Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
You have it wrong MJ....good news; bad news; or no news and we continually go down. I just hope you are a lot happier when and if it goes up, then you are when we spiral down! I think it is safe to say that the warrants will go away without the SP even coming close to their intended price(s). Im giving myself a time frame of ANOTHER year for things to turn around for the better, not because I want too, but because I have too. And, if it's not to bold to say, I think that goes for EVERYONE who has been here for any length of time (even if you average down). Oh, and by the way, that champagne you are talking about....don't get it confused with the Kool-Aid !
Almost four million alone this month....then wait for Dec. !!!!!!
Expiry Date # Of Warrants* Exercise Price
June 1, 2013
1,080,672
USD$0.40
December 22, 2013 (1)
157,600
USD$0.60
May 21, 2013 (2)
3,964,000
CAD$0.65
June 4, 2013 (2)
846,000
CAD$0.65
December 30, 2013 (3)
23,399,402
CAD$1.45
January 7, 2014 (3)
6,100,598
CAD$1.45
January 26, 2014 (3)
2,500,000
CAD$1.45
TOTAL 38,048,272
You beat me to it......its on Sedar.
Has anybody checked the price of gold lately !
So much for any further insider purchases at these levels. PTQ must know the SP is going down even further and then may decide to pick up some extra shares. As you can see, there has been nothing purchased in well over a month. But hey, its a great buying opportunity for the rest of us shmucks.
Mar 6/13
Mar 5/13
Petaquilla Minerals Ltd.
Direct Ownership
Common Shares
10 - Acquisition in the public market
80,000
$0.485
Mar 4/13
Mar 4/13
Petaquilla Minerals Ltd.
Direct Ownership
Common Shares
10 - Acquisition in the public market
80,000
$0.480
Mar 4/13
Mar 1/13
Petaquilla Minerals Ltd.
Direct Ownership
Common Shares
10 - Acquisition in the public market
500
$0.485
Mar 4/13
Mar 1/13
Petaquilla Minerals Ltd.
Direct Ownership
Common Shares
10 - Acquisition in the public market
30,000
$0.480
Feb 28/13
Feb 28/13
Petaquilla Minerals Ltd.
Direct Ownership
Common Shares
10 - Acquisition in the public market
80,000
$0.470
Feb 4/13
Jan 29/13
Sirotinsky, Ezequiel
Direct Ownership
Options
50 - Grant of options
100,000
Feb 4/13
Jan 29/13
Manuel, Joao Da Costa
Direct Ownership
Options
50 - Grant of options
100,000
Feb 4/13
Jan 29/13
Fifer, Richard
Indirect Ownership
Options
50 - Grant of options
100,000
Dec 13/12
Dec 11/12
Petaquilla Minerals Ltd.
Direct Ownership
Common Shares
10 - Acquisition in the public market
14,000
$0.430
Dec 13/12
Dec 10/12
Petaquilla Minerals Ltd.
Direct Ownership
Common Shares
10 - Acquisition in the public market
27,500
$0.435
That's because there is a blood bath currently occurring in the markets.
Good afternoon
Thank you kindly for your email.
We are currently still working on completing the financing which is not in affiliation to the First Quantum/Inmet deal. In regards to our preliminary numbers, we will be releasing them in the next two weeks.
In terms of Spain, we have completed twin hole drilling and our consultants have all asset results to upgrade inferred resources to measured and indicated.
The plans are still on track with transporting bulk samples from Spain to Panama.
Please let me know if you have any further questions/concerns.
Kindest regards,
Joann
I guess he forgot we were at our high just over TWO YEARs AGO and since that time we have never caught the dragon, ever again.
That's the best post of the day LTS. Too bad people will still attempt to "guess" at the SP, amongst other things and make fools of themselves year after year after year.
