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It is funny how you immediately accepted poster knowledge about company not paying their bills as a gospel..
I wonder how we stayed in business all this years.
It is also amusing your willingness to support any negative statement about management in same time stubborn resentment to give them any credit.
It is also amazing that with all above said – you are still invested in Petaquilla.
That’s right, normal investors after they sell their position for whatever reason do not waste their time to go and post on previously held stock unless it is agenda driven / sour grapes. Those who new to the board can easily read previously posted garbage by marketinvest and progafa in their personal file.
I work for one of a top corporation in USA and our suppliers have to wait 90 days to get paid. But a year is hard to believe.
I’d like someone else other then progafa to confirm that.
But just in case PDI get span-out: can PTQ generate cash by selling aggregate to PDI?
I am sure some books can be play to transfer money from one pocket to other, JMHO.
Yes, and PDI is a huge cash generator for PTQ regardless how it will go. We should be in a decent shape unlike almost 50% juniors on TOX which might disappear.
New Zack's Report:
Petaquilla Minerals (Toronto:PTQ.TO) and (OTC BB:PTQMF) is a junior gold production and exploration company with a producing mine in Panamá and numerous mineral exploration properties in Panamá, Spain and Portugal. The Molejón gold project in north-central Panamá achieved commercial production in January 2010. Through the third fiscal quarter, the company has poured 216,100 ounces of gold, leaving approximately 494,398 ounces yet to be monetized from the proven and probable reserve delineated in the most recent 43-101 compliant mineral reserve report. Average production over the last two years has been slightly above 18,000 gold equivalent ounces per quarter. With the addition of on/off leach pads, which are expected to be commissioned during fiscal 2014, incremental production should be realized.
Petaquilla successfully asserted its rights over claims in the area of the Cobre Panamá copper project being advanced by First Quantum Minerals. In consideration for land access, Petaquilla received (through PDI) a $75 million contract for aggregate procurement, $13 million for 10 years of land lease, $13.3 million waiver of royalties, etc., all of which total approximately $150 million. NI 43-101 compliant estimates for the Botija Abajo and Palmilla deposits were released in the early 2013, which contribute $26.9 million (or $0.10 per diluted share) to the NPV to our valuation model.
In Spain, Petaquilla Minerals owns a 100% interest in Lomero-Poyatos through the acquisition of Iberian Resources. Based on historical drilling results, a NI 43-101 compliant Technical Report (dated May 21, 2012) estimates that the inferred mineral resource in an underground mining scenario contains 830,000 ounces Au and 17.3 ounces Ag. Petaquilla completed the first phase of twin drilling of historical holes and is constructing a mine access ramp to allow for additional twin drilling, which should contribute to upgrading the existing NI 43-101-compliant Inferred resource estimate to the Measured and Indicated categories.
In Portugal, two rigs are turning at the Jales-Gralheira concession located in Vila Real District of northern Portugal, approximately 330 kilometers north-northeast of Lisbon. The concession encompasses 1,540 hectares and contains an area of historic mining operations. In modern times, the Jales mine has produced 830,000 ounces of gold and almost 3 million ounces of silver between 1933 and 1992. The first mining operations at Jales-Gralheira date back to Roman times in the 1st and 2nd centuries A.D. Petaquilla is advancing studies toward an updated NI 43-101 compliant resource estimate. The last technical report filed by Kernow Mining in November 2007 estimated a resource (at a 3 g/t Au cut-off) in the combined Measured and Indicated categories of 101,593 ounces Au and 446,567 ounces Ag, along with an Inferred resource estimate of 147,786 ounces Au and 483,621 ounces Ag.
Management’s focus during fiscal 2014 lies in boosting gold production at Molejón gold project through capacity expansion, advancing the Lomero-Poyatos concessions to production, continuing exploration at Brazo and Oro del Norte, and the initiation of exploration of Jales-Gralheira in Portugal, along with pursuing the spin-out of Panamanian Development and Infrastructure Ltd. (PDI). Petaquilla is expected to file fiscal year-end financial results for fiscal 2013 and the accompanying MD&A report near the end of August.
