Don’t worry, even without HT you will be able to sell your shares for $.50, just wait a few month.

..Petaquilla Minerals Ltd. Announces 18% Increase in Revenue, 15% Increase in Net Income and 46% Increase in EBITDA for the Third Quarter of Fiscal 2013Press Release: Petaquilla Minerals Ltd. – 4 minutes 12 seconds ago....Email0
Share0Print.....Related Content..
....RELATED QUOTES..Symbol Price Change
PTQ.TO 0.39 +0.02

......VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 17, 2013) - Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (PTQ.TO)(PTQMF)(P7Z.F) announces its third quarter operating and financial results for its Molejon gold mine located in Panama. Currency is reported in United States dollars unless otherwise indicated.

Financial Performance

9 months ended 3 months ended
February 28 and February 28 and
February 29 February 29
Key Performance Indicator FY 2013 FY 2012 Variation FY 2013 FY 2012 Variation
Revenue $82.9 M $70.3 M 18% $27.5 M $18.8 M 46%
Operating profit $39.1 M $26.8 M 46% $14.0 M $6.3 M 122%
Earnings from operations $19.4 M $10.1 M 92% $6.6 M $0.5 M 1,220%
Net income $21.1 M $18.4 M 15% $15.8 M $4.5 M 251%
EBITDA $31.8 M $21.8 M 46% $9.8M $3.6 M 172%
Adjusted EBITDA $39.3 M $28.0 M 40% $11.1 M $5.7 M 95%
Cash cost per ounce $528 $562 (6%) $637 $616 3%
Realized gold price $1,656 $1,647 1% $1,647 $1,622 2%

Operational Performance

9 months ended 3 months ended
February 28 and February 28 and
February 29 February 29
Key Performance Indicator FY 2013 FY 2012 Variation FY 2013 FY 2012 Variation
Gold production 56 koz 50 koz 11% 18 koz 14 koz 29%
Gold Equiv. production 57 koz 51 koz 11% 18 koz 14 koz 29%
Gold stockpiled (*) 120 koz 85 koz 41% 120 koz 85 koz 41%

(*) Total ounces of gold stockpiled as at the end of each period.

During the third quarter of fiscal 2013, the operating margin of the Company at $14 million, increased by 122% compared to the same period of fiscal 2012. After considering general and administrative expenses and other corporate expenditures, the Company earned from operations $6.6 million during the three months ended February 28, 2013, and $19.4 million on a cumulative basis for the nine months ended February 28, 2013. These earnings from operations represented increases of 1,220% and 92% compared to the same period of fiscal 2012, respectively.

Gold production during the third quarter of fiscal 2013 decreased by 12% as compared to the previous quarter primarily due to works necessary to complete the Molejon gold plant expansion. The capacity expansion (the addition of a fourth ball mill, two additional leach tanks, two additional carbon in pulp tanks, and one additional thickener) was a complex technical achievement because it was largely executed while the plant was in operation. However, equipment did need to be halted at times to allow for the installation of new pipes and pumps on existing circuits and, as a result, production during the third quarter was effected. The plant expansion is now complete with all four ball mills in operation.

For fiscal 2013, the Company expects gold equivalent ounces produced at its Molejon gold mine to be between 75,000 and 80,000 ounces, an increase of 10% compared to fiscal 2012, with cash costs to be within the range of $550 to $600. For fiscal 2014, the company aims to increase production to 90,000 to 100,000 ounces, which will include production from a commercial heap leaching project expected to be commissioned during fiscal 2014.

Lomero-Poyatos Project

In keeping with its objective to return the Lomero-Poyatos mine to production, during the three months ended February 28, 2013, the Company has been progressing on works at Lomero-Poyatos in order to obtain a National Instrument 43-101 ("NI 43-101") compliant estimate of measured and indicated resources during the fourth quarter of fiscal 2013.