REMEMBER WHEN.......DEC 22, 2011
Zacks initiates coverage of Petaquilla Minerals
Steven Ralston, CFA
Zacks has initiated coverage of Petaquilla Minerals ( ) with an Outperform rating. Petaquilla Minerals Ltd. is a junior gold production and exploration company with a producing gold mine (Molejón) located in Panamá and other mineral exploration properties in Panamá and Spain. The Molejón gold project in north-central Panamá achieved commercial production in January 2010 and has poured 146,305 ounces of gold. Approximately 567,500 ounces have yet to be monetized from the proven and probable reserve. Production is expected to increase with the recent construction of two on/off leach pads. In addition, Petaquilla Minerals holds the mineral exploration and development rights to 842 square kilometers of concession lands that contain gold, copper and molybdenum deposits in Panamá. Certain mineral concessions, such as Oro del Norte, are being advanced with exploration programs.
The recently acquired Lomero-Poyatos concessions in Spain are also expected to be advanced. Petaquilla Minerals acquired a 100% interest in Lomero-Poyatos through the acquisition of Iberian Resources on September 1st. Based on historical drilling results, a NI 43-101 compliant Technical Report (dated July 29, 2011) estimated that the inferred mineral resource contains 2.07 million ounces gold and 41.98 million ounces silver.
On December 20th, Petaquilla Minerals announced preliminary results for the second quarter of fiscal 2012 ending November 30, 2011. During the quarter, Petaquilla sold 15,959 ounces of gold generating revenues of $25.4 million. Gold poured was 18,100 ounces. The on/off leach pad project is just ramping up and added 180 gold ounces to production. Having commenced production at the end of the second fiscal quarter of 2012, management expects the on/off leach pad operation to recover 3,000 ounces Au during the third fiscal quarter. The company's cash position increased to $12.2 million.
Management’s focus in fiscal 2012 lies in boosting gold production at Molejón gold project, continuing exploration at the Oro del Norte concession, advancing the newly acquired Lomero-Poyatos concessions and pursuing the spin-out of Panamanian Development and Infrastructure Ltd. (the company’s in-house mining infrastructure business that was instrumental in bringing the Molejón mine to commercial production).
Our price target is based on an estimated share value of attributable resources. The methodology ascertains a value for each property and accounts for relevant balance sheet items such as working capital, PPE (property, plant and equipment), marketable securities and debt. The value of each individual property is determined by adjusting the value of current resources for the expected recovery rate, mining/processing costs and net smelter royalties, if any. Only the company’s percentage interest is attributed to the company’s value. Both Molejón and Lomero-Poyatos have 43-101 compliant Technical Reports. Based on our calculation of share value of attributable resources, the target for Petaquilla Minerals stock is $1.70 supporting our Outperform rating.
REMEMBER THIS ONE....... JUNE 27, 2012
Petaquilla Minerals announces preliminary quarterly results
Steven Ralston, CFA
Petaquilla Minerals ( ) hosted its preliminary quarterly results conference call today. During the fourth fiscal quarter, gold poured increased 25.2% sequentially versus the third fiscal quarter from 14,163 to 17,725 ounces, generating revenues of $22.8 million. For the fiscal year ending May 31, 2012, Petaquilla produced 68,000 ounces of gold. With an average realized price of $1,520, the company generated $93.1 million in gross revenues during the fiscal year. Management expects production at Molejón to increase approximately 30% by early fall as the company installs the 7th and 8th leach tanks and the 7th and 8th CIP stacks into the processing circuit. In addition, the installation of a 4th ball mill should be complete by October, increasing grinding capacity by 1,100 tonnes per day.
Within the next month, management expects to file another updated 43-101 reserve report, which will not only include an updated reserve on Molejón, but also an initial resource estimate on Botija Abajo and Brazo. Also, a 43-101 technical report concerning Palmilla and Oro del Norte is expected during the fourth quarter.
The final documentation for the spin-off of PDI was submitted to Canadian regulators this week. The company is now awaiting a response, but anticipates calling a Special Shareholders Meeting in July to complete the process of spinning out PDI to the shareholders of Petaquilla Minerals. In the conference call, management indicated that PDI is expected to generate $45 million in revenues during the first 12 months of independent operation.
