Obviously a tragedy, and most investors generally prefer to just "get out" in such scenarios. But we would look at this just from a stock perspective. It has already declined 45% from its peak. Operations were suspended at its mine in January due to the kidnapping. VZLA is expected to start construction of its mine this year, with production set for late 2027. Details are sketchy, but the incident looks to be more cartel related than other factors (such as environmental protests). Four suspects have been arrested and Mexico has deployed 1,000 officers on the case. The question on the stock is whether the mine gets delayed, or cancelled. The latter is unlikely, we think. The former is possible. But, with the stock hit already, we would HOLD for now, and monitor developments. Mexico has been a good jurisdiction for mining, historically, and we are fairly certain the government wants to keep it that way.
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