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Condor Gold - having a few problems on the ground: care to tell investors?

By Tom Winnifrith | Monday 5 June 2017


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


It seems that jam tomorrow, cash guzzling, gold play Condor Gold (CNR) is having a few problems with the locals as it pretends that it is going to develop the low grade La India project in Nicaragua a mine that has been closed for more than twenty years after a 1995 flood. Oddly the company has not got around to telling investors about this via an RNS. But in case hapless boss Mark Child is too busy to do this, let me help.

In July 2016, around 500 locals gathered to protest. According to the local press:

Hundreds of residents of the municipality Santa Rosa del Peñón in the department of León protested Wednesday against the mining company Condor Gold for allegedly attempting to "evict" them from their properties and relocate them in neighbouring regions, because a concession for the Exploitation of gold.

According to reports Onda Local, residents chanted in the court of Santa Rosa: "My house is not sold, my house is not in rent" while the initial hearing of a group of villagers who were accused by the mining company for supposedly Obstacles to feasibility studies.

Ends.

The protesters are still protesting but the ante has been upped by the charging of seven of them who are accused of damaging Condor equipment while on the protest. It is a charge they deny vehemently. swe are told that feelings in the area are now running very high indeed as the case heads to Court.

Perhaps an RNS to update investors about the large scale community opposition to Condor's plans might not go amiss?


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