At the Lomero-Poyatos concessions, all authorizations to begin the development of the Lomero underground mine have been received. Currently, the development plan is being formulated to dewater the mine and construct a water treatment plant to manage the underground water system. Management is still committed to shipping 20-ton containers of Spanish ore to the Molejón project in Panamá for processing by calendar year-end. With the anticipated gold value between $575 and $720 per ton (average grade between 12 and 15 g/t), along with a high silver content, the project with estimated transportation costs of $75 per ton is considered economically feasible.
Also, in the last few weeks, Petaquilla Minerals filed an updated 43-101 on Molejón and a revised 43-101 on Lomero-Poyatos. The revised technical report on the Molejón project included the addition of a proven and probable silver reserve of 1,008,693 ounces and the identification of 61.4 million tonnes of waste material as construction-grade aggregate. On the other hand, the revised technical report on the Lomero-Poyatos project removed references to the open pit resources since the open pit resources “do not have reasonable prospects for economic extraction at the present time.” However, the Behre Dolbear International report reconfirmed the inferred resource estimates under an underground mining scenario, specifically 6.07 million tonnes with an average grade of 4.25 g/t Au and 88.74 g/t Ag, containing approximately 830,000 ounces gold and 17.3 million ounces silver.
These important modifications affected our valuation model. The revised 43-101 on Lomero-Poyatos reduced the estimated inferred resources from 2.07 million ounces Au and 41.98 million ounces Ag to approximately 830,000 ounces Au and 17.3 ounces Ag (as a result of only in an underground mining scenario). On the other hand, the valuation was enhanced by reducing the life of mine to nine years (conservative in comparison to management’s six-year goal) and by including the silver resource in the model (due to higher confidence in the silver resource). Also, the Forward Silver Purchase Agreement not only motivated us to add the silver resource at Lomero-Poyatos, but also at Molejón. With the issuance of more warrants and options, we began to use fully diluted shares instead of shares outstanding. Lastly, the liability for debt and capital leases was significantly reduced by 40% ($6.5 million). Based on our calculation of share value of attributable resources, the target for Petaquilla Minerals stock has been adjusted to $1.45. We reaffirm our Outperform rating.
AND DONT FORGET ABOUT THIS ONE....Sept 20, 2012
Petaquilla Analyst Day & offer expected from Inmet
Steven Ralston, CFA
There have been several significant developments and announcements concerning Petaquilla Minerals ( ) , ( PTQMF ) in the last few weeks: 1) Inmet intends to make an offer for PTQ (currently at $0.48 per share); 2) management hosted the company’s first Analyst Day and 3) a NI 43-101 compliant reserve report on Botija Abajo was released. In addition, Petaquilla announced a major debt financing both for the development of Lomero-Poyatos and Molejón and for unwinding the forward gold and silver purchase contracts with Deutsche Bank. Incorporating recent developments into our valuation model, we have raised our price target to $1.70.
On September 5, 2012, Inmet Mining Corporation (T.INM, ( ) announced it’s intention to make an offer to acquire all of the outstanding common shares of Petaquilla Minerals for C$0.48 in cash or .0109 Inmet share for each Petaquilla common share or combination thereof. The value of the offer is approximately C$112 million. If the acquisition is supported by Petaquilla’s Board, Inmet would permit the spin-out of Petaquilla’s Spanish assets (Lomero-Poyatos) to PTQ shareholders. Petaquilla’s stock rallied 65.7% to $0.58 on the news.
Inmet is developing Cobre Panama copper-gold project in Panamá. With an estimated capital cost of US$6.2 billion, the Cobre Panama project is fully financed with $4.0 billion to be committed by the end of 2012. Inmet, which owns an 80% interest in Cobre Panama (KPMC owns the other 20%), is a well-capitalized mining company operating copper and zinc projects in Finland, Turkey and Spain.
The offer, when officially made in accordance to the security laws of Canada, is fully financed and does not require approval by Inmet’s shareholders. Also, the offer is contingent on receiving at least 50.1% of Petaquilla’s shares (on a fully diluted basis) and on no further debt or equity financings being completed by Petaquilla, specifically mentioning the recently announced US$210 million debt offering. The Board of Directors and management of Petaquilla are in the process of considering and evaluating the Inmet’s announcement. Meanwhile, management is continuing with the road shows for the planned $210 million debt offering.
