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My personal observation : management did not wanted to make it a big news, 7 pm? Not immediately after market closed.
For whatever reason, warrants, etc. Plus average investor does not read well between the lines, most of us who witnessed Inmet / Petaquilla dealings can appreciate future agreements which will come from this deal , “markets’ don’t.
And I don’t want them anyway, let save all those big news which are coming from Spain, Panama development, updated 43-101 , etc for the future times- when gold is higher and investors are hungry to come back.
Now – , keep it quiet, stay low, ( duck the bullets) and accumulate – that’s mine thinking.
"Markets" simply do not follow the miners this days, so unless it is earth shattering news we don’t have to worry about those warrants.
Oh yea, "which joint developments shall be conducted as agreed to in a Joint Venture Agreement yet to be negotiated and executed by the parties.
Hand'n hand singing kumbaya. I love it.
Memory lane,
nice to know we help Spain unemployment also:
Progafa, what are you hearing? Updated 43-101 from Spain?
De-watering started? Ramp contract awarded?
Where is Peta by the way, he was the one warning us about upcoming news.
Gold is extremely shorted, if we can break $1400 – we can really get shorts worry and adding x-tra pressure on them to cover - generate some serious bounce.
That’s answers your question.
Dr. Airtime, thanks for sharing.
What I know –L/P ore is non-refractory is much easier to process versa refractory.
Both ores are can be process at Modern but require different approach, it is nothing new.
“The assessed production from both non-refractory ores, which are relatively easy to treat, and refractory ores where the gold is ‘locked-in' and requires more complex processing.
As non-refractory ores become depleted, the ability to recover gold from refractory ores has become more important.”
So yes, we can not mix both ores but there is no issue what so ever. It just tells us how valuable Spain gold is (ease of process).
Dr,I don’t think they allow to share publicly what we already know, but maybe they can tell us more on PDI time-table, how Spain is going on (de-watering), and local contracts...
Maria Smirnova from Sprott.....
"...TGR: Do you have a time frame for when the market might begin to favor precious metals again?
MS: That is hard to predict. A lot of what is taking place right now does not make sense. It is very difficult to predict when things will turn. We take a long-term view....
MS: I think you have to remain optimistic that the prices of the commodities, especially silver and gold, turn around. I do not even want to call them commodities, to be honest. I would call them currencies, especially gold. Silver is a hybrid because it also has industrial applications.
Once the turn happens, these stocks could explode in a good sense and completely revalue to the upside. Today, they are at depressed valuations.
TGR: Is there an across-the-board percentage recovery you would predict?
MS: Some stocks are down 50%–60%; they could double or triple...
TGR: And what are the reasons behind the more general mining equity slump?
MS: A lot of people believe we are fixing our economic problems and things are getting better. People are going to the U.S. dollar and to other assets and other sectors.
There have also been disappointments in the mining sector with companies not meeting their guidance and costs coming in higher. This too has put a damper on investor sentiment.
TGR: Can you leave us with a positive thought about the space in general?
MS: It is very comforting to see retail buyers choosing in droves to own the physical metal. We hope that leads to higher market prices for gold and silver, and in turn to a rally in the stocks.
TGR: Maria, thank you for your time and your insights.
Maria Smirnova joined Sprott Asset Management as a research associate in May 2005, and was
Wait until Canada opens tomorrow, sure will make your relatives happy ;o)
No way, it is a Holiday in Canada.
Last week, Petaquilla Minerals (Toronto:PTQ: TO) and (OTC BB:PTQMF) announced the latest step in the advancement of the Lomero-Poyatos gold project in Spain, specifically that the construction of a mine access ramp has begun.
The Lomero-Poyatos project is currently at the exploration stage with an inferred mineral resource estimate based primarily on historical drill-hole data of the 124 known drill holes. Completed by Behre Dolbear in May 2012, the revised NI 43-101-compliant report estimates an inferred resource of approximately 830,000 ounces Au and 17.3 ounces Ag (6.07 million tonnes at an average grade of 4.25 g/t Au at a 1.0 g/t Au cut-off and 88.74 g/t Ag) in an underground mining scenario at Lomero-Poyatos.
Thus far, Petaquilla has completed the first phase of twin drilling of historical holes, and the ramp will allow for additional twin drilling which also will contribute to upgrading the existing NI 43-101-compliant inferred resource estimate to the measured and indicated categories. In addition, the ramp will permit the infill drilling recommended by the NI
43-101 technical report, namely the drilling of holes at 50 meter intervals along N-S lines 100 meters apart.
