Petaquilla Minerals Ltd. (fka PTQMF)

[carlosc]

http://www.prensa.com/in_english/petaquilla-contamination_21_4259034057.html

The conflict between the Ministry of Commerce and Industry (Mici) and the company Petaquilla Gold, a subsidiary of the Canadian firm Petaquilla Minerals, has now entered a new stage.

In December 2013, Petaquilla stopped the extraction of gold at the Molejon mine in Colón due to a lack of economic resources. The mine has since been abandoned.

Last week, Petaquilla Gold presented an action plan that included maintenance work in the area where mining takes place.

In addition to environmental issues, Petaquilla Gold needs to make back payments to its workers and pay royalties to the state.

Jorge Obón, a spokesman for Petaquilla Gold, ensures that the company has complied with nearly 100 percent of the financial and environmental demands that it received from the government.

Furthermore, he said the company has someone who is willing to invest enough to cover all debts to creditors, workers and the government.

"We sent a letter asking for a meeting with Minister Melitón Arrocha to submit the credentials of the new investor," stressed Obón.

The ministry said that Arrocha is out of the country, but will be back at the end of the week. At that time he will act on the issue.

The suspension of operations has affected 604 employees, according to the Ministry of Labor. They are owed about $8 million in back wages.

The company faces the cancellation of its concession if it does not rectify the situation.
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