Petaquilla Minerals Ltd. (fka PTQMF)

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Petaquilla situation remains in flux
Work remains suspended at the gold mine in Colón
Spanish version
Alex E. Hernández 06 may 2015 - 00:27h
TEMAS:
Minera Petaquilla Colón Ricardo Martinelli
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While work at the Molejon gold mine in Colón remains suspended, a group of shareholders of the Canadian mining company Petaquilla Minerals has tried to recover part of their investment through the courts.

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Spanish version
Last week Spanish investors sought arbitration before the World Bank for the alleged interference of former President Ricardo Martinelli in the management of Petaquilla Minerals and all its subsidiaries.

The Spanish shareholders in the company Iberia Resources Corporation, which manages the projects of the mining company in Spain and Portugal, said that Martinelli sought to place his relatives in the board of directors of the Canadian mining company and its subsidiary, Petaquilla Gold, in order to take control of them.

Since the end of 2013, work at the mine has been paralyzed due to lack of funds. The company has been unable to raise the capital it needs to restart work.

The request for arbitration was signed by Pascual Montañés Duato and José María Blanc.

According to an agreement between Panama and Spain, arbitration is the first step before legal action.

The applicants indicate that Martinelli threatened to withhold approval of permits needed by the project if the company did not place his designees on the board of directors. The Spanish shareholders are demanding compensation of $2.3 billion, money that would serve to compensate investors in Panama and Spain.

- See more at: http://www.prensa.com/in_english/Donoso-Colon-Petaquilla-Gold_21_4202789681.html#sthash.XcZ3jGMD.dpuf