We reaffirm our Outperform rating; however, we are adjusting our price target to reflect the recent dramatic decline in gold and silver prices during the last few months. Since our valuation is based on a net present share value of attributable reserves and resources, our price target is impacted by the lower metal prices. Our adjusted target for the stock of Petaquilla Minerals is $0.94.
Digi, you are giving nice numbers, but 12g/t is pretty rich ore!!
Last time I heard the number were between 7 and 11 gr per ton which is still great .
What are you talking about? "...keep shareholders totally in the dark,.." - overwhelming majority shareholders have pretty good picture what is going on with the company and where we are going.
By the way looks like QE is coming to the end finally. Unless we get inflation- gold is going down some more.
Interesting article, talking about new money players coming on a scene now:
"Stan Bharti, head of Forbes & Manhattan : Right now where we're spending most of our time is Russia. Moscow. Beijing. Middle East. London.
In the nineties, two thirds of the world's resource financings were done on the TSX. Now it's one third. Still the number one spot. But London has taken over a lot of that. Why is that? Because a lot of new money, the Nouveau Riche, are moving to London. Almost all the Russian oligarchs are now in London. The Chinese are now in London. The Middle East has always been there. The new Africa money is coming. All of that, the focal point is almost always London.
And China. Everyone talks about the downturn in China. But more new millionaires are being created in China than anywhere else. And these guys are sitting on trapped money. And they understand resources. They understand gold. So we set up mechanisms for the individual Chinese high worth investors to invest with us."
Sooo, per this article and some other “read” I did this morning- why not being happy?
This cleansing will separate boys from the man. Fewer companies to compete with and less gold will be produced- all plays well for Petaquilla.
We are not laying off people, we are not selling our assets to stay alive- quit opposite we are exploring ( increasing our reserves) hiring ( in Spain) and growing (our production) on both side of the Ocean.
Pay-off on this investment comes in the next bull cycle, end of story.
My personal rule: allocate 10-15% of your investment portfolio to gold and PM equities and look at it as insurance.
No one ever complains when they spend over $ 2000.00 per year (as example) to insure family cars, house, etc. Those money are gone, gold and equities on the other hand… might give you little fortune some day.
It is never boring in Petaquilla Land.
Rick Rule, Chairman of Sprott US Holdings, part of the $10 billion Sprott Group of Companies:
"... I said that bear markets ended in capitulation selling but I hadn’t seen that yet. We are now in capitulation. This is the fourth time in my career that I’ve seen capitulation selling and it gets ugly and spasmodic, but this is the beginning of the end. Certainly I believe the precious metals themselves as bullion are oversold, but they could sell off again. That’s not uncommon, a double bottom.
I think if we do get a [stronger] rebound in the precious metals prices, that it will not in the near term pull over to the equities. I think we’re going to get washout selling this summer---absolute capitulation selling. Then you’re going to have a sideways tail in the equities as both the buyers and sellers are exhausted.
The market will certainly bifurcate. The better names will do better but they will only do marginally better. It won’t feel good. But we are setting up the type of recovery that we saw in 2002, 1994, and 1986. This is the way markets work.
It’s bear markets like this that cause bull markets and the inverse reaction is a function of the strength of the action.
The depth and severity of this down market cycle, the fact that maybe 700 juniors will go away over the next 12 months, sets the stage for a truly spectacular recovery. Bear markets cause bull markets, and bull markets cause bear markets.
... I can’t tell you when it’s going to happen but I will tell you that what we’re going through right now is exactly what we needed.
…I would suspect that the equities markets in the 1975 to 1976 cyclical decline, was more like a 65% decline over nine months. It was truly brutal.
That set the stage for an unbelievable recovery and that’s worth discussing because past is often prologue. In the decade as a whole, the gold price went from $35 an ounce to $850 an ounce.
In the period from 1970 to 1975, gold advanced six-fold from $35 an ounce to $200 an ounce, and suddenly over nine months it gave up $100, from $200 to $100.
Investors who didn’t have either the cash or the courage (or better yet both) to survive a 50% cyclical decline in the secular bull market, those who got shaken out at the bottom missed the move in gold from $100 to $850, an eight-fold move over six short years and the move in the equities was even greater.
