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I can understand your frustration with recent SP action, but let’s stay on a topic.
I believe that sell is driven by few disappointment traders who were hoping for a quick double (Inmet buy out).
Once they are gone and good news about Loan followed by PDI spin off hits the street – SP will recover.
With HT extension until March 11 it becoming obvious that FQ will succeed , so our agreement with Inmet will have to be ratify by FQ anyway.
Personally I believe Pascal and his team will treat Petaquilla much better.
SP action does not make any sense, good news leads to lower SP.
Unless someone just lost shares on "stop-loss" manipulation.
So, it is approx.. $ 30 mil per year to PDI during the first 3 years.
Will Petaquilla “charge” PDI for aggregate?
It is like moving money from one pocket to other, still – good income for brand new construction company.
How is that going to affect future PDI SP ?
If FQM HT succeeds – they will strike a friendly Land Deal , buy aggregate and on and on. But FQ does not need gold processing plant. They are not in a gold business, they can buy more land from us if they have to, but plant will be operating plus Spain ore , JMO.
You must be upset with the "margin call", sorry.
I don’t pay attention to barking dog, caravan is moving.
We got a Deal.
Rent money for the next 40 years (1.3 mil a year).
And 100 mil worse of aggregate will secure PDI contracts plus spin-off.
More good news are coming.
Thanks for morning laugh, acanuck.
Petabull record is much better then crystal ball. Let’s get ready for bunch of good information during the next two weeks.
Joverke, don’t you understand what Mjk just posted, the news was leaked – it is huge! Read it again!
We can start to speculate what is exactly for sell.
Are we talking about PTQ/ mining and retaining PDI or all Panama Petaquilla will be for sale leaving us with Spain? Or maybe FQM still will settle for a Land Deal ?
Great news, now we understand why it was so quiet lately, it wasn’t …
If we have a deal with FQM – then it make sense to wait until HT go thru , then borrow the rest of the money.
All government agencies already said NO to Inmet,
Inmet has no other choice but sit down and negotiate with Petaquilla or go to international arbitration which will take many years Inmet does not have. End of the story.
Inmet Mining Corporation (Inmet) (IMN.TO) announces updated mineral reserves and resources as at December 31, 2012 as reported in the table below. Inmet''s share of consolidated contained metal in reserves and resources, net of 2012 mining, and on a pro forma basis reflecting a current 80% ownership of Cobre Panama, has changed from the reported Mineral Reserves and Resources as at December 31, 2011 as follows:
•Proven and probable copper reserves have increased by 22% to 10.5 million tonnes contained copper from 8.5 million tonnes in 2011.
•Proven and probable gold reserves have increased by 1.7 million contained gold ounces.
•Measured and indicated copper resources have increased by 133,000 tonnes.
•Inferred copper resources have increased by 155,000 tonnes.
The main changes by individual mine or development property, net of 2012 mining, are as follows (on a 100% ownership basis) and quoted on a contained metal basis:
Cobre Panama
•Reserves increased by 2.5 million tonnes of copper, 2.2 million ounces of gold, 27 million ounces of silver and 24,000 tonnes of molybdenum. These increases to reserves reflect the addition of the Balboa, Brazo and Botija-Abajo deposits, resulting in an increase of 27% to total estimated copper, and 43% to total estimated gold.
•The Cobre Panama mineral reserves have been estimated using a conservative $2.25/lb copper price, unchanged from the 2011 copper price assumption. The reserves will be re-estimated in 2013 using a $3.00/lb copper price.
•The mine life has been extended from 31 years to 40 years with continued potential for further extension, and drilling underway at the next target area.
La cr...
Inmet’s case is finished, done. Last decision was a nail in a coffin.
Inmet can go to international arbitration but that will take many years which Inmet does not have and even that will not guaranty positive outcome.
Also, latest development – extension of HT shows that FQM is very close to obtaining necessary shares and need just little more time to obtain/file necessary paperwork.
Inmet is a history.
First Quantum Extends Its Hostile Offer for Inmet to Feb. 27By Simon Casey - Feb 8, 2013 11:14 AM ET ..