In early September, Petaquilla Minerals hosted an Analyst Day in Toronto. Simultaneously, a NI 43-101 compliant estimate for the Botija Abajo deposit was released adding $13.0 million (or $0.05 per diluted share) to the NPV to our valuation model. In addition, to providing an update on Molejón, a timeline was presented for Lomero-Poyatos. As part of a bulk volume test, the shipping of ore-laden earth is still expected to begin in December 2012. A separate processing line will be assembled in Panamá and is currently projected to become operational by June 2012. Management plans for a processing plant in Spain to be constructed within the next 12 to 15 months with processing operations targeted to begin by mid-2014.
These important modifications affected our valuation model. In addition, the recent increase of gold and silver prices added $0.13 to the price target. Based on our calculation of share value of attributable resources, the target for Petaquilla Minerals stock has been raised to $1.70. We reaffirm our Outperform rating.
And it goes on and on.......
March 12, 2013 08:53 ET
First Quantum Minerals Announces Final Variation and Extension of Offer: 61.45% of Inmet Shares Tendered to Date
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2013) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) today announced that, by delivery of a written notice to Computershare Investor Services Inc. prior to 11:59 p.m. (Eastern Daylight Time) on March 11, 2013, First Quantum varied and extended its offer (the "Offer") to acquire all of the outstanding shares of Inmet Mining Corporation ("Inmet", TSX Symbol "IMN"). The Offer will now be open for acceptance until 11:59 p.m. (Eastern Daylight Time) on March 21, 2013, unless further extended or withdrawn.
A Notice of Variation and Extension has been filed with the Canadian securities regulators and will be available for review at www.sedar.com. The Notice of Variation and Extension is also being mailed to Inmet shareholders in accordance with applicable Canadian securities laws.
As at 11:59 p.m. (Eastern Daylight Time) on March 11, 2013, a total of 43,207,256 Inmet Shares, representing approximately 61.45% of the outstanding Inmet shares (on a fully diluted basis), had been tendered to the Offer. The Offer has been varied to allow the minimum tender condition to be satisfied if more than 50% of the outstanding Inmet shares (on a fully diluted basis) have been validly deposited, prior to the new expiry time of the Offer. Accordingly, based on tenders to date, First Quantum anticipates being in a position to complete the Offer and begin taking up and paying for shares promptly following the expiry of the Offer at 11:59 p.m. (Eastern Daylight Time) on March 21, 2013.
If as expected more than 662/3% of the outstanding Inmet shares (on a fully diluted basis) have been validly deposited under the Offer as at the new expiry time of the Offer, First Quantum will be implementing a Subsequent Acquisition Transaction to acquire the balance of the Inmet shares not deposited under the Offer, as more fully described in the Offer circular. Since implementing a Subsequent Acquisition Transaction could take as long as several months, Inmet shareholders are strongly encouraged to tender their Inmet shares to the Offer, to the extent they have not already done so, prior to the expiry of the Offer at 11:59 p.m. (Eastern Daylight Time) on March 21, 2013 in order to receive payment for their shares sooner rather than later.
The Offer has also been varied to allow eligible holders of Inmet shares to make an election providing for a tax-free rollover for Canadian income tax purposes in respect of the First Quantum shares they receive as consideration under the Offer.
Commenting upon the variation and extension, Mr. Philip Pascall, CEO and Chairman of First Quantum, said:
"We are delighted with the overwhelming support that Inmet shareholders have shown for our Offer. We have varied our Offer such that the minimum tender condition will now be satisfied if more than 50% of the Inmet shares have been tendered at the revised expiry time of the Offer. Accordingly, with all regulatory approvals already received, it is our expectation that we will be in a position to complete the Offer and begin taking up and paying for shares shortly following the expiry of the Offer on March 21, 2013.
This is our best and now final Offer. We urge all Inmet shareholders who haven't yet tendered to do so before 11:59 p.m. (Eastern Daylight Time) on March 21, 2013 so that they can receive the consideration for their shares sooner rather than later.