That’s a really instructive lesson.
... The truth is that many people don’t have the courage of their convictions which is why those people often go into mutual funds. But the truth is, it’s your decision as to whether you redeem. It’s your decision as to whether you add more capital in bad markets as opposed to adding more capital in good markets.
…Even as we speak, I’m conflicted. I realize that what you do with capitulation bottoms is buy. But rather than buying a broad basis, what I’m trying to do is save lots of cash to participate in private placements which will give me both shares and warrants. I want a leveraged participation to the upside and getting a warrant in a private placement is getting the opportunity (but not the obligation) to double up on your position at a fixed price over a fixed period of time.
ridiculously cheap, I am keeping lots of powder dry because I believe that I will be able to provide capital when nobody else will be willing to provide capital to an industry and get warrants.
This is the time when the A-players go to war.
.. certainly small, focused investors who are willing to allocate capital now and have a two, three, five-year timeframe can expect spectacular returns if they do the work.
I was talking with Eric this morning on the phone and what he sort of reinforced to me was that he built Sprott from a $10 million manager to a $10 billion manager by the aggressive deployment of capital at times like these. Eric has always said don’t be afraid to be right. So that’s where we are.
Happy Independence Day, everyone!
Progafa, it is a shame that you choose to post this dirt on such a day.
Obviously you live in Panama and know a few dirty rumors.
As they say – the best lie is the one which mixed with half truth.
I don’t believe any of your filthy stories.
Have a great day everyone.
PTY, it is always nice to hear from you .
As much as exciting that rumor could be , I doubt Mr. Fifer would wanted to de-part with his “pride”-Petaquilla.
PTQ has a lot coming in the next few years: increasing production to well over 100K oz., new rich ore coming out from Spain, substantially increased reserves, PID and more.
Unless you are talking partial acquisition, as PID or JV.
TX
Paraphrasing Ross Perot words of sucking sound he warned US about jobs , it is a sound that gold makes leaving West and going East.
News are full of stories about customers flying from all over M.E to Dubai to buy gold, completely sold-out airfares, etc :
“I cannot find a place for transporting gold on Emirates, on BA on Swiss Airlines this weekend," Mr. El Mdaka said. "I am shipping in one-and-a-half to two tons of gold every day and it is going straight out."
China also accelerating it consumption to exceed 1000 ton this year:
“China's 2012 gold consumption was 832.18 tons, up 9.35% from a year earlier, showed data from China Gold Association. Consumption in China, the world's second-largest consumer after India, jumped more than 36% to 456.2 tons in the first four months of the year.”
Since the beginning of the year, total COMEX gold inventories have fallen 32%, from 11 million ounces in January to around 7.5 million ounces.
I believe that in some point physical demand will outpace what is available resulting in beginning of new gold run.
Call it seven year cycle, Fibonacci effect
or C-wave – but brokers don’t make money unless they convince their clients that new rotation about to begin.
And when it begins – Petaquilla will be ready , hope I will be too.
Progafa, whatever you are smoking- stop while you still have some brain cells left.
Today’s political development in Portugal and Egypt plus economical in China resulting in pre-market pulling back and gold staying put.
I like that picture.
UBS AG, Switzerland’s biggest bank, started storing gold for wealth-management clients at a facility in Singapore, citing interest from investors in the region even after the metal slumped into a bear market.
The leased vault in the Singapore FreePort is available for clients in the city-state and Hong Kong, according to Peter Kok, regional market manager for wealth management in Singapore and Malaysia. While bullion is heading for the first annual drop in 13 years, client interest persists, Kok said.
UBS joins Deutsche Bank AG and JPMorgan Chase & Co. in offering storage services in Asia, where China may surpass India as the largest user this year. Bullion fell to a 34-month low on June 28 in a rout that’s erased $66 billion from the value of investor holdings. Goldman Sachs Group Inc. forecasts further declines as the U.S. Federal Reserve may withdraw stimulus.
“Notwithstanding the drop in gold prices, we are still receiving queries on the offering from clients who are keen to reap the benefits of asset and geographical diversification,” Kok said in an e-mailed reply to questions.
