times as long as Panama’s and able to accommodate larger ships for the world’s cargo traffic. The new project is the largest in Latin America in 100 years. The $50 billion pharaonic project by a Chinese billionaire, Wang Jing, to cross Central America aims to unite the Atlantic and Pacific oceans by halving the Central American nation, has raised a firestorm of criticism even before it begins. And some in Nicaragua are gearing up for the fight of their lives to stop it.

The Hong Kong-based company with a concession to build a $50 billion shipping canal in Nicaragua said on Tuesday it is preparing to launch an initial public offering. Wang Jing, Chairman and Chief Executive of the HK Nicaragua Canal Development Investment Co Ltd (HKND Group), told reporters in Managua that he hoped the listing would take place in the stock market that offered the best conditions. Wang Jing gave no details of how much HKND aimed to raise, nor when the offering might be. He said the company was preparing a prospectus which would reveal the investors behind the waterway that seeks to compete with the Panama Canal. More than a year since it was first announced…

The Hong Kong-based company with a concession to build a $50 billion shipping canal in Nicaragua said on Tuesday it is preparing to launch an initial public offering. Wang Jing, Chairman and Chief Executive of the HK Nicaragua Canal Development Investment Co Ltd (HKND Group), told reporters in Managua that he hoped the listing would take place in the stock market that offered the best conditions. Wang Jing gave no details of how much HKND aimed to raise, nor when the offering might be. He said the company was preparing a prospectus which would reveal the investors behind the waterway that seeks to compete with the Panama Canal. More than a year since it was first announced…

Nicaragua on Monday broke ground on its Chinese-led $50 billion shipping canal, a massive infrastructure project that aims to rival Panama's waterway and revitalize the economy of the second-poorest country in the Americas. Nicaragua's government says the proposed 172-mile (278-km) canal, due to be operational by around 2020, would raise annual growth to over 10 percent and help put an end to endemic poverty in the country of 6 million people. It could also give China a major foothold in Central America, a region that for years has been dominated by the United States, which completed the Panama Canal a century ago. Construction of the new waterway will be run by Hong Kong-based HK Nicaragua Canal Development Investment Co Ltd (HKND Group)…

Wang Jing, the enigmatic businessman behind Nicaragua's $50 billion Interoceanic Grand Canal, shrugs off scepticism about how a little-known entrepreneur can be driving a huge transcontinental project, insisting he's not an agent of the Beijing government. "I know you don't believe me," said Wang, who reckons that he's forked-out about $100 million in canal preparation work, and is burning as much as $10 million a month on the project. "You believe there are people from the Chinese government in the background providing support. High-ranking Chinese officials including President Xi Jinping, Premier Li Keqiang and former leaders Jiang Zemin and Wen Jiabao have all visited the state-connected wireless communication technologies company Wang took control of four years ago.

A concession to build a canal across Nicaragua linking the Pacific Ocean and Caribbean Sea is to go to to a Chinese company. Citing Nicagaguan National Assembly legislative leader Rene Nunez, AP reports that the company will use funds from investors around the world to build the $40 billion project. He declined to name the Chinese company and did not give details of the concession. President Daniel Ortega stated recently that the canal would not go along the San Juan River as it had been planned, but would be built farther north, through the waters of Lake Nicaragua. He saw the project, when completed, as offering an alternative to the Panama Canal. Source: Associated Press