Palmilla Gold Deposit

During the three months ended February 28, 2013 the Company filed a NI 43-101 compliant technical report on the Palmilla Gold Project dated December 11, 2012. The Palmilla deposit is located on the Belencillo concession and associated with the Company's Molejon gold operations in Panama. The NI 43-101 compliant Pit Constrained mineral inferred resource in the Palmilla deposit are estimated to contain approximately 19.7Mt averaging 0.50 g/t of gold, 0.54 g/t of silver and 0.18% of copper (December 19, 2012, news release).

Agreement with Inmet Mining Corporation

During the three months ended February 28, 2013, the Company and Inmet Mining Corporation with its subsidiary in Panama, Minera Panama, S.A. (collectively, "Inmet"), signed a binding term sheet outlining an agreement for aggregate procurement, land access and use, the settlement of certain claims, the waiver of royalties to be received by Inmet and camp site procurement in the District of Donoso, Province of Colon, Panama. The total value of the arrangements agreed to by the parties is up to $150 million. The main commercial terms include up to $100 million of aggregate procurement over a three year period to be provided by the Company's infrastructure division, Panama Desarrollo de Infraestructura, S.A., to the Cobre Panama Project, with a minimum guaranteed amount of $75 million, and the lease over a 10 year period of certain lands owned by the Company for the establishment of temporary and permanent camp space for the Cobre Panama Project for an annual rent of $1.3 million. The remaining value of the agreement consisted of the forgiveness of royalties and the release of certain monetary claims by Inmet.

ZURICH (Mineweb) -

Under the pall of gold’s drop on Monday, the view at this year’s European Gold Forum, seems to be of determined resignation.

The forum began on Tuesday, and if the first few presentations are to be believed, more pain in the gold market is likely in the short term but, there is no reason to panic.

If anything, Monday’s performance by gold, its worst since 1983, is being seen as an overdue correction, albeit a rather sharp, painful one, in a similar vein to that seen in the mid-1970s where gold fell by 47%.

In his keynote address, DundeeWealth’s chief economist Martin Murenbeeld, was at pains - as he has been since the beginning of the year - to point out that this poor performance should be viewed as a “mid-cycle correction.”

As Murenbeeld explained, the gold market saw a 30% correction in 2008/2009, and, while he does not suggest that at a global level, the current situation is as severe as 2008/2009, for Europe it is very severe. But if one extrapolates a 30% correction from the last peak, you get a price of around $1,395.

“We are seeing a massive sale of commodities, we have seen a massive sale of equities and we are seeing bond buying. As many of you who are traders will know, that is a picture of recession. And, one thing I have learnt is that gold does not do well in a recession,” he told delegates.

But, he says, “The world economy doesn’t change as rapidly as the market’s opinion of what is going on changes.”

Indeed, Murenbeeld added that his bullish factors for why gold prices are likely to go higher in the long run have not really changed much. These factors include the likelihood that global debt crisis will run for many more years, central banks will continue buying gold, investment demand will remain elevated and global imbalances require dollar devaluation.

And, all the while, mine supply is not rising significantly.

This view was reinforced by NordGold CEO, Nikolai Zelenski, who spent much of his allotted presentation time explaining why he remains bullish about the fundamentals for the yellow metal. For Zelenski, what differentiates this market from that of the 1980s and 1990s is that, while demand is growing and is likely to continue to do so, production growth is going to be hampered by significant supply constraints and can only be sustained if gold prices remain high.

Indeed, a number of commentators spoken to by Mineweb during the day pointed out that many gold producers’ all-in costs are sitting around the $1,250 level which throws a slightly different light on the falls seen in the last few days.

Denver Gold Group managing director, Tim Wood, commented that, the mood at the conference so far seems to be a very realistic one. “There are probably more business development-type meetings taking place than there have been in the past, when you saw more general investment type meetings. The companies involved understand the risks and the opportunities.”

german investor just gave you bunch of new (almost inside) information which he is privy to.
Instead of thank him you made of fun of his English, maron.