The Singapore government has been promoting the country as a bullion-trading hub, removing a 7 percent sales tax from investment-grade precious metals last year. Millionaires in Asia outside Japan will create $7 trillion in new wealth by 2016, boosting the share of global riches from emerging markets to about 37 percent by that year from 24 percent at the end of 2008, according to McKinsey & Co.
Bullion Rebounds
Spot gold climbed as much as 1.2 percent to $1,267.68 an ounce, rallying for a third day, and was at $1,264.03 at 4:48 p.m. in Singapore. That’s a 7.1 percent rebound from $1,180.50, the June 28 low. Still, prices slumped 23 percent in the second quarter, the biggest decline since at least 1920.
Holdings in the SPDR Gold Trust, the largest bullion-backed exchange-traded fund, fell 1.2 metric tons to 968.30 metric tons yesterday, data on the SPDR website show. The holdings have dropped 28 percent this year to the lowest level since 2009.
Goldman Sachs Group Inc. says bullion will reach $1,050 by the end of 2014 and Credit Suisse Group AG forecasts $1,150 in about 12 months. Still, not everyone is bearish. Gold may have seen its trough as prices are near production costs, according to David Fergusson, chief investment officer of Singapore-based Woodside Holdings Investment Management Pte.
“Physical demand can’t be satisfied at the moment and at the current prices, mine production is not sustainable,” said Fergusson, whose Asian Wealth Fund allocates about 9 percent of assets to physical bullion and gold miners. “That will be fairly supportive.”
The average production cost of gold-mining companies is $1,201 an ounce, according to Bloomberg Industries, which tracks seven of the world’s top 10 producing companies.
--Editors: Jake Lloyd-Smith, Ovais Subhani
But at least we can all agree that Petaquilla will become true mid-tier by all definitions as soon as they hit 150K oz. production.
Because if company has multiple resources ( as PTQ has , in different countries, plus PDI) 150K will definitely qualify her by all standards.
150K can happen next calendar year.
...Behind the scenes," Nielson writes, "we know what is taking place, since it’s been widely reported since 2008.
LME shills quietly contact buyers individually and inform them that if they don’t want to wait more than three months to take delivery of what they already own, there is another option: cash settlement."Nielson’s commentary is headlined "Fraud Confirmed: 100-Day Delay To Take Bullion Delivery In London" and it’s posted at Bullion Bulls Canada’s Internet site here:
http://www.bullionbullscanada.com/gold-commentary/26273-fraud-confirmed-…
Sounds great!
Didn’t you just receive news from DigT, from Far East? Hong-Kong, China,= East, hello!
Never mind.
"There is a lot of news, very important to us, coming out of the east. That is what moved our share price Friday."
I read slowly and between the lines what mjk is trying to say, but I am not going to chew and swallow it for you.
Sorry I said something.
MJK, you just shared more “need to know” information with a few who don’t appreciate,
at list I do, thanks for heads-up.
1,100,000 shares traded up 19% ! Someone wants it bad!
Also, check this interesting development wich correlates with gold changing hands:
Russia takes the lead in anti-manipulative gold actions.
Russia …very unhappy with the gold banks and the US Fed.
War takes many forms and gold is outright war.
China will follow with a physical bullion exchange. This is dynamite for the real discovery of the price of gold and silver free from no-gold, no-silver fraudulent paper exchanges.
The Russians are going to launch a cash bullion market. Maybe they know what the Fed has done to one of their major’s assets and now intend to bust the manipulative paper game.
This mechanism will go a long way towards the emancipation of gold from paper.
Safety is in the Brics or quasi Brics for the next 3 years or more.
Moscow exchange launches first precious metals tradingPublished time: June 27, 2013 12:49
The stock exchange is going to start trading gold and silver by the end of this year, and platinum and palladium in 2014. Trading physical metals is expected to boost liquidity in the market and attract more participants.
Russia has so far only been trading futures on gold and silver, not dealing with real metals.
Gold has been occasionally sold on the over-the-counter market and the only benchmark for price was the Central bank’s quotations, Gazeta.ru reports. Now gold will get the market price in rubles.