Petaquilla Minerals acquired a 100% interest in the Lomero-Poyatos concessions through the acquisition of Iberian Resources in late August 2011; the titling process was completed in November 2012. Having secured the initial environmental permit to dewater the pit and the submerged galleries, along with the Andalusian Autonomous Government’s administrative authorization, Petaquilla has already completed the construction of a project office building and improved roads on the property.
Located in the Huelva Province of Spain, Lomero-Poyatos is approximately 85 kilometers northwest of Seville and 60 kilometers north of the major port of Huelva. The mining complex includes two open pits (one at Lomero and the other at Poyatos) and a six level underground mine with a central shaft between the open pits. Lomero-Poyatos was mined continuously from 1905 to 1982 solely as a sulphide (pyrite) mine. At least 2.6 million tonnes of massive sulphide ore was mined for pyrite content, which was smelted to manufacture sulfuric acid. Since then, several companies, including the pyrite smelter, have investigated Lomero-Poyatos as a possible gold-silver deposit and/or a base metal (copper-lead-zinc) deposit.
Lomero-Poyatos contains two independent ore bodies (Lomero and Poyatos) that form a single ore body at depth, over 800 meters in strike. Initially, each ore body was opened to the surface by small open pit mines. Later, in the twentieth century, a main shaft and an underground mine complex with at least six levels that intersected both ore bodies was developed. The underground mine has been flooded for about 20 years.mPetaquilla has prepared for dewatering the mine by conditioning a 300 meter deep tap through which the water can be removed.
We reaffirm our Outperform rating; however, we are adjusting our price target to reflect the recent dramatic and historic decline in gold and silver prices during the last two 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 $1.20.
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Read the Full Research Report on PTQ
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Jal, for your information I-Hub welcomes people from different countries and different nationalities to participate and exchange investment ideas and strategies. Petaquilla as you should know is international company with shareholders speaking different languages, and I am sure that our BOD speaks many languages and English is not number one.
Our contributors on this board also speak different languages myself included.
So, having said that – how dare you make fun of German investor?!
His opinion on this board is very much appreciated unlike yours.
It would be a huge lost for this board if he chooses not to post again – your posts on other hand not many would miss.
Once again you show a complete lack of respect to fellow man and low level of intellect.
To German investor, my sincere apologies sir, please disregard one loser on this board.
Suddenly everyone is against the gold.
"Buy when blood on a street" ?
Badge, how long you have been reading Mjk posts and still have hard time with his tongue’ cheek humor.
It is not Petaquilla fault that we are going down, and it is not Fifer’s fault either.
You are well aware, I am sure, that money are coming out of gold and investors left mining stocks even earlier.
Company is actually doing great; we are mining, making money, increasing production and getting into something very big in Spain. But all this does not matter when it comes to a SP. You can wait a year or four, the only way we can see a true appreciation in Petaquilla SP – it is when Money will decide to come back into our sector, that’s it. We need new rotation into commodities to begin again, but when it’s going to happen no one knows, one thing for sure – it will happen again, with some of us gone and some holding their shares.
Chen Lin, What Is Chen Buying? What Is Chen Selling? (5/10/13)
"I carefully selected a few cash-flow-generating stocks with solid balance sheets to help me navigate this difficult time. . .in gold mining, I have Petaquilla Minerals Ltd., which is generating very nice cash flow at the current gold price."
No rush, we need to get rid of warrants first.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 14, 2013) - Petaquilla Minerals Ltd. (PTQ.TO)(PTQMF)(P7Z.F) and its wholly-owned subsidiary, Petaquilla España S.L. (collectively, "Petaquilla" or the "Company"), announces that it has commenced construction of a mine access ramp at its Lomero-Poyatos Project in the Andalusia region of Spain. The ramp will initially be used for bulk sampling, resource expansion through drilling and infill drilling.
Since completing the titling process for its Lomero-Poyatos Project on November 14, 2012, Petaquilla has also:
•Engaged in a drilling campaign of over 20,000 metres;
•Completed a twin drill program to upgrade the existing National Instrument 43-101 ("NI 43-101") resource estimate from inferred mineral resources to a measured and indicated basis;
•Prepared for dewatering the mine, including conditioning the 300-metre deep Renato Tap;
•Advanced towards a NI 43-101 compliant feasibility study through resource upgrade work, environmental impact study, mine plan and all other requirements;
•Constructed a project office building;
•Improved project internal roads, infrastructure and communications channels;
•Adopted personal protection measures in preparation for the initiation of mining activities; and
•Implemented key environmental protection measures, including the protection of native flora and fauna.