Thanks for good post German investor. Don’t waste your time arguing with “ mister negative”, he has no idea that you do talk to management and know more about the company then he ever will .
Things are look very promising in Spain with more good news on a way. We got right people in Zurich right now to get more attention to the company.

Peta, all kind of good but unsubstantial rumors about FQ and PTQ, do you hear anything?

As much as $70 billion worth of gold was traded through Dubai during 2012, a Dubai Multi Commodities Centre official has said a significant jump from the roughly 6 billion the Dubai traded in 2003.

Official data revealed that the gold trade was worth around $56 billion in 2011. The figure for 2012 is estimated to be at least 25% higher, according to Ahmed Bin Sulayem, executive chairman of the Dubai Multi Commodities Centre. He attributed the rise to greater confidence in the market and the trading infrastructure in the Emirate.

Speaking at the Dubai Precious Metals Conference 2013, Sulayem said Dubai has become a major international gold and precious metals trading destination, with more than 20% of the world's physical gold imported as well as exported via the Emirate.

Sulayem said Dubai had turned out to be a major bullion centre and a global gateway for commodities trade. He added that the Commodities Centre is planning to develop the city's local and regional banks into bullion banks, in order to address the requirements of suppliers in Africa and consumers in India.

Gautam Sashittal, Chief Operating Officer, at the Commodities Centre, and an Indian, said demand continues to be strong, with most new firms coming in from the emerging markets in Africa, India and China. The Centre expects to host over 10,000 registered firms by 2015.

The Dubai Gold and Commodities Exchange, which is part of the Commodities Centre is also planning to launch the UAE’s first ever spot gold contract, which will allow investors in the country to buy and sell physical gold on a domestic exchange.

The Centre, which is located in the Jumeirah Lakes Towers district of Dubai, has subterranean vaults to store gold and other precious items. Sulayem told local media that given an increase in fees to store gold in the vaults in Switzerland, many people had moved to Dubai and were using the vaults in the Centre to store their gold deposits. He added that at the Centre, there are no tax hikes for 50 years and given the issues facing the Euro Zone, investors are wont to move to a safer place.

MJK, I understand why you would not to want to share on this board.
Majority of posters here ( which is just a few) don’t appreciate any information you bring and ungrateful to the point of name calling. So why bother?

Peta, do you hear the chatter?

Not so fast “dear Watson”. Let see what oullins tells us when he comes back from Spain.

Obviously your mouth runs faster then you think:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan 31, 2013) - Petaquilla Minerals Ltd. (PTQ.TO)(PTQMF)(P7Z.F) ("Petaquilla" or the "Company") announces that Don Cristobal Colon de Carvajal has been appointed to the Company''s Board of Directors.

Mr. Colon de Carvajal, who has been serving as a member of Petaquilla''s Advisory Board, has been instrumental in advancing the Company''s progress with respect to its Lomero-Poyatos mine in Andalusia, Spain, and developing strategy for Petaquilla''s current and future works.
Mr. Colon de Carvajal, an accomplished business executive, is formerly Executive Vice Chairman of Ocaso, the second largest privately held insurance company in Spain, a post he held for 15 years, overseeing matters of insurance, loans and other financings. Previously, he served with distinction as an officer, helicopter pilot, and naval commander in the Spanish Navy and holds several awards in Spain and abroad, including a medal bestowed by the Republic of Poland for sacrifice and courage. He has been recognized for various activities in different regions of the world and has been honoured with appointments such as Special Mission Ambassador, whereby he has represented Spain at events held in Latin America and the Caribbean.
Like his ancestor, Cristobal Colon (Christopher Columbus), Mr. Colon de Carvajal holds the titles of Duke of Veragua, Duke de la Vega, Marquis of Jamaica, and Admiral of the Ocean Sea.
The Company welcomes Mr. Colon de Carvajal to its Board of Directors and recognizes that his experience and forward thinking will be assets to help drive Petaquilla''s strategy for growth.