Quantum Minerals Ltd. extended its hostile C$5.1 billion ($5.1 billion) bid for Inmet Mining Corp. to 5 p.m. New York time on Feb. 27 to give it more time to get the necessary regulatory approvals.
First Quantum, which is based in Vancouver, commented today in a statement.
To contact the reporter on this story: Simon Casey in New York at scasey4@bloomberg.net
Letter from a Friend:
Canadians begin to explore gold in Sabrosa
On the plateau of Jales, Sabrosa, await with great interest the early experimental exploration of gold, six months after a Canadian company has won the tender.
The Mayor of Sabrosa, Domingos Dias, told Lusa that the information was not confirmed, that the company will start operating from February 15.
The Lusa tried to confirm this information, which was not possible until now.
The Almada Mining SA (100% owned by the Canadian company Petaquilla Minerals Ltd) won the contest in July experimental exploration of gold for three years in Jales / Gralheira.
The mayor acknowledged that the region is expected to "high expectations" because "the project will generate important jobs."
Domingos Dias stressed the urgency to fight unemployment and depopulation affecting the county Montes, who saw in recent times, leaving many residents.
Initially, according to the mayor, are not created many jobs. "It will be more technical, but it will be something that will even influence the local economy," he added.
If the work gets off in February, the project will enter a second phase, after three to four months.
"So, yes, we have some jobs that will be important for the region," he stressed.
The investment involved in this process could reach 66 million euros and is expected in the exploration phase the creation of 100 direct jobs and 250 indirect jobs.
Within the procedure are mandatory minimum work required to be completed during this first phase of three years, which translates into a predictable investment exceeding 26 million.
After this period, the company may request the granting final and, once prepared and approved its Environmental Impact Study, launch a final operation, which corresponds to an additional investment of 40 million euros.
Ever since the Roman Empire which, by region, explores whether this precious metal.
Jales mines, which closed in the 90s, were the last mines where gold was extracted in Portugal.
At the height of the farm, came to work in the mines about 800 workers that drew about 30 kilos of gold per month.
Population and face the mayoral takeover as an opportunity for the county and remember the difficulties experienced at the closure of the mine in Field Jales. Was unemployment, followed by depopulation, abandonment of buildings and environmental problems, with heaps left open.
In 20 years, the parish has lost about 20% of the inhabitants.
Lusa / SOL
Right on bonefishman, God willing MJK will come back to share valuable information and entertain us along the way, PTQ $ 5.00 next year ;o)
We agree to disagree, back to PTQ.
Bonefishman, you are correct, mjk has shared a lot of good local information which we did not have access to.
He knew Panama politics and managed to point inner working between Government and Petaquilla which most of us were not aware. Despite his age his mind work sharper then most of young pops on this board.
His business analyses were very detail and well thought full showing his knowledge and experience.
Some of his prediction were made just for fun , to put fire under some posters or pull their chain – all to make this board somewhat entertaining.
Now – as you can tell it is boring and dull.
Letter from a Friend:
El futuro de la minería
27/1/2012 Andalucia
EN la madrugada del 25 de abril de 1998, la balsa de residuos tóxicos mineros de Boliden Apirsa en la localidad sevillana de Aznalcóllar se rompía liberando 6 millones de metros cúbicos de aguas ácidas repletas de metales pesados con rumbo a Doñana. La mayor catástrofe ambiental de Andalucía podría haber sido evitada si la empresa hubiese llevado a cabo los controles necesarios sobre sus instalaciones y la Junta de Andalucía velado porque así fuera. Los 90 millones de euros de la época empleados en la retirada de los lodos y en la restauración ambiental del cauce del Guadiamar fueron aportados por las administraciones públicas tras una procelosa deriva judicial y debido a que en aquel entonces no era obligatorio la suscripción de pólizas de seguro para cubrir contingencias semejantes. Además de suponer el final de la carrera política de dos consejeros, el de Industria y el de Medio Ambiente, aquel suceso colocó al conjunto de empresas mineras bajo sospecha.
