Petaquilla Minerals Ltd. (fka PTQMF)

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Petaquilla recorded deterioration by vandalism
The Molejón in which Petaquilla Minerals processed valued at $ 500 million between 2012 and 2014 gold, has an advanced degree of deterioration. In addition to damage from the weather, people came to the site to ransack offices and electrical equipment.
  09 Sep 2015-01: 13h
Part of electric transformers were destroyed to extract the copper. Part of electric transformers were destroyed to extract the copper.
Part of electric transformers were destroyed to extract the copper.
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The Molejón in which Petaquilla Minerals processed valued at $ 500 million between 2012 and 2014 gold, has an advanced degree of deterioration. In addition to damage from the weather, people came to the site to ransack offices and electrical equipment.

The company says that the mine is abandoned, while officials of the Ministry of Environment advance a public tender for sanitation project.

Petaquilla deterioration and vandalism
After 20 months of paralysis in Molejón mining operations, damage infrastructure are evident in the gold deposit.

Despite processed gold worth over 500 million dollars between 2012 and 2014, Petaquilla Gold, a subsidiary of the Canadian company Petaquilla Minerals market ran out of funds to continue exploiting the concession obtained in 1997 and whose permit exploitation achieved in 2009, with the help of former President Ricardo Martinelli.

The financial crisis led to a halt Petaquilla gold mining in December 2013, and since then the mine infrastructure has been deteriorating due to weather, vandalism and lack of supervision.

The company insists ensure that keeps workers in the area, but the area can be compared with the image of a ghost town.

Besides vandalizing most air conditioners located in the cabins that were used by mine workers, criminals have also damaged electrical transformers.

Yamil Sanchez, National Director of Environmental Quality, the Environment Ministry said that these teams have been damaged to extract copper and lead, in order to commercialize the raw material.

Jorge Obon, spokesman and secretary of the board of Petaquilla Gold, agreed that due to the lack of liquidity have reduced the presence of guards at the mine, but said that at no time have abandoned the transaction as stated by the environmental authorities.

He notes that agreements have been reached with suppliers to repair part of the vehicle fleet that was used in the project and to remove scrap from the area.

"We have made 85% of the work required us to the Ministry of Environment, but we did not want to receive, and now spend 1.9 million dollars on an invitation when we have not spent more than $ 200,000," said Obón .

In addition to the processing gold between 2012 and 2013, last year the mining signed a $ 60 million with fellow Canadian First Quantum Minerals to sell a number of assets in the area of ??Donoso, where the mining project is also built Copper Panama.

Due to the financial debacle and subsequent paralysis in the mine, he ordered the Canadian securities regulators suspend trading of the shares of Petaquilla Minerals, which does not provide financial statements from the first quarter of 2014.

Despite their income, shareholders of the company complain that the board, led by Richard Fifer, never authorized the payment of dividends.

In its environmental impact, the company indicated that it would invest $ 45 million in the processing plant, which would enable funds to exploit for 20 years the site of Molejón.

Last Friday, ministry officials toured Molejón with companies that are interested in carrying out maintenance work at the mine.

Companies interested in bidding, conducted through the National Assistance Program (PAN), are: Constructora Urbana, Pro-Geo, Bluefin and Levantine Engineering and Construction.

The winning company will have to empty 635 thousand cubic meters of water to maintain the security of the tubs and also have to treat the water that has accumulated in the area where the tanks are rusting.

Obón considers that officials did not have the power to introduce people who do not work in the institution, which lodged a complaint against the companies that were in the path.

From the environmental portfolio ensure that the institution is authorized to take necessary measures to prevent environmental damage and say that despite the record that has opened the company, when nobody has been credited as legal representative.

Workers, the most affected

More than 600 workers of Petaquilla Gold continue to claim the wages still owes them since stopped mining gold mining in late 2013.

The company says it has presented a financing plan for 25 million dollars to the Ministry of Trade and Industry to resume the operation of the mine, but the institution has not yet made public its decision to withdraw or not grant.

In a further attempt to pressure the government, the mining workers today held a march in the city of Penonomé, Cocle province.

It is estimated that the company owes more than $ 6 million in back wages; plus 2.5 million to the Social Security Fund.

Luis Ernesto Carles, Labor Minister called for "confidence" to the workers that the government will seek a solution to the problem, however, he gave no date or details of the method used to resolve the situation.

- See more at: http://impresa.prensa.com/economia/Deterioro-vandalismo-Petaquilla_0_4297070270.html#sthash.AJcOEpRD.dpuf