It is not risky for FQ, why is that risky for PTQ ?
The Author of that article said that as a disclaimer to cover his a$$ not even knowing anything about Mining Law or any Petaquilla’s history.
SP will improve when money rotate into mining sector again and has nothing to do with excellent work management did so far.

There is no news, jal. It is just one guy opinion.
FQ will not spend money to buy PTQ but rather will do friendly contract to buy our aggregate.
This is much cheaper and everyone does tango.

Yep, ice is cracking. Common Q-numbers.

Who cares about Russian mafia? Majority depositors were Russian and English businessman, but Troika is trying to excuse its action by calling all depositors- mafia.
It is bunch of BS. Look at those people fighting with police, retired workers who saved maybe 200 or 300K , are they mafia?
There are a lot of new businessman-millioners in Russia who treated Cyprus as Cayman island, so what.
They are sharing a lot of cultural background with Cyprus. Same religion, same alphabet, great climate and locals who love new business.
A lot of English businessman were also depositors.
It does not matter, I can talk about Eastern Europe all day – the problem what EU did to depositors regardless of their nationalities , that lesson will stay with people from now on.
I am done on this subject.

Those were not Russian government money/ funds but privet individuals, still it is an idiotic decision , to make depositors to pay for bank’s failure.
Banks will pay price for that at the end, I believe.

Initial reaction worn-out fast, stock is going down and gold is coming back.
On other subject: not every Russian deposit was mafia owned. Actually mostly of them were new Russian millioners/ businessman who simply choose to pay previous low Cyprus tax (7%) versa Russian 17%. Bottom line this day light robbery will set-up a precedent for all depositors in Europe and maybe even USA.

Same way I asked : While lined-up people go to be slotted.
But Day is young.

LONDON (Mineweb) -

A new study from research and data provider IntierraRMG has pointed to a disturbing trend in terms of a decline in new global discoveries and in particular in gold grades. According to a study which covers announced gold deposit finds over the past 10 years, this decline has been accelerating over the past four years and if the trend continues, which seems likely as the easier-to-find deposits have perhaps mostly already been discovered, then the future of global mined gold supplies will gradually become affected. Indeed global production of mined gold has been plateauing and although running at or around its historic high levels, as the amount of new gold being found diminishes, then global production levels may not be sustainable beyond the next few years unless there is a dramatic turnaround in discoveries.

IntierraRMG’s data and analysis shows that the 2 year period from 2003 to 2004 was the best in the study range, with over 400 million ounces of new gold discovered. This includes inferred, indicated and measured ounces with an average grade of 1.65 grams per tonne. In contrast, 2005 and 2006 had the lowest number, with just over 150 million new gold ounces discovered - albeit with a similar grade.

Discoveries then increased significantly during 2007 to 2008 with greater than 390 million ounces. The average grade also increased significantly to 2.65 grams per tonne; the highest in the 10 year period.

Over the next two years, slightly more than 250 million ounces were discovered with a declining grade of 1.25 grams per tonne. This deterioration continued through 2011 and 2012 as the amount of new gold ounces discovered dipped below 225 million ounces with a reduced grade of 1.17 grams per tonne.

In this 10 year study period, Africa led the way with new discoveries of 479 million ounces of gold with an average grade of 2.8 grams per tonne. Next was North America, although with significantly less new ounces of 290 million, and with a much lower grade of 1.3 grams per tonne.

Europe had the third most new discoveries with 240 million ounces but with a higher grade than North America of 2.0 grams per tonne. South America recorded 188 million ounces, whilst Australasia saw 74 million ounces of new discoveries with an average grade of 1.4 grams per tonne.

Glen Jones, Western Hemisphere Director for IntierraRMG concluded, “With global drilling activity waning, IntierraRMG forecasts that the next few years will continue the trend with fewer new gold discoveries.”

