Metals Exploration, a company 38% owned by Nick Candy's investment vehicle, received approval from Nicaraguan authorities for a $100 million gold mining project just days after Candy met with Laureano Ortega Murillo, the son of Nicaraguan President Daniel Ortega and Vice President Rosario Murillo. This meeting, which took place despite Laureano Ortega Murillo being sanctioned by the US, UK, and EU, focused on opportunities in Nicaragua's mining sector.
The timing of the approval, granted on March 27, 2026, by the Nicaraguan Ministry of Energy and Mines, has drawn scrutiny. Candy's meeting with Laureano Ortega Murillo occurred during a trip to Nicaragua in the third week of March, where he was described as a "brother" and "comrade" by Rosario Murillo. The meeting sparked controversy in the UK, as both Rosario Murillo and her son are sanctioned for human rights abuses and undermining democracy.
The approved project is for the La India mine, which Metals Exploration acquired the previous year. This development comes as Nicaragua's government has been granting numerous mining concessions to Chinese companies and has faced accusations of illegal expropriation of gold facilities from Western investors. Notably, BHMB Mining, a US- and UK-backed firm, is suing Nicaragua for $80 million over the alleged arbitrary seizure of its gold-processing facility, with legal proceedings expected to be filed with the International Centre for Settlement of Investment Disputes (ICSID).
The situation highlights broader concerns about investor confidence in Nicaragua, particularly given the expropriation of Western assets and their alleged transfer to Chinese entities. The US has also imposed phased tariffs on Nicaraguan goods not covered by CAFTA-DR, citing the expropriation of assets belonging to US citizens and companies. Laureano Ortega Murillo has been instrumental in promoting Chinese investment in the country since diplomatic ties were restored in December 2021.
Reform UK, for whom Candy serves as treasurer, has faced criticism regarding the trip, with Labour Party spokespersons arguing that such actions do not serve Britain's national interest. Candy's representatives stated that his trip was to assess Metals Exploration's investment in the La India mine and that he did not meet sanctioned individuals in a private capacity, but as part of a formal delegation for a publicly listed company.