The start of ramp construction initiates the development of the third mining project, and the second in the province of Huelva, in the Andalusia region in the 21st century and the first gold project centuries after the first gold mining occurred in the Andalusian Pyrite Belt. When Petaquilla acquired the Lomero-Poyatos Project, a former sulphide (pyrite) mine, in 2011, the mine had been inactive for approximately 20 years and the Company plans to restart mining.
The Lomero-Poyatos Project, a poly-metallic massive sulphide deposit with a NI 43-101 inferred mineral resource estimate of 6.07 Mt averaging 4.25 g/t of gold, 88.74 g/t of silver, containing 0.83 M oz. Au (please refer to the Company's news release of May 25, 2012, for inferred mineral resource estimate details), comprises 13 concessions totaling 176 hectares.
I think political situation in Panama will continue to be friendly to the mining.
My only concern is a price of gold, there are too many curve balls out there;
With Japan money printing
and G-7 going along with this plus everyone else in a world is trying to do the same – all it does artificially
lifting US dollar which in effect pushes gold prices down.
I think gold will be lingering in today’s range for a while until new World event.
Those can come from any direction, political or economic areas. But as long as our overall production cost remains the same we should do fine.
Nothing new from Dennis, always talks crap. It might have one day effect, that's all.
Why There May Be a Lot Less Gold than We Realize
Chris Martenson, Cofounder, Peak Prosperity
May 8, 2013 5:37pm
Exactly How Much Gold Do We Have?
There’s growing concern that a lot of official gold has been leased out into the market and that sooner or later, as happened back in the late 1990s, one or more parties, perhaps bullion banks or a metals exchange, would run into difficulty trying to meet a physical gold delivery commitment.
For a short video on the mechanics of gold leasing, click here.
If a lot of gold has been leased out, someday it will have to be rebought, and difficulties may emerge if the gold cannot be rebought in sufficient quantities without creating mayhem within the financial system by causing a very large hike in the price of gold.
Important: The amounts of gold leased by central banks is a very closely guarded secret, and we do not have direct information on them, which means we have to try and back-calculate these amounts by other means.
A recent and thought-provoking study regarding gold leasing was done by Sprott Asset Management in March. After accounting for all known flows of gold into and out of the US over the past 22 years, the Sprott team arrived at a figure of nearly 4,500 tonnes of gold that cannot be accounted for.
All we know officially that L/P suppose to have something around 1,000,000 oz Au Eg , so if it’s double or more- SHF!!!
I would say nothing officially until next year for known reasons.
The mining industry’s search for new ounces fell to a new low in March, extending a 17-month decline in exploration activity.
This is according to IntierraRMG's latest State of the Market report.
According to the group’s online database, there were drilling reports from a total of only 355 prospects (it adds that this figure includes reports from more than one drilling prospect per project). This, it says is compared to “440 in February, 662 in January and (a restated) 367 in December 2012”.
“Gold-exploration has been particularly weak, with activity reported from just 172 prospects in March, compared with 199 in February, 350 in January and 382 in March 2012. Last month’s gold activity is still better, however, than the nadir of 157 prospects reported in December,” the group writes.
While the number of drills turning at gold prospects fell in absolute terms during the quarter, the search for the yellow metal continues to dominate the overall figures. During the quarter 651 gold projects reported drilling activity, IntierraRMG says, as compared to only 192 copper projects, 154 silver projects, 63 zinc projects and 42 lead projects.
On a cumulative basis, IntierraRMG says, exploration activity for the quarter amounted to 1,457 prospects, compared with 2,467 prospects in the first quarter of 2012 and 1,959 in the first quarter of 2011. Again, IntierraRMGprovides the caveat that these numbers might include multiple reports of drilling from the same prospect.
The news isn’t all bad, however. The group points out that despite the overall disappointment, there have been some mildly encouraging statistics from Australia.
“Reports of drilling activity in Australia for gold, lead and zinc rose in the March quarter, compared with the December period. Companies listed on the Australian Stock Exchange (ASX) also fared rather better overall than those whose primary listings are on the London Stock Exchange (LSE), or in Canada on the Toronto Stock Exchange (TSX) or TSX-Venture Exchange (together TMX),” the group says.
And, it says, despite the cut-back in exploration activity since the end of 2011, there was a mixed picture in terms of new minerals resources and ore reserves.
“Although there has been a sharp fall in reported new copper and zinc resources, and in copper reserves (measured in terms of contained metal), there has been a quarter-on-quarter increase in reserves of gold, silver and zinc,” it says.
Adding, “Gold reserves reported during the March quarter jumped to 23.8Moz, compared with only 15.7Moz of new gold reserves in the December quarter. However, these new reserves are only half of the gold reserves reported in the year-ago quarter (50.1Moz). New gold resources were little changed at 78.3Moz, but still well behind the 174.2Moz reported in the year-ago quarter.”
