Canadian miner Petaquilla Minerals filed a lawsuit against the US investment bank Global Hunter Securities (GHS) for allegedly violating the confidentiality agreement signed in 2012.
Petaquilla Minerals GHS accused of using insider information related to the issuance of bonds for 200 million dollars would issue mining in 2012.
In the lawsuit filed in New York on April 20, the Canadian company said that an executive of GHS provided information to fellow Canadian company Inmet, three years ago he tried to buy the assets of Petaquilla through a hostile takeover bid.
According to the document to which he gained access La Prensa, Petaquilla ensures that the information was supplied by the executive Inmet GHS blocked their bond, causing had to sell assets for $ 130 million to replace funds not you could get with the bond issue.
Since late 2013 Petaquilla Gold, a subsidiary of Petaquilla Minerals, he left to mine gold in Molejón in the district of Donoso, Colon Province, due to the lack of funds to purchase new equipment and to comply with the payment of wages about 600 workers.
In September 2012, Inmet reiterated its offer to acquire Petaquilla Minerals assets amounting to 113 million dollars, but warned that the offer would be withdrawn if Petaquilla was effective their bond.
After failing in his attempt to buy, Inmet was taken over by First Quantum in 2013, taking control of the Panama copper project, also in the province of Colon and should be operational in 2017.
Petaquilla Gold spokesmen indicated that for the moment not make comments on the lawsuit filed against the mining US investment bank that specializes in the sectors related to natural resources, including energy, industry and navigation.
Petaquilla Gold is waiting for the Ministry of Commerce and Industries close the process of withdrawal of the concession obtained in 1997 for 25 million dollars to provide Sandstone Properties SA to resume operations in Molejón.
Sandstone Properties is a joint venture between Petaquilla Minerals and investment fund Baseline Financial Group. The Government requires that once the funds are received Petaquilla cancel the debt with its workers and with the Social Security Fund.
