Sir Andrew Ffoulkes
21 Sep 2017
Numis Today "Condor Gold (CNR.LN BUY 150p) Interims - CNR has released its interim results to the end of June. The company finished H1 with £3.168 million of cash, having raised £5.2 million of equity during the period and completed 7,291m of drilling at the company’s La India project in Nicaragua and a comprehensive regional geochem programme that identified two major basement feeder zones. Post the period end a 5,922m programme was completed on the Mestiza vein set at La India that hosts a 785koz high grade soviet era resource that was excluded from previous studies that is being converted to 43-101 standard. This included exploration of the high grade Tatiana ore shoot that has a strike of 450m and an average true width of 2.2m in the mineralized section. The next main catalysts for CNR should be ongoing exploration results and the advancement of the permitting process to develop a 2kt/day operation producing ~100koz/year of gold."
Temujiin
21 Sep 2017
Interesting This is quite interesting regarding the reasons why there has been a bit of friction between locals and CNR, and why we haven't heard much from CNR about the issue. Also of note is the statement 'As far as possible, expropriation will be avoided'... which means that expropriation will be used if required, which is no different to what has and will happen in the UK, like over HS2 or Heathrow for example.During the run up to the Presidential elections in November 2016, several large projects seeking permits inNicaragua, including La India, were asked to keep a low profile with regards to their communications with local communities. In January 2017, I held a meeting with three Government Ministers and a senior member of thePresidency (the “Committee”
. The Committee said the Presidency supports the Project and wants to see a new mine re-opened at Mina La India, the US$120 M in foreign direct investment and 500 jobs. The Committeeasked for a Resettlement Action Plan (“RAP” to be presented to it: once the Committee and local mayors approve the RAP, it could be presented to the village. It is understandable that the Government should want toapprove a RAP prior to the RAP being presented to the Community. However, an unforeseen negative side effect is that for almost 12 months the Company was not able to communicate the resettlement plans directly to the village. This in turn created uncertainty and understandable concern among the people to be relocated and led tosome protests in the village against the Company. In mid-August, the Presidency signalled to the Company thatthe Company should reach an agreement over resettlement directly with the village. This represents a change inpolicy, as the Company can now communicate directly with the village regarding resettlement. The Companywill therefore discuss details of the RAP with the community, which will include, proposed resettlement locations, type and size of house and garden and the compensation matrix. It is hoped this will go a long way toremoving concerns about the resettlement and establish the fact that Condor will act in a professional mannerover resettlement. A top resettlement expert consultancy has been engaged.Condor has been working on a land acquisition programme for over three years and plans to acquire approximately 800 hectares of rural land for the production scenario in the PFS. A few months ago a propertylawyer joined the team to strengthen the land acquisition team and assist with a clean up of the land titles, to ensure that all were registered and in good order. This makes providing title to new land and property easier,during the resettlement process. Two resettlement sites have been surveyed and valued.
Temujiin
20 Sep 2017
From LSE I suspect most may have seen this from LSE but for those that haven't its MC presenting a good case for the mine yesterday at the Precious Metals Summit Conference.[link] says the majority of the locals are in favour of the mine and training of over 300 people has started, mining jobs are typically $700/month, compared to locals earning $150/month, currently locals get water for an hour a day, the mine will bring water 24/7. The mine will bring in $120m of foreign investment in to Nic, never mind the $100million's of taxes and royalties etc. Deluded anti capitalist in nice homes with hot and cold water around the world might want to sign a petition, but the majority of these hypocrites I suspect, would think quite differently if they had water for an hour once a day and earned $150/month.
Spike Snr
19 Sep 2017
Re: petition 86K signs so far etc No inside info I'm afraid just making the point that these sorts of protests often attract (are started by?) relatively rich bystanders with a point to make but little stake in the situation on the ground. The area has been mined extensively in the past I believe, a lot of Condor's stake is based on old workings. Maybe the company haven't handled the PR too well, very often activists are way better at this than people with a day job that actually adds value Hopefully at some point they will find something more interesting to be against (save the newt maybe?)
Temujiin
18 Sep 2017
Cost To Nic Chance imo of the gold staying in the ground aren't high imo. I'm not sure what the tax / royalty take of Nic is (I haven't the time to check) but if say CNR get approval and eventually mine 2M oz, at $1250, then:2M x 1250 = 2500M sales. If tax/royalty is 20%, then that's $500million to the Nic government. That's not something, imo The NicGov can easily ignore just to appease perhaps half of the local community and some lefty liberal tree hugging unicorn believers on a website!
high blood pressure1
18 Sep 2017
Re: petition 86K signs so far etc well the performance of the sp today suggests that there could be some trouble brewing here?I hope i'm very wrong and this is a big shake before some decent news but it doesn't bode well in my experience.the grades in play look superb but there is someway yet to go to mine and start taking advantage of a steadily albeit volatile gold price. fingers crossed for a quick positive resolution. the drill season is complete so these should at least not cause any issues to the current mine plan.
Cygnus_7
18 Sep 2017
Re: petition 86K signs so far etc Spike,You may have more info than me but at the moment I have no idea what the locals' problem with Condor is. One would assume that if Condor brings the prospect of jobs then they will be more than happy for Condor to proceed, so I'm not convinced the current issue is one of 'development Vs environmentalism'.If you have any more info on this issue then please let the rest of us know.Regards Cygnus 7
Spike Snr
18 Sep 2017
Re: petition 86K signs so far etc What the environmentalists often skip over is that people actually want a better life and that having someone else live in 'idyllic poverty' to satisfy our selfish sense of 'doing the right thing' is in fact hypocrisy and exhibits a degree of smug superiority, akin to turning up to Glastonbury and claiming to be at 'one with the earth man' whilst paying the equivalent of six months wages in the third world for a ticket and a glam tent. Sat in London in an expensive house it's not up to anyone to ensure that development does not take place or indeed claim the moral high ground for one point of view. No doubt there is a debate 'on the ground' among local people and Condor needs to listen to both sides, those who wish to be helped out of dire poverty as well as those who want to preserve the rural idyll. If it costs a bit more to mine responsibly then of course as shareholders we should support that, similarly if local people want jobs and (via their Govt's taxes on the enterprise) to share in the profits that too should be represented. Hopefully the company and the gov't will listen and take a balanced view. [link] A company video of course but it makes the point.