Quince años después de aquella tragedia y con la lección aprendida, la resurrección de la minería en la Faja Pirítica es una realidad gracias a los proyectos de Matsa, en Almonaster, y Cobre Las Cruces, en la provincia de Sevilla. A las citadas se unen, en distinta fase de tramitación administrativa, Riotinto (Emed Tartessus), Lomero Poyatos (Cortegana y El Cerro del Andévalo, a cargo de Petaquilla Minerals), San Telmo (Cortegana, también de Petaquilla) y La Zarza (Ormonde Mining). Es una amplia comarca que engloba un total de catorce municipios bajo cuyo subsuelo se calcula que existen 400 millones de toneladas de complejos polimetálicos. Los ojos de las más importantes compañías a nivel mundial del sector están sobre ellos y gran parte del futuro de Huelva depende de la explotación de esos recursos. Como concluye un importante experto en la materia, "la mejor mina de Huelva está aún por descubrir". La Junta de Andalucía piensa sacarle partido con una operación sin precedentes tras anunciar que sacará a concurso 61 derechos mineros, 38 de los cuales son permisos de explotación y los 23 restantes de investigación. Ahora bien, hay que meditar cada paso y hacerlo con todos los actores implicados para que el proceso no se vea torpedeado. Su trascendencia requiere de la complicidad y participación de todos los municipios, sin aristas ni batallitas partidistas, todo lo contrario de lo que se dedujo de la fría comparecencia del consejero Ávila para dar la noticia en Calañas junto a la alcaldesa de su partido y el delegado del Gobierno. Una foto con todos los alcaldes, empresarios y sindicatos hubiera sido un gran aval ante los inversores internacionales. Aún se está a tiempo de lograrlo.
With the right connections and a great environmental record Petaquilla has landed at least thirteen of these very valualble concessions. This is a much bigger deal than peole are aware and that is why Don Christropher Colon Caravajal is now on BOD so he can actually speak for the company in Spain, not just to it.
Friend"
OT. Some people add copper and brass to their gold/silver collection, I don't blame them:
Swiss Gold Repatriation Almost Reality
A year ago, 4 Swiss parliament members launched the "Swiss Gold Initiative" to repatriate their gold to Switzerland. Today, almost one year later we have 90000 supporters for this initiative. Once the 100000 supporters is reached, we are certain that the Swiss National Bank will repatriate their gold holdings. I’m sure those 10000 votes will be reached by March 2013.
So not only the Germans want their 3400 tonnes of gold back, now the Swiss want their gold back.
As of September 2012, the SNB had 55591 million CHF gold (Table 1). That’s 59139 million USD gold or 33.4 million ounces of gold or 1040 tonnes of gold. That’s one third of Germany’s gold and is pretty significant.
The SNB hasn’t said where its gold is and also hasn’t said if it will repatriate their gold all at once, but if they were to repatriate it all at once, it would be almost double the amount that Germany is now repatriating over 7 years: namely 674 tonnes of gold.
"... has been instrumental in advancing the Company's progress with respect to
its Lomero-Poyatos mine in Andalusia, Spain, and developing strategy".
The Man carries a lot of clout and it is necessary if you want to make business in the “ Old world”.
Some of us who deal with different countries and world regions understand that.
Thank you very much Mr. Colon de Carvajal for making me chunk of money in a years to come.
MMG Seeks South American Partners as It Forecasts Copper AdvanceBy Soraya Permatasari - Jan 31, 2013 5:43 AM ET ..
..MMG Ltd. (1208), which has set aside $4 billion for acquisitions, is seeking partnerships with South American copper miners as it forecasts the commodity’s price to climb this year.
The listed unit of China’s biggest metals trader is looking to purchase stakes, provide technical support or offer financing, Chief Executive Officer Andrew Michelmore said today, without disclosing any target. The Hong Kong-based company completed the acquisition of African copper producer Anvil Mining Ltd. for $1.3 billion in March last year.
“You’ve got to go where the minerals are and the minerals are there in Africa and South America,” he said today in a phone interview from Melbourne. “One of the things we have to look at is what we can afford to do with our cash flow and how big a bite we can take.”