We look forward to working with Inmet's management team and Board of Directors to ensure a seamless change of ownership and management of Inmet. We are excited at the prospect of being able to apply First Quantum's experience and unique skills to Cobre Panama as soon as possible."
Bankers, Advisors and Information Agent
First Quantum has engaged Jefferies International, Goldman, Sachs & Co., and RBC Capital Markets to act as its financial advisors in connection with the Offer. Fasken Martineau DuMoulin LLP is acting as legal counsel to First Quantum in connection with the Offer.
Financing for the Offer is being provided by Standard Chartered Bank.
Georgeson Shareholder Communications Canada, Inc. has been retained as information agent for the Offer. Shareholders may contact Georgeson at:
Toll Free (North America): 1-866-656-4120
Outside North America Call Collect: 1-781-575-2421
Email: askus@georgeson.com
I may be wrong and I would have to search for the posts, but didnt someone state NUMEROUS times when it was brought up several times, that the PP holders were even (ish) beause they averaged down ????????????????????????????????????????
I find that VERY HARD to believe. I bet those holders are trying to wash the egg off of their faces.
Just a few dates to remember, just in case anyone forgot !!
1. VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2013) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) today announced that it has extended its offer (the "Offer") to acquire all of the outstanding shares of Inmet Mining Corporation ("Inmet", TSX Symbol "IMN") by delivering written notice of such extension to Computershare Investor Services Inc., in its capacity as depositary for the Offer. The Offer will now be open for acceptance until 11:59 p.m. (Eastern Daylight Time) on March 11, 2013, unless further extended or withdrawn. Hopefully this will be a done deal either way on this date and everyone involved can move on once and for all.
2. Vancouver, BC - December 31, 2012: Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") announces that it has received and accepted an indicative term sheet for a loan facility from Red Kite Mine Finance Trust I (the "Lender") whereby the Lender has offered to provide the Company with a loan facility for an aggregate US$140,000,000 (the "Loan") for the development, construction and working capital requirements of Petaquilla's projects in Panama and Iberia.
Closing of the Loan facility, which is expected to occur on or about January 15, 2013, is subject to customary due diligence, regulatory approvals and final legal documentation reflecting the terms of the term sheet.
Yeah....still waiting....approaching TWO MONTHS PAST EXPECTED DATE in PR. Thats a lot of DD after the fact.
3. No specific date, but our preliminary numbers will be out soon for the quarter.
There is much more happening coming down the pipe with this company, but I didnt want to get anyone excited as we never hit our targets, nor our dates. HA !!!
First Quantum accessed Inmet’s data room, analyst believes
Peter Koven | Feb 19, 2013 5:40 PM ET | Last Updated: Feb 19, 2013 5:43 PM ET
More from Peter Koven
Handout/Inmet MiningInmet's Cobre Panama project, a large open-pit copper development project.
Twitter Google+ LinkedIn Email Comments More
After months of lobbying, one analyst is suggesting that First Quantum Minerals Ltd. has finally been granted access to the data room at Inmet Mining Corp.
First Quantum made a $5.1-billion hostile offer for Inmet back in December, but Inmet rebuffed all of its efforts to enter friendly negotiations and view confidential data on the company’s giant Cobre Panama project. Since then, Inmet has opened its data room to other potential bidders.
Desjardins Securities analyst John Hughes believes First Quantum now has access as well.
“We believe that during the past week First Quantum gained access to the data room related to the US$6.1-billion Cobre Panama project for the first time,” he wrote in a note.
If true, it would suggest that Inmet is finally open to negotiating a friendly deal with First Quantum. Spokespeople at the two companies both declined comment.
On Tuesday, Inmet announced it is waiving its shareholder rights plan (or “poison pill”) as the company determined it has enough time to review all of its strategic alternatives before First Quantum’s bid expires on Feb. 27th.
Mr. Hughes sees four options for the company: continue to reject the bid and let shareholders decide, sell a minority stake in Cobre Panama, find a white knight bidder, or negotiate a friendly deal with First Quantum.