Gold managed to come back regardless its paper cousin activity.
And good news -it is going in the good physical hands.
Thanks for valuable information. Looks like a lot is going on in Spain
This is according to Earth Resource Group, investment advisor, Georges Lequime, who told Mineweb's Gold Weekly podcast that much of this increase has been driven by falling grades, with the average across the industry now below 1 gram per tonne.
...
But, he said, "We are starting to see from the big four, a slight increase in the grades. So there's a certain degree of higher grading taking place by a couple of the larger companies which is giving some relief to that total cash cost number."
He added that he has been told by the companies concerned that there has also been some easing on the labour cost inflation front, which has been running out of control over the past four or five years. And, there has also been a pull back recently in fuel prices and some companies delaying projects because of cost.
There is also, he says, "a connection between the gold price and the costs and its quite clear that as the gold price goes higher, there's a reluctance from miners to leave ore underground that you can still make some money on on the margin, but obviously it’s much lower grade, you will go and take it through to the mill which is obviously going to push up your average costs, although you're making some money on it. You're just keeping a very thin margin."...
The flip side of this, he says, is that the group is becoming increasingly bullish on the medium, to long term outlook for bullion prices.
Not only are projects being delayed, he says, but exploration spend has been cut 35% across the industry from this year to last, which makes the chances of finding big, new deposits even smaller.
This means, he says, "We’re probably going to get a fall in global production quicker than what we had anticipated, and that should put some pressure on the gold price."
In terms of performance, however, he says, while gold companies have, in the main, disappointed investors, many are beginning to get the message, "they're saying, we have to give something back to our shareholders otherwise we’re not going to be able to fund these new projects, we’re not going to be able to fund our exploration. I’m not hugely optimistic that we’re going to get a significant expansion in margins, but I don’t think we’re going to go through as poor a period as we have in the past 10 years," he says.
Asked, what he is looking at in order to find value in the sector, Lequime said, management is more important than ever in the current market.
"One has to have a look at is who’s got the best ability to actually add value over the next two or three years, what does the exploration upside look like, who is going to control their costs the best and who’s actually going to deliver against the plan that they’ve promised."
The companies that can do that, he says, are going to stand out from the crows and do well, "Unfortunately there are probably fewer of those companies around than I’ve seen in the last 20 years of looking at this market."
Nice Rap, Loj.
Thanks for posting those picks, oullins. It helps to understand the true size of HL.
And the beat goes on:
" It is not just the elderly in China who are buying gold. Given its recent dip, the young and restless in China and coming out in droves and buying bullion, some realizing the precious metal's intrinsic value while others are just being goaded by their mothers to buy...
With more than 200 million people in the country already aged over 60, the aging society in China loves gold. Many bullion companies are actively cultivating the senior consumer demographic. However, with a new clan of young citizens adding to the growing demand for the yellow metal, the Chinese Gold and Silver Exchange Society actually ran out of bullion.
The Society was forced to order four times its usual amount of gold bars from Switzerland and London last week, to satiate increased demand.
The Exchange, which was doing about HK$80 billion in sales, had sales jumping to HK$100 billion on Friday April 20. By Monday, April 22, it was up to HK$150 billion. The Exchange sold over one tonne of gold bars over the previous weekend and practically ran out of stock.
Retail demand for gold has clearly gone ballistic, with shelves in the mainland and Hong Kong lying barren. This is especially true of stores across the border from Shenzhen.
Reports indicate that an elderly couple from Guangzhou spent HK$7.53 million on 20 kilogram gold bars on April 15. As a retailer told China Post, it is not only the well-heeled elderly who are lapping up gold. White collar workers, students, and in some cases even butchers and fishmongers are reportedly scooping up 10 and 20 gram gold bars.
The Beijing Legal Times reported that in the North, an old man bought three kilograms of gold bars for 850,000 yuan in cash, which turned out to be the biggest deal that day at the Dongsan outlet in the capital. Overall, in the same area, 20,000 gram of gold bars, worth around 7.6 million yuan, were sold in just two hours on April 20.
Even as middle aged ladies and old men stood patiently in a line outside stores to buy gold last week, a group of 25 and 27-year-old women, working at a state-owned water plant in Shanghai, also turned up at the store, following persuasion from their colleagues to buy."
Though the long established tradition of handing over gold jewellery at weddings and celebrations could be driving purchases, say retailers, in Chongqing, a mother bought 10 gold bars last week for her daughter's upcoming wedding along with her daughter in tow, a local newspaper reported. The next day, the daughter returned with her best friend, to do more shopping. The allure of gold has sparked interest from the old and the young.