While the IntierraRMG study suggests the declining discovery trend will continue – indeed may well fall sharply in the immediate future given the exceedingly tough time being faced by junior gold explorers which is certain to cut drilling activity drastically – improving exploration techniques could reverse the trend in the medium to long term. But this would also suggest that new major deposits found may be in increasingly inhospitable locations and geological conditions. As we have seen in the past couple of years the appetite for expending the huge capital sums now necessary to develop some of the existing ultra large scale low grade deposits has diminished drastically, even more so in areas where risk is seen as high and, although these may be mined eventually this may not be until well into the future.

For further information on the study contact Kelly Chan - kellyc@intierraRMG.com

Peta, do you hear our Q-numbers?
In mean time FQM will become one of the largest copper mine company in a world.

While we still waiting:

Eric King: “Remarkably, just a day and a half ago you stated on King World News that ‘Putin has faced down the International Monetary Fund, which by the way is located in Washington, DC, and is in fact Washington itself. So in the sense of a Cold War, you have Washington vs Moscow, and Moscow won this round. The bottom line here is Lagarde took on Putin, but Putin has checkmated both her and the IMF the same way a Russian grandmaster chess player would destroy his opponent.’ Within hours of KWN reporting that news, Lagarde’s apartment was raided by police and she is now scrambling.”

Sinclair: “The important point is, how long has this case been going on in which there was a police raid on the Lagarde’s apartment? This is a 20-year old case, making it look a little less like just a coincidence. I would also add to that I don’t think it’s any coincidence that the Chairman of the Federal Reserve has now indicated the possibility that he will not be reappointed, and that he will not accept the reappointment….

Although Franco-Nevada is counting on major production from the Cobre Panama project to help fuel the company’s five year growth plan, Franco-Nevada CEO David Harquail told analysts and investors Wednesday that a change in the ownership of the project would not have a substantial impact on Franco’s revenue projections.

In response to an analyst’s question during Franco-Nevada’s Investor Day meeting Wednesday, Harquail said Franco and current Cobre Panama managing operator Inmet mining have “become great partners”.

“We actually see eye to eye in terms of—with Inmet—how this asset should go forward,” he observed. “With First Quantum, we really don’t know them that well.”

“I will reach out to them once it’s official that they are the new owners of the company,” Harquail said. “I understand they have a terrific track record of developing projects, so we’ll look forward in terms of their progress on it. We’re also comforted that we’ve built-in protection in our transaction.”

“Our philosophy is usually we don’t sweat changes in ownership of companies. Our experience is, generally, if we’ve done our due diligence and we’ve picked up a good property with good reserve potential, and if it’s a weak manager on that particular property, it’ll end up in stronger hands over time,” he noted.

“And so I believe First Quantum is going to be a good steward for the assets. We just got to get to know that,” he stressed.

Meanwhile, Franco-Nevada did not have very good news on the results front, revealing Franco lost US$33.1 million or US 23-cents per share during the fourth-quarter 2012. The bulk of the loss was attributed to booking and impairment charges of US$74.1 million on Franco’s Arctic Gas assets. Labor disruptions in South Africa and lower output at Coeur Mines’ Palmarejo operation also impacted Franco-Nevada’s 4Q12 revenues.

However, Franco also lost money in the fourth-quarter 2011 with a loss of $105.4 million or 80-cents per share.

Adjusted net income for the fourth quarter of last year was reported at $47 million or 32-cents per share, up from adjusted net income of $40 million or 31-cents per share during the same period of 2011.

Franco-Nevada‘s original guidance called for a range between $430 million to $460 million in revenue to be generated last year. However, lower metals prices took their toll and actual revenue was reported at $427 million for 2012.

In a presentation to analysts and shareholders Franco-Nevada CFO Sandip Rana observed, “As you are aware, over the last year or so, the equity markets have not been kind to resource companies. And accordingly, a number of our investments have decreased in value and we have booked an impairment of $8.6 million related to those.”

