Petaquilla Minerals Ltd. (fka PTQMF)

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Petaquilla has reconsideration
The company states that itself has met the points for which the government decided to cancel the award of the gold mine Molejón.
Luis Bellini 05 Aug 2015-00: 05h
TOPICS:
Mining Environment
Mining, a subsidiary of the Canadian company Petaquilla Gold, suspended operations at the plant due to financial problems. Mining, a subsidiary of the Canadian company Petaquilla Gold, suspended operations at the plant due to financial problems.
Mining, a subsidiary of the Canadian company Petaquilla Gold, suspended operations at the plant due to financial problems. PRESS / Humberto Rueda
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The Ministry of Trade and Industry (Mici) decided to suspend the cancellation resolution granting Molejón owned by Petaquilla Gold since 1997, after the company filed a motion for reconsideration of this decision.

According to information reported by the Mici, Thursday 30 -the last day of the period reported bestowed-Petaquilla is "diligently trying to address the violations" by the ministry based its decision to cancel the concession.

Law 9 of 1997, for which the grant was awarded to the Canadian company, provides for the adoption of this review if the operator is working on the breaches identified.

The Mici found that the company did not submit the renewal of the environmental bond, compliance, and the abandonment of operations from December 2013.

This has generated a significant deterioration in the plant, resulting in a risk to the health of nearby villages by oil and chemicals used in the gold extraction process.

In an appeal by Petaquilla, it emphasizes that the performance bond itself was valid and that the environmental is under legalization. In addition, they stress that were doing maintenance work on the plant.

However, a recent in situ facilities in Donoso, Colon Province, tour confirmed the poor state of the place.

Given this situation, and while you decide what will happen to the future of the concession, the Ministry of Environment will work on urgent maintenance were identified after a biweekly monitoring takes place from January 2015.

These procedures take four months and cost $ 2.5 million, which will emerge from the National Assistance Program (PAN).

Presented the review, the Mici now evaluate "each of the points they have said.

We are doing a review of the record in each one of the considerations. We re-check everything in order to confirm or not the breach or the actions they claim, "the source continued.

This review process, but do not have a deadline, are not expected to exceed two months.

On July 20 it completed within 180 days Mici granted to the company to tend defaults.

Upon expiration, the Government considered that these were not addressed, resulting in the resolution of cancellation of the concession, which since Thursday 30 is suspended following the action of Petaquilla.

- See more at: http://www.prensa.com/economia/Petaquilla-presenta-reconsideracion_0_4270073120.html#sthash.XbTcNKNN.dpuf