“We are a gold-exporting country. We produce a large number of precious metals. However, the trade volume is still significantly lagging behind our peers. Our commodity market is not transparent," Gazeta.ru quotes the director of the commodity market of the Moscow exchange, Mikhail Orlenko.
Spot metal trading will be based on the platform of the existing foreign exchange market. Credit institutions licensed to conduct operations with precious metals and non-banking professional brokers will be the main players on the market, Gazeta,ru quotes the presentation by the bourse.
The Moscow stock exchange plans to transport precious metals from production companies, keep them in its own stores and deliver to the buyer the next day.
The launch of trading in gold and silver on the Moscow exchange will boost liquidity on the market and attract more participants by these new financial instruments, RBC quotes Sberbank as commenting.
I wonder how many miners will seize operation or simply go out of business.
Their real production cost is much higher than what reported.
Thanks God we have PDI and Land.
MJK, you might get your wish.
“How low can you go”, someone holding that stick dancing Limba, 4 for 1 ?
Not that I agree with everything they are saying but it is interesting topic among some gold bulls- is to get out of the “System” completely.
They recommend to have approx. $5000 cash on hand,
convert all equities into physical Paper , own real estate, remaining cash convert into gold bullion (coins),
some to keep locally ( the one you are willing to lose) and rest- to be store in Singapore.
From Roger W.(Gold Report)
"...RW: In the short term, gold and silver shares will follow the futures and cash markets. We are still in a corrective phase, which can last for another six weeks. But once gold and silver start to climb, the shares will follow. It's a big mistake right now for people to unload shares in good junior companies just because the stock has been beaten down. The companies with good fundamentals and enough cash to sustain operations for the next two to three years are going to do better. Look for good management with a project next door to a senior that is going to buy out reserves. Cash-starved greenfield juniors out in the middle of nowhere with no senior around to buy them out will not make it. It is like the salmon going upstream—some fish fall by the streamside, some make it home to nest."
Thanks DT. His interview is published in the MineWeb also.
Bloomberg) -
First Quantum Minerals Ltd., a Vancouver-based copper producer, intends to complete its Cobre Panama copper project faster than first planned and at lower cost, according to the company’s operations director.
“There will be a number of significant changes,” Matt Pascall said today in an interview in Lusaka, the capital of Zambia. “I’m sure in the end it will be done more quickly than it would have been and also at a lower cost.”
First Quantum announced plans to redesign the Cobre Panama plant and cut its workforce in half, Chief Executive Officer Philip Pascall said at the annual general meeting in May. The company acquired the project from Inmet Mining Corp. in a C$5 billion ($4.8 billion) hostile takeover earlier this year. The asset will help First Quantum become the world’s fifth-largest copper producer.
“We’ve still got to go through the processes of seeing what the cost implications are, what the cost benefits are, what we can save,” Pascall said. The company “is really just redoing a lot of the conceptual work. It’s a relook at the project.”
First Quantum will probably announce a cost estimate for Cobre Panama between August and November this year, CEO Pascall said at the AGM.
The company is looking to increase the mine lives of other Inmet projects that it acquired earlier this year, Operations Director Pascall said.
“Our view is that hopefully we can expand those operations,” he said. “They’re well run and we’d like to see them run longer and bigger. It’s up to our exploration guys to get in there and do their work.”
According to Mr. Blodget – gold is just a yellow metal.
So what is a dollar? Peace of paper? ...We can print paper...
Yes, common 2017!
Mjk, I would not be in a hurry to spin-off PDI right now, we need every little bit of free cash.
Wonder if shorts start covering gold- it might help us a bit.
One more time- no problem to find qualify work force:
"The Spanish miners have been on an all out strike to defend their jobs since June 1st. Whole areas of Asturias and Leon have become daily battlefields between the miners and their families and the anti-riot police forces.
The struggle of the miners is a reaction to the decision of the right wing Popular Party government to cut subsidies to the mining industry by over 60%, thus threatening 8,000 direct jobs in mining and probably around another 30,000 which depend on the mining industry in the mining counties. If these plans are implemented it would mean economic death for the mining areas. Unemployment in Spain is already at a record high of 24%, while youth unemployment is 52%. In the last 20 years already 40,000 jobs have been destroyed in the mining industry in Spain. This is what makes the struggle of the miners a life or death issue."