He now views a white knight as less likely, as he does not think a deal with a white knight would need to be preceded by an announcement on waiving the rights plan.
He believes a friendly deal with First Quantum is “perhaps” the best option, though he does not think First Quantum is planning to sweeten its bid. First Quantum has left this open as a possibility if it can enter friendly negotiations.
Monday Feb 18 is family day in Canada. TSX is closed.
The countdown is on....only twelve more physical days until D day for Inmet. Perhaps after this is over we shall have some news of our own.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2013) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) today announced that it has extended and varied its offer (the "Offer") to acquire all of the outstanding shares of Inmet Mining Corporation ("Inmet", TSX Symbol "IMN") by delivering written notice of such extension and variation to Computershare Investor Services Inc., in its capacity as depositary for the Offer. The Offer will now be open for acceptance until 5:00 p.m. (Eastern Standard Time) on February 27, 2013, unless further extended or withdrawn.
Something has to give with this stock. This debacle for Inmet places them into check mate and still, we flounder at this specific time. Hopefully when we learn the final result with Inmet and FQ, we will be in a better place. A lot of shares traded today but not enough new blood to propel us on great news. Again, fundamentally we are stronger after this decision any yet the SP is stagnant. We need someone to buy us and put us out of our misery once and for all...........or maybe not because I keep forgetting about my FREE PDI shares that I am supposed to be receiving !!!!!!!
If I were you I would focus more on whether or not this Red Kite deal is going to be completed compared to a poster....don't you remember that PTQ PR'd that it would be complete AROUND Jan 15. We are now at PLUS 22 days and counting. I believe someone on this board said that it would be their guess it would be completed plus/minus 10 days...yeah he was wrong again. What I dont understand is why even put a date in the PR when PTQ has absolutely zero control over this. Apparently, Red Kite has not gathered all of the required info to make a final decision as of yet.
Ponce, Jal is correct as Joanne Head was in IR and he spelled it correctly. My email was from Janet Francis.
An email from Janet in regards to Red Kite dated today
Hello Mr. .......
The Red Kite financing is proceeding well and is expected to close soon.
- Janet
Oh, so now you are saying you started this because you were bored......great job. I would say a lot more, but if I did I would be banned for life.
E X A C T L Y.........ENOUGH SAID !
What ever happened to us becoming this MID TIER company, mining all of this gold and making money hand over fist ???? Why in the hell would we need them when they tried to screw us the first time. Maybe PTQ realized that they cant do this on their own, or maybe management is just looking out for themselves.....what a surprise. I guess the CARAVAN will be stopping for THREE years. BRUTAL
TORONTO – Inmet Mining Corp. has received a vote of confidence from royalty firm Franco-Nevada Corp., which is not convinced that First Quantum Minerals Ltd. is the best company to build the Cobre Panama project.
Franco-Nevada has committed US$1-billion to Inmet for the development of Cobre Panama, so it has a unique interest in First Quantum’s $5.1-billion hostile bid for the company. Franco chief executive David Harquail said he has been very impressed with Inmet’s handling of the project so far, and has some ongoing questions about First Quantum’s proposal to build the mine for significantly less money. First Quantum has not approached him yet, he said.
Related
First Quantum says Inmet’s efforts at massive Panama mine harmful to investors
“Our worry is what messages [First Quantum] is sending to Panama and the community when they say they have a different plan or scenario going forward and they expect to spend that much less money. Our preference is to have a more steady-state approach,” Mr. Harquail said in an interview.
“Right now, we’re supporting the folks who have brought us to the table and we have to reserve judgment on the new plans.”
That has to be music to Inmet’s ears. The Toronto-based miner is about to formally reject First Quantum’s bid, and will try to argue that it is the better caretaker of the US$6.2-billion mega-project. First Quantum has talked about reducing capital costs at Cobre Panama, but has not offered up firm numbers.
Mr. Harquail said the priority should be “building it right” rather than spending as little money as possible. He added that Cobre Panama needs to be built with enough flexibility to allow multiple expansions in the future, and that all local stakeholders need to be onside with the development plans for it to work.
