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Explaining Nicaragua political risk, Condor Gold (CNR.L) edition

Today Condor Gold Plc (CNR.L) filed its annuals and, away from the numbers, it was an enlightening experience to read how the company informs its shareholders on the political situation in Nicaragua:

As smooth as silk, you guys must be pleased with yourselves. That milquetoast balderdash compares to the reality of Nicaragua in 2022, starting with last year’s fake election and the arbitrary imprisonment of opposition politicians on spurious charges just because they decided to run against the Dictator Daniel Ortega. Then the subsequent increase in sanctions imposed on Nicaragua by The USA and others, the documented cases of torture of opposition voices, the corrupt activities of the government inner circle (especially apt when we’re talking mining) and let’s not forget Nicaragua’s staunch recent defense of Russia and its decision to invade Ukraine. Notably, CNR’s Chair and CEO Mark Child recently spent a cosy 90 minutes with Ortega and came away so impressed, he could help but extol Ortega’s virtues afterwards. I wonder how forcefully Mr Child pushed his point about peaceful dialogue between parties while enjoying his tete-a-tete with Dannyboy ? It also compares to this:

Foreign mining corporations operating in Nicaragua must face accountability for their role in the violent dispossession of Indigenous and Afro-descendant peoples. The United States, Canada, and European countries taking action against the government of Nicaragua must hold their own corporations accountable. If these countries are truly concerned with human rights abuses in Nicaragua, they must call out the complicity of these companies in the violence currently afflicting the people of Nicaragua under the Ortega-Murillo regime

Widespread oppression, State abuse, death and destruction but all CNR can see is “relative calm”. This sorry tale of corporate whitewashing gets this desk musing on other moments in history and what Mark Child or his ancestors may have reported back to their corporate backers at the time:

Perhaps, “The French Revolution saw considerable social unrest in the late 18th century, with violence erupting, in particular between 1789 and 1799. The government subsequently re-asserted control, blockades were cleared and since that time most there has been relative calm in the country. The Company continues to closely monitor this situation and in particular the safety of its employees in the country and promotes peaceful dialogue between parties.

Or maybe, “The Spanish Civil War saw considerable social unrest in the 1930s, with violence erupting, in particular between 1936 and 1939. Mr Franco subsequently re-asserted control, blockades were cleared and since that time most there has been relative calm in the country. The Company continues to closely monitor this situation and in particular the safety of its employees in the country and promotes peaceful dialogue between parties.”

How about a more recent moment? “Cambodia saw considerable social unrest in the 1970s, with violence erupting, in particular between 1975 and 1979. The Khmer Rouge subsequently re-asserted control, blockades were cleared and since that time most there has been relative calm in the country. The Company continues to closely monitor this situation and in particular the safety of its employees in the country and promotes peaceful dialogue between parties.”

What do you say, Mark Child? Finding it easy or difficult to watch Nicaragua’s dictatorship trample over human beings as long as you get your paycheck and incentive options? But hey, keep “promoting that peaceful dialogue” if it makes you feel better.

2 Comments

    Nicaragua. Any happy thoughts on CXBMF?

    Reply

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