With almost 30% unemployment I don’t think there is a problem. I remember a few month ago watching general mining strike in Spain, so have to be plenty lay-off miners.
It is nice to know that Huelva has a mining college, also he speaks about need of trained workers:
José Luis Leandro Rodriguez, a onubense representing mining engineers in Spain
»Recently re-elected President of the College Dean of Mining Engineers of Huelva, Seville, Cádiz, Cáceres, Badajoz and the Canaries, this engineer and economist heads the General Council of Associations of Spanish Mining Engineers. Leandro Rodriguez talks about the projects in this entity and ensures that mining Huelva has a great future.
- What does the future hold?
-In our opinion, good. In a few years open-or rather reopened, several mines that are already preparing for it, Almagrera, Lomero, maybe even Concepción and La Nava. We even dare to predict that we will study in detail La Zarza and some other. But for that, you have to be prepared and if there are college trained mining there is no problem with the demand, but the will to other staff, because we are working little in that regard. We need to train young people in technical jobs not so qualified, because we fear that Huelva not absorb the needs of businesses, as paddlers, dump truck drivers, drillers, gunners, borers, operators and dozens of specialists jobs, by day today, unfortunately, we have not. You have to train people of our province to take up those good jobs and do not have to import them from elsewhere.
MP Medioambiente está desarrollando, en colaboración con la Corporación Tecnológica de Andalucía CTA, un proyecto de innovación, investigación y desarrollo de tecnologías que permiten optimizar los procesos de tratamiento de aguas con alto nivel de contaminación.
El proyecto tiene como objetivo desarrollar un proceso para el tratamiento de vertidos de alta carga. La mejora principal derivada de este proceso es la reducción de los costes de explotación globales sin incrementar la inversión. Esta mejora es posible gracias a avances tecnológicos en el desarrollo de membranas de ósmosis inversa, sistemas de evaporación y membranas de ultra filtración para la clarificación del agua en los reactores biológicos (MBR). Se trata de una investigación necesaria, debido al incremento de los precios de los combustibles (biomasa, gas natural...) y la electricidad empleada en estos procesos, provocado tanto por alteraciones en la oferta y la demanda como por modificaciones en la legislación vigente que regula estos conceptos.
El proceso que hasta ahora se venía desarrollando para el tratamiento de vertidos de alta carga, con la marca registrada BIODESTIL®, por parte de MP MEDIOAMBIENTE, tiene su origen en el año 1999. En estos diez años, MP ha instalado en el mercado más de treinta referencias de esta tecnología. Sin embargo, en los últimos años, era palpable el aumento de los precios de la biomasa como fuente de energía, con lo que se incrementaban notoriamente los costes la explotación de este tipo de instalaciones.
What are you talking about? JV already signed , what mentioned are future JV and agreements which will come in light,
in due time as project unveils.
You just never happy camper.
DT, we well aware that Petaquilla has one of lowest production cost in the industry, around $550. What mjk was asking (I assume) is a Total cost.
Until later almost all PM companes were not giving that information public.
There is a difference between production cost which is pure cost to make an oz and total cost which includes other expenses, as administrative, amortization, taxes, royalties, exploration, etc.
Normally Total cost is much higher but it shows at which point Company will cease to make any profit.
If you listen to interview with Andy Ramkaran on SH- towards the end of that interview he was asked what was Petaquilla Total cost of production – he admitted that it was little more than production cost but would not tell exact number.
For me personally $100 or 150 is a little more so I can assume total cost at Moleron is approx $700. And Spanish- adding transportation cost about $100 per ton will be in $800+.
So as long as gold stays at above $ 900 per oz – we can all sleep well,
Cheers and have good weekend everyone.
Anski, in a right corner of the page-
click: "Hide intro" - it will stop showing you pictures and only posts. Speeds up upload big time.
I think “sold” has to do with price of gold today. For average main street guy this is an old news, conforming Inmet’s intentions, only us can read between the lines and fine print of future contracts.