Inmet has a lot of work to do to win over shareholders. The company’s largest shareholder, Leucadia National Corp., has already offered tentative support for First Quantum’s bid. Inmet shares are trading roughly in line with First Quantum’s bid as analysts and investors do not anticipate a white knight bidder.
Meanwhile, Inmet continues to add value to Cobre Panama. On Monday, the company published results from an analysis which demonstrate that the mine’s mineral resources grow significantly at higher copper prices. By changing the assumed copper price to US$3.00 a pound (from the prior level of US$2.25), the Cobre Panama resource grows by 25% to 4.3 billion tonnes, the analysis shows. Copper prices are above US$3.60 a pound today.
From whom....Inmet ? There may be no Inmet if they are taken out by Quantum.
Oops...now .60 on TSX !!!!!!!
Currently trading at .59 and no buzz on this board !!!!!!!! Its still a ways away from where I want it to be but that it some great progress in the last two days with no news.
The pressure is on Inmet investors.......their stock is now below 70.00 per share. It would appear some are becoming nervous over the PRs that are going back and forth. At least ours surpassed inmets HT offer until it was taken off of the table at which time, we retracted H A !!!!!!
Taken from SH....
TORONTO, ONTARIO--(Marketwire - Jan. 12, 2013) -Inmet Mining Corporation ("Inmet") (IMN.TO) today provided the following comment with respect to First Quantum's press release, issued earlier today, and the corresponding letter addressed to David R. Beatty, O.B.E., Chairman of the Inmet Board of Directors.
Mr. Beatty said, "The Inmet Board of Directors is well aware of its duties and responsibilities with respect to the First Quantum offer. We note that, while First Quantum says it wishes to engage in friendly discussions, it is simply not. This is further demonstrated by the letter sent Friday, which is plainly hostile and counterproductive. The Board and its advisors are engaged in a thorough and rigorous process to evaluate First Quantum's offer and to explore the full range of all potential alternatives that may provide greater value to Inmet shareholders, including those activities that have been commenced prior to First Quantum's bid. We remain committed to serving the best interests of all Inmet shareholders."
As stated in a press release on January 9, Inmet's Board is considering, among other things, whether or not the First Quantum offer adequately compensates our shareholders for Inmet's full value, including the untapped exploration and expansion potential of Cobre Panama and the substantial increase in valuation our shareholders will receive once Cobre Panama reaches commercial production. Inmet's Board is also considering the potential risks associated with receiving First Quantum shares as consideration.
Mr. Beatty added, "Inmet is very proud of its track record of building long-term shareholder value and we are very comfortable that the decisions we have made regarding Cobre Panama have positioned it to become one of the world's largest and lowest-cost copper mines."
The Inmet Board will file a Directors' Circular and make a formal recommendation to Inmet shareholders on or before January 24, 2012. Until then, Inmet shareholders are advised to take no action and not tender to the First Quantum offer.
Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=32014253&l=0&r=0&s=PTQ&t=LIST#brek6yB2voJYBykC.99
Inmet Mining’s largest shareholder throws support behind First Quantum bid
Peter Koven | Jan 10, 2013 6:00 PM ET | Last Updated: Jan 10, 2013 6:17 PM ET
More from Peter Koven
.
Inmet Mining/HandoutInmet Mining's Troilus open pit gold mine located in northwestern Quebec..
Twitter
Google+
LinkedIn
Email
Comments
More
.
TORONTO — Inmet Mining Corp.’s largest shareholder said it plans to tender its shares to the hostile takeover bid from First Quantum Minerals Ltd. unless circumstances change.
Leucadia National Corp. made the announcement in a filing and press release on Thursday. The New York-based investment holding company owns roughly 11 million Inmet shares, or 15.9% of the total.
The filing confirms speculation that Leucadia supports First Quantum’s $5.1-billion cash-and-stock offer. First Quantum previously stated that it was approached by a number of Inmet’s key shareholders, who were excited “about the potential for the combined company.” Investors also noted that Leucadia is buying Jefferies Group, which is acting as First Quantum’s financial advisor on the takeover (though sources said there was no relation between the two deals).