And that is truly The Best Post of the week.
Management over all done a great job. They have been in business for many years and obviously if paying the bills were a problem- we would know about, unless PRogafa willing to bring specific case- all this just a speculation and unfair to Petaquilla .
I work for one of the top company in USA and we make contractors wait sometimes 60 days before they get paid – it is becoming a normal in corporate world, good or bad.
I’m done on this subject.
You sound like disgruntled former employer. Management doing a great job. I don’t care what you got to say about them.
What is your agenda maaan?
You don't sound as an investor, more of troublemaker kind.
Pro-gaffe’, nice try . keep peddling away.
Good luck to you, gabbs.
Loj might getting part time consultant job at Petaquilla and can not participate due to conflict of interest.
You are absolutely correct, physical gold is in a huge demand now, specially in Far East.
In meant time PDI might pick-up some more work:
Reuters) - Italian builder Impregilo said on Thursday Minera Panama has cancelled a contract for the 'Mina del Cobre' project in Panama with a total value of 560 million euros ($732.6 million).The client announced that the entire project is being re-assessed following First Quantum Minerals' acquisition of Inmet Mining Corporation, Impregilo said in a statement.
The project envisaged the construction of service and access roads to the mine which is located some 120 km from Panama City.
The contract was assigned to the joint-venture Impregilo-Salini in January.
Gaabs, I don’t understand what’s a point of teasing?
I am sure you know that every miner big and small went down percentage vise, some even more then PTQ. Heck some miners will be going out of business.
Gold’s haircut affected everyone in PM. So people here made a choice – either to stay put and wait until new cycle ( commodity rotation begins), accumulate on a present weakness or sell , cut your losses and invest in something else.
A lot of us making money even in this market. PTQ is not only play in town, believe me, never the less I like to be partially expose to future opportunity which presents here.
You beginning to sound kind of immature by your comments.
Progafa, go spread your filth somewhere else, in mean time:
..Petaquilla FY3Q reveals positive details about Inmet settlement and PDIBy Zacks – 1 hour 58 minutes ago....
......By Steven Ralston, CFA
Yesterday, Petaquilla Minerals (PTQ.TO) reported third fiscal quarter results for the period ending February 28, 2013. Though gold production predictably declined due to the normal disruptions of adding incremental processing capacity, several positive disclosures were contained in the company’s filing. First, PDI (Panamanian Development and Infrastructure) contributed $4.5 million to the top-line as construction of the by-pass road is being completed. Second, Petaquilla booked $9.8 million in other income as a waiver of accrued royalties was recouped from Inmet as part of the settlement agreement. And third, also as part of the agreement, Inmet prepaid $13 million (10 years of annual rent for the land lease) to Petaquilla on February 28th.
For the third fiscal quarter, gold equivalent production declined 12.2 % sequentially from 20,518 ounces to 18,013 ounces, leading to sequential declines in revenues and gross operating profits. However, the declines were less than our expectations. Management had issued guidance warning of the expected work flow and production disruptions during the processing capacity expansion program which added a fourth ball mill, two additional leach tanks, two additional carbon-in-pulp (CIP) tanks and one additional thickener, along with doubling ADR (Carbon Adsorption, Desorption & Recovery) and electro-winning capacity. However, the existing ball mills, tanks and thickeners were kept in operation during most of time of the execution of the capacity expansion project, minimizing the impact to production.
For the quarter, earnings per diluted share were $0.07, well above expectations, primarily due to the positive aspects of the settlement agreement with Inmet, especially the recovery of the $9.8 million in accrued royalties. Revenues decreased 6.7% sequentially from $29.5 million to $27.5 million as the amount of gold equivalent ounces sold decreased 18.5% sequentially from 17,905 to 14,598 ounces. Gross operating profit decreased 5.5% sequentially to $14.0 million and the gross operating profit margin contracted 49 basis points to 63.0%. However, the company's cash & marketable securities improved, increasing to nearly $9.0 million from $1.3 million in the preceding quarter.
For fiscal 2013, management expects gold equivalent ounce production from the Molejón gold project to be between 75,000 and 80,000 ounces. Thereafter, driven by the additional processing capacity, 90,000 to 100,000 ounces are expected to be produced during fiscal 2014.
We reaffirm our Outperform rating; however, we are adjusting our price target to reflect the recent dramatic and historic decline in gold and silver prices this month. 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 $1.25.
A copy of the latest research report can be downloaded here >> Petaquilla Minerals Report
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