RichardLY
15 Sep 2017
petition 86K signs so far etc [link]
Temujiin
31 Aug 2017
Full Article as other one wasn't fully copied.Daniel Ortega eliminates environmental impact studies by means of a decreeThe scientist and environmentalist Jaime Incer Barquero says that this decree violates national laws, international and regional agreements and conventionsThe president-elect Daniel Ortega, through an executive decree, eliminated the obligation of investors to carry out Environmental Impact Studies before starting their works and authorizes the Ministry of Environment and Natural Resources (Marena) to grant the corresponding permits, According to article 3 of the new decree.Article 3 of Decree 15-2017 published in La Gaceta, referring to the faculties of Marena, indicates that this institution is the one that can give permits and authorizations for the sustainable use of Nicaragua's natural resources.Decree 76-2006 of the Environmental Evaluation System, approved by then-President Enrique Bolaños, in its article 2, established that this norm was applicable to "Sectoral and National Investment Plans and Programs", as well as to "Activities, Projects, Works And Industries subject to carry out Environmental Impact Studies ".Refusal to decreeFollowing the publication of executive decree 15-2017, environmental organizations expressed their deep concern about the fate of the country's natural resources and have announced that they coordinate the joint issuance of a statement rejecting such initiative.Decree 15-2017, published in La Gaceta, Official Gazette, No. 163 of August 28 of this year, article 7 repeals decree 76-2006 of the Environmental Assessment System, so that Environmental impact for any work and it will suffice the endorsement of Marena and other public institutions for the execution of the works."This decree ignores environmental restrictions to allow the extraction of mineral, forest and biodiversity resources and favor those who are doing business with natural resources. It is unfortunate that in Nicaragua, instead of protecting resources, we suspend environmental impact studies, "said scientist and environmentalist Jaime Incer Barquero.Ortega repealed with its new decree the legislation in force since December 2006 approved to ensure that the State of Nicaragua protected its resources by forcing investors to conduct Environmental Impact Studies and submit them to the authorities for evaluation.Incer says that this Ortega decree violates national laws, international and regional agreements and agreements, created to protect and conserve in an orderly manner the natural resources of Nicaragua."Laws and regulations that protect protected areas are protected in a single stroke, there are protected areas, natural reserves, of biospheres, to allow people or companies to operate in a legal way that has been illegal for so long," he added. Incer Barquero.On the other hand, Decree 15-2017, article 6, Activities, works and projects of national emergency states: "For reasons of force majeure, such as projects designed to mitigate disasters or projects of national interest or national security that give In response to national emergency situations, the Ministry of Environment and Natural Resources may issue a resolution for an environmental impact study and may give urgent steps to projects or activities that require an environmental impact study. "
Temujiin
31 Aug 2017
Could be Significant.... ... as a general indication that the Nic Gov are keen to get things moving and for CNR in getting the mining permits. Credits to Condorflight on LSE[link] by Google The president-elect Daniel Ortega, through an executive decree, eliminated the obligation of investors to carry out Environmental Impact Studies before starting their works and authorizes the Ministry of Environment and Natural Resources (Marena) to grant the corresponding permits, According to article 3 of the new decree.Article 3 of Decree 15-2017 published in La Gaceta, referring to the faculties of Marena, indicates that this institution is the one that can give permits and authorizations for the sustainable use of Nicaragua's natural resources.Decree 76-2006 of the Environmental Evaluation System, approved by then-President Enrique Bolaños, in its article 2, established that this norm was applicable to "Sectoral and National Investment Plans and Programs", as well as to "Activities, Projects, Works And Industries subject to carry out Environmental Impact Studies ".Decree 15-2017, published in La Gaceta, Official Gazette, No. 163 of August 28 of this year, article 7 repeals decree 76-2006 of the Environmental Assessment System, so that Environmental impact for any work and will be sufficient the endorsement of Marena and other public institutions for the execution of the works.Ortega repealed with its new decree the legislation in force since December 2006 approved to ensure that the State of Nicaragua protected its resources by forcing investors to conduct Environmental Impact Studies and submit them to the authorities for evaluation.
ICB888
30 Aug 2017
Re: Good results today I have not given up. Far from it. This share is massively undervalued but at the moment it seems we need the permits and/or a takeover bid to release the valued.Once released I anticipate this being north of £2 very quickly.
Temujiin
30 Aug 2017
Re: Good results today Has everyone given up?========== =Nope, still here and have noted the excellent results, but as I've posted before, I'm not sure that pi's are that interested in gold in the ground anymore. It certainly makes CNR a more attractive TO target for a mid/major but until someone makes a bid then that's just wishful thinking imo.More gold makes the proposed mine economics/mine life even better, but again, no use to anyone unless we get permits, and there's no indication (and there might not be any) that they're gonna be granted anytime soon So its just a boring share to hold imo
roco200
30 Aug 2017
Good results today Has everyone given up?
shugg1e
27 Jul 2017
Re: Unable to buy is it about to turn with gold running upstrange i see no evidence as of yet
