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After Honduras achieved independence from Spain in the early 19th century, its economic growth became closely related to its ability to develop attractive export products.
During much of the 19th century, the Honduran economy languished ; traditional cattle raising and subsistence agriculture produced no suitable major export.
In the latter part of the century, economic activity quickened with the development of large-scale, precious metal mining.
The most important mines were located in the mountains near the capital of Tegucigalpa and were owned by the New York and Honduras Rosario Mining Company ( NYHRMC ).
Silver was the principal metal extracted, accounting for about 55 percent of exports in the 1880s.
Mining income stimulated commercial and ancillary enterprises, built some infrastructure, and reduced monetary restraints on trade.
Other beneficial economic effects were few, however, because the mining industry was never well integrated into the rest of the Honduran economy.
The foreign mining companies employed a small work force, provided little or no government revenue, and relied mostly on imported mining equipment.

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