Leucadia National Corporation Indicates Current Intention to Tender Common Shares of Inmet Mining Corporation to Bid by First Quantum Minerals Ltd.
January 10, 2013 03:19 PM Eastern Time
NEW YORK--(BUSINESS WIRE)--Leucadia National Corporation (NYSE: LUK) announced today that it has filed a report with Canadian securities regulators disclosing that, based on current publicly available information, and in the absence of changed circumstances or new information (including an alternative transaction that would provide greater value), Leucadia would intend to tender the common shares of Inmet Mining Corporation that it owns to the take-over bid that has been made by First Quantum Minerals Ltd. for all of the common shares of Inmet. Leucadia may be considered to beneficially own 11,042,413 (approximately (15.92%)) of the outstanding common shares of Inmet for purposes of applicable Canadian securities laws.
The house of cards is starting to fall !!!
Loj, I think we all understand that daily events are a non issue, but come on, these guys leave you in the dark. How about the PP....are we still in land negotiations as some people have eluded too. If thats not what is holding it up....then what ? The PP was months and months ago, and to date, not a peep. How about PDI...WTF. I, along with other posters re hash this stuff because we are left in the dark. You cant tell me that they cant disclose ANY info for either delay...BS. As for the HL, I am in agreement with you.
At present, the best thing is a buy out......later on, who knows
Yeah, Im sorry, how long ago was his first prediction supposed to come to light ? That's what I thought. Oh, he forgot to mention his time line was years down the road. Whats the point
Yeah i guess i really thought about that scenario......we are not be for sale, but sometimes you cant say no to an enticing HT.
It would appear that at least someone is going to surpass their 52 week high when the markets open.....
MJ, other than having FQ as a new neighbor if ths goes through, why do we really care what these two companies do with each other. Many times before it has been mentioned that WE are NOT for sale. Is it a JV that we are ultimately hoping will transpire or just a better neighbour to conduct business with ? Not for sale means just that !
LOJ, any way you interpret what Peta stated would be great if and when it occurs. I believe he stated it will transpire before the end of this month. You have to have big balls to make a statement like that so I am going to assume that based on his last prediction, this too will come. I believe he called it incorrectly when he stated that someone else would take us out ??? If this cash injection fails,, he will be slammed by board member(s).
Don't get me started about Zacks prediction as that was total BS.
I believe we were at .38 before the mention of the HT, then we shot up to around .64. We knew we would relapse to a specific level and everyone was saying while it was going down, "oh look at us now, even though the HT is over it propelled us higher than where we started". Sorry to tell you but right now we are trading at .43 and it appears we will sink back to where we began as Investor has stated as nothing else is going on. Yes the new ball mill is operational and yes it will pump more through, but what the hell is going on with the HL. Jal cant even get a straight answer fro IR. There are always more questions then answers with PTQ.
And what ever happened to the conference call. Didn't we miss one already ?????
Like I stated before, i wouldn't be surprised if we go lower then where the SP was prior to the HT until things change for the better.
And ask yourself this, if Inmet were to offer .65.......would you take it now based on how you have seen this play out ? I wonder how many people would opt for .65 a second time around ? Makes you wonder.
Nothing has ever made sense about this stock. This one truly is a crap shoot. Our only saving grace at this point in the game (not years from now) would be to get bought out or be involved in a JV. NOTHING else will move us at this juncture.
What will truly be the catalyst in regards to the SP is this......when PTQs numbers come out in the next quarter or two....lets say that they are significantly higher for arguments sake as they should be. If the SP doesn't react to this then what will it take? Lets face it, solely based on the current fundamentals, we suck when it relates to the SP. So what will be the catalyst that sets us higher, who the hell knows. I was once content owning this stock but I'm beginning to become frustrated as many people have already become.
PETA.....any idea about the AGM.....what was discussed ???
We were at a dollar......around MARCH 2011 !!!!!!!!! Try to figure that one out and if you discover an answer I would love to hear it.