For the Full Year 2012, Franco reported a net income of $102.6 million or 72-ents per share, up from a loss of $6.8 million or 5-cents per share reported for Full Year 2011. FY 2012 adjusted net income was $171 million or $1.19 per share, up from $136 million or $1.08 per share in 2011.

For 2013, Franco Nevada has given guidance of 215,000 to 235,000 gold equivalent ounces from its mineral assets and $55 million to $65 million in revenue from its oil and gas assets. This compared to 230,000 gold equivalent ounces received from mining assets and $40.9 million in revenue from oil and gas assets reported last year.

Franco advised that Goldstrike royalty ounces in 2013 are expected to be lower than last year, as royalty ounces from Bald Mountain, Hollister, and Mesquite are also expected to decline. Fewer gold ounces are also anticipated from the Kinross Tasiast mine.

Last communique from Inmet was on March 8. I think it’s over and fat lady took a last note.
After tomorrow FQ will start all necessary paperwork and legalities. Somewhere in that pile there is our case #.
All ducks are getting in a row.

Per Mjk quote:
Hong Kong (Reuters) -

Chinese gold miner Zijin Mining Group Co Ltd said on Wednesday it had agreed to set up an offshore investment fund with Canada-listed Sprott Inc with a target size of $500 million.

The fund would invest primarily in equities and debt instruments in relation to gold and other precious metals, copper, and other minerals.

Mjk was correct about Korean participation under FQ take over.
Here is e-mail I received from IR:
Hello V...,

Thank you for contacting First Quantum.

I would expect no changes to the Korea Panama Mining Corp. partnership in Minera Panama.

Regards,
Sharon
Sharon Loung
Director, Investor Relations
First Quantum Minerals Ltd.
T: +647 346 3934
C: +647 669 1220
www.first-quantum.com

I don’t remember Petaquilla ever discussed recovery issues, other than mentioning transportation cost which would add production cost of $75 per oz.
My quick reference/notes:

“…Pyrite ores refer to refractory ores whose refractory nature is caused by their relatively high content of pyrite (FeS2). The pyrite tends to occlude finely disseminated gold contained in the…
…A process for treating refractory ores combines pressure oxidation treatment of the ore with cyanidation and carbon-in-pulp recovery. Pressure oxidation is carried out under acidic conditions, at elevated temperatures and pressure. Before cyanidation, the oxidized slurry is subjected to a multiple stage washing operation to remove excess acid and heavy metals generated during the pressure oxidation. Such heavy metal removal lowers the subsequent cyanide usage and makes the process more economical. Cyanidation is carried out in a conventional manner, and it has been found that carbon-in-pulp recovery leads to greatly enhanced recovery of gold when compared to other conventional methods, such as zinc precipitation…”

By Rakesh Neelakandan
Do you know any Petroleum Transfer Engineer (PTE)?

You see him regularly at your nearest petrol pump where you pull up and command a fill. The person at the petrol pump aka PTE would 'engineer' the 'transfer' of the said quantity of 'petrol' to your vehicle and may occasionally exchange pleasantry. Now you know PTE!

Now, you would also be interested in knowing two other euphemistic phrases. One of them is of recent origin and the other predates the second world war and post-dates the Great Depression.

I would start off with the recent one. It is called solidarity levy:

Solidarity levy is a one-time proposed fee on the deposits of bank accounts in Cyprus. If you have a deposit to the tune of 100,000 Euros in any bank in Cyprus and if the said proposal being considered by the lawmakers in Cyprus comes into law, would exact 6750 Euros from your account once and for all. If you have deposits above 100,000 Euros, the figure may climb to 9900 Euros.

In return, you would get the shares of the bank which you are helping to bail out. It does not matter your bread is earned by the sweat of your brows, you would lose your money just for the sake of you having deposited it with some bank hoping it is safe and would earn you some decent interest. What a pity!

The Cypriot law makers are about to vote on this solidarity levy today. And the icing on the cake is a bank holiday proclaimed until Thursday so that people do not panic and a bank run does not take place. What an idea!

