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  "documentTitle": "New Pacific Metals (NUAG)",
  "authorId": "50_Hindenburg_Research",
  "authorName": "Nathan Anderson",
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  "presentationDate": "2020-04-20 00:00:00",
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  "notes": "The slide uses a third-party investigation firm (Kreller Group) to validate the negative outlook on the deal.",
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      "text": "In fact, our base case is that New Pacific’s deal for the expanded mining area will never be ratified.",
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      "text": "We hired local consultants, including international investigation firm Kreller Group, to perform checks with local sources and officials. What we found is that political risk is high. In fact, our base case is that New Pacific's deal for the expanded mining area will never be ratified. We also expect the Silver Sand property will be contested and, if any deal is ever approved, we expect the economics to be worse. Multiple sources also indicated that there was potential for graft in the kind of deal Navarro's ministry was putting together with Alcira.",
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