Metals Exploration, a London-listed mining company where Nick Candy is the second-largest shareholder, obtained eight new mining concessions covering over 60,000 hectares in Nicaragua. This occurred around 10 days after Candy met with Laureano Ortega, son of dictator Daniel Ortega, as well as mining minister Salvador Mansell and attorney-general Wendy Morales in March. Official records indicate that the applications for these concessions were granted the day after submission.
The three Nicaraguan officials Candy met with have been subject to US sanctions since at least 2024 due to accusations of corruption and human rights abuses by the Washington government. Metals Exploration subsequently signed a procurement contract with a state-run company linked to a sanctioned Nicaraguan official. Despite these developments, a spokesperson for Candy stated that he was part of a delegation of over 30 stakeholders and had no involvement in the concession granting process.
Metals Exploration has strongly denied any implications of bribery or improper dealings with sanctioned individuals. The company claims it began acquiring the new concessions in 2025, with the land package being negotiated over six to eight months prior to the March application. They also stated that they sought legal advice to ensure compliance with all applicable sanctions. The Nicaraguan government did not provide a comment regarding the situation.
This incident has sparked scrutiny regarding corporate governance, international sanctions compliance, and the political accountability of senior party officials, especially given Candy's role as treasurer for Reform UK. The controversy highlights the complexities faced by multinational investors operating in jurisdictions with poor human rights records and weak institutional safeguards. The Nicaraguan government, under Daniel Ortega and Rosario Murillo, has increasingly sought foreign investment in extractive industries to bolster its struggling economy amidst US sanctions.