Now, go back in time: 1935...Italy! The streets were filled with people and a few of them sported a steel wrist band with following words engraved on it: 'Gold for the Fatherland'.

It meant, Benetto Mussolini had just patriotically and with your consent had your gold and was trying to solve the problem of recession. The collected jewellery and bullion were turned into gold bars and distributed to national banks.

While I am unable to verify, if the fascist ruler's initiative was truly rooted on a 'voluntary clause', the levy on bank deposits aka the daylight robbery by Cyprus officials in a democratic nation in the name of patriotism and protection of nation is highly unsettling and provides for least comfort.

Even if that be the least painful option.

See, everybody knows of gold confiscation order proclaimed by Roosevelt way back in 1933 at the heights of depression.

“It is noteworthy how 3 out of the 5 acts of gold confiscation (US, Italian, German, Australian and Britain) happened in the decade following the Great Depression of 1929. Also, the red line between the different confiscations is that the governments were in desperate need of money OR were in a state of destroying their own currency. It proves the fact that desperate governments are willing to go very far to make up their dire financial situations.” writes Gold Silver Worlds in an article.

Needless to say, Cyprus needs tons of cash. They have opted for the bail in package so that they could secure a bail out from international lenders to the tune of 10 billion Euros. Now, irrespective of their success in arriving at a consensus on levy, Cyprus would continue to see bank runs.

“The lack of return on deposits along with the reality of the previously uncharted risk of deposit seizures, a bank run that is starting in Cyprus will spread across the eurozone. Greeks, Spaniards, and Italians who have not already put their money under the mattress will rush to ATMs to pull out remaining cash.”

“These countries have similar risks to their local banks that can trigger similar reactions to Cypriot bondholders. Withdrawals of more deposits will put strain on the capital levels of these banks which adversely affect the solvency of periphery banks. Insolvency of periphery banks will increase credit risk of banks in the core European countries that have loans tied to the periphery, and contagion goes out further from there.” writes Nicholas Pardini in Seeking Alpha.

So, maturing of two conditions cannot be ruled out here: lack of money and a destruction of currency. What are you waiting for?

Find a euphemism for gold confiscation. They may even run a contest, you know! (rakesh@commodityonline.com)

I don’t see how we can do less then 13K.
Actually I’d like to see something around 18K+.
Heap leaching has to come in eventually; I have no idea what kind of weather Panama had last quarter and kind of lost a time-line of 90 days
necessary for successful HL.
Was production interrupted during 4-th mill tight-up to affect our numbers?
Still, I‘d really would like to come-in close to 20K.

Yes " Don't cry for me Argentina"
I'm not the one who voted socialist governments for the last 40 years.
It is just matter of time before people will realize value of fiat money and rotation into PM starts again.

I think we will be in a limbo for a short while.
First- FQ has to complete required legalities to take over Inmet operation. I am sure Korean investment is well protected and will receive full compensation +.
Our Loan is on hold until Land deal is renegotiated with FQM which pushes PDI spin off on hold also until Loan Deal is done.
So everything will have to wait for awhile, as Quantum is getting his ducks in a row.

Jal, you really need to tune down your name calling. There is no privet conversation on public board. We do not need Southern Girl to come down again and start deleting our posts. So show some respect to your fellow posters.

Trapped longs? The true investors are making money in a present stock market (20-30% since January) and have partial allocation in a mining sector for a year or two horizon.
Who ever said one has to be fully invested here?
If you are making money somewhere else then you OK to wait for the next sector rotation.

"...but PTQ has done nothing to earn it to date."
This is such a bull. Company did everything it promised to do. Its increasing production, it's working on a Loan, L/P was a pleasant surprise , none of us expected it.
It is not company fall that money is out of mining sector.
If you read Mining articles then you would notice that every analyst is complaining how almost every mining company is undervalued, but investors are not coming in yet.
Management has been participating in almost every EXPO.
It’s not going to happen now, year or two from now, in mean time your whining does not do any good. Man-up.

Thanks anski, that will speed up PDI spin.

Absolutely , it is done deal!
Mr. Pascal has been very nice allowing remaining Inmet’s shareholders to take advantage of a tax law.
He did not have to do it, just shows a class act. Great company to deal with, Yes!!!

I didn’t think FQ had enough shares, PetaBull was too optimistic this time unless he knows something rest of us don’t.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Mar 8, 2013) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (FM.TO)(FQM.L) today announced that it has received approval under the Investment Canada Act from the Minister of Industry and Minister of State for its offer ( the "Offer'') to acquire all of the outstanding shares of Inmet Mining Corporation ("Inmet", TSX Symbol "IMN"). In granting the approval the Minister concluded that "your investment is likely to be of net benefit to Canada".

Commenting upon the approval, Mr. Philip Pascall, CEO and Chairman of First Quantum, said:

"Approval under the Investment Canada Act was a condition of our Offer, and we are pleased this condition has now been satisfied."

The Offer is open for acceptance until 11.59 pm (Eastern Daylight Time) on March 11, 2013, unless extended or withdrawn.

While West is busy trading paper gold, Asia and China particularly buying physical:
SALES JUMP(China)
Addressing media men immediately after the Lunar New Year holiday, the Ministry of Commerce said demand for gold, silver and jewelry, home appliances and communication equipment had increased in the month of January. Sales value of gold, silver and jewellery rose 11.7% in January, as compared to the previous month and ahead of the new year celebrations.

The Ministry noted in a statement on February 25, that steep discounts by retailers helped promote Valentine’s Day sales, especially of gold and jewellery. Retailers across the country also saw sales boom during the period, with customers favoring New Year themed gold bars, gold ingots and other types of snake themed jewellery items.

Reuters) - Canadian miner First Quantum Minerals, in the throes of a C$5.1 billion bid for rival Inmet Mining Corp, said on Wednesday it was confident the hostile bid would succeed, a week after extending the offer.

But First Quantum President Clive Newall said the company had alternatives, and would continue to pursue development assets where it can leverage its capabilities "of developing projects more efficiently and at a lower cost" than rivals.

First Quantum last week extended its cash-and-stock bid for Inmet, owner of the giant Cobre Panama project, to March 11, citing regulatory issues.

"We are pretty confident the deal will go through," Newall said on a conference call. "We have plenty of things we can do otherwise," he added, in a nod to the group's organic growth but also to numerous assets being placed on sale by the sector's major diversified miners.

Inmet has asked its shareholders to reject First Quantum's bid, calling it inadequate, but the offer already has the support of Inmet's largest shareholder, Leucadia National Corp .

RAISING CAPITAL

In the survey, 48% of executives highlighted ability to raise capital as the top driver for their company’s growth. Among the junior miners surveyed, 55% rated access to funding as a constraint. The need for funding was most pronounced in Australia where 66% of executives rated access to capital as a constraint.

“I can see a situation at the upstream end of the market where explorers have either managed to raise cash in order to fulfill their business objectives or they have deferred or delayed their activities because of lake of funding,” said Gerry Beaney, head of capital markets, Grant Thornton, UK.

The research found that 53% of junior miners surveyed by Grant Thornton reported cash balances of less than US$2 million. More than half of Canadian companies reported balances of less than US$2 million, the highest percentage among countries surveyed.

The survey also found that 25% of the miners need to raise cash within three months or less, while 38% needed to raise cash in six months or less. Miners in South African, the UK and Australia had slightly more cash on hand.

Anand Beejan, industry leader mining at Raymond Chabot Grant Thornton, observed that many junior mining companies will be unable to secure funding and maintain their listing. Beejan characterizes this as a cleansing that occasionally occurs in the mining environment, removing the weakest players from a weak market.“Junior miners can still find financing, but must rigorously improve the effectiveness of their exploration activities, management expertise and how they present their opportunities to investors,” said the report.