Copper remains an attractive investment amid strong demand and tight supply, which will ensure prices stay in a range of $7,500 to $8,500 a metric ton this year, Michelmore said. Inmet Mining Corp. (IMN) said Jan. 23 the sale of a stake in the Cobre Panama copper mine is among “many” options being considered by the Toronto-based company as it fends off a C$5.1 billion ($5.08 billion) hostile bid from First Quantum Minerals Ltd. (FM)
Michelmore declined to say if Cobre Panama is on his list. Finding a project with the right value is a challenge in South America because most mines have lower grades, making it more costly to produce the metal.
MMG isn’t interested in projects with less than 50,000 tons of annual output, he said.
Copper, which rose 4.4 percent in 2012, has climbed 4.3 percent this year. It traded at $8,272.25 a ton as of 10:40 a.m. on the London Metal Exchange.
“I’m still quite positive about copper,” Michelmore said. “Demand for copper is still quite solid and supply has been the issue.”
MMG, a unit of China Minmetals Corp., is also looking to invest more in nickel sulphide and has exploration plans in Africa, Canada and the U.S., Michelmore said.
Ponce, McNamara (spelling) is da Man. Ten story high wave, he has big cohunes.
Loj, I agree with your perfect storm. Updated Liberian resources will be huge as it will show open pit production, long mine life and might quadruple our reserves.
That itself with increase production in Panama might separate man from the boys. Looking forward: while most of juniors operate one mine – we will begin to run two sites and push overall output to 150000 oz. which will bring us closer to mid-tier producer.
99.9% of juniors do not pay dividend, we on a another side by spinning PDI – can claim it as a dividend. Land deal- I wish company could of reward shareholders with onetime payment/dividend but I don’t think we would be allowed per Loan agreement. Still- storm is brewing.
Right-on acanuck.
Did anyone listen to FQM presentation?
I could not listen whole presentation but managed to peak for a few minutes:
Nice slides, huge development in Finland, 18 hl. golf course(!-nice).
Caught my eyes also – they spent 65% of the funds on mine construction and development,
while Inmet – only 25% and rest on other stuff (side project),.
… plus 35 % return to shareholders equity, no middle management… excellent history working with contractors… sweet.
Leucadia National Corporation 11,042,413 sh.
Temasek Holdings Pte Ltd 7,779,692 sh.
Capital Group International Inc 6,512,884 sh.
BlackRock Investment Management (UK) Ltd 1,750,000
I understand that it was never “love” between mjk and jal, but “can we all just get along”. Enough now, let’s stay on a topic.
I noticed that Inmet share price is slowly declining, maybe it has to do with only one major Inmet holder shows his support for FQM HT.
Those who wanted to make quick money – realizing now and selling their shares. FQM will need at least two major stock holders on their side.
Ponce , you’ve been more then generous to a newcomer who insulted you in his first three posts . Kudos to you.
On another hand (OT), I always wanted to ask you – why do I feel as I read a poem or listening to a song when I read your posts ;o)
Loj, you’ve done a great job with this board, don’t let a few push you into arms of SothernG. Mjk brought wealth of information to this board, unlike constant whining and complaining. Sometimes he entertained us and other time he challenged our financial wits. His tongue’n cheek style was not liked by everyone, but never the less I’ll take his optimism, wisdom and rational any time.
LMAROF !!! good news has to come out this week, loan... Will that affect SP? As MJK would say - NO! It might goes to $0.15, good buiyng opportunity.
PTQ goes to 0.15 (shh -inside info)- would you take me seriously? It was a good laugh on a rainy cold night.
If I were FQM – I would walk away from the deal and let Inmet SP go down to $ 56, then come back with final offer $ 74 or something like that.
It seems FQM has backing from one large investing group but not the other, so I would concentrate my negotiation with those groups.
China , Russia, Turkey and other countries continue to buy gold, I think gold movement is just a manipulation before final capitulation. Gold is the only true barometer of fiat money. It should go higher eventually.
With almost every Nation in a World printing money , trying to devalue their currency (to outdo each other in a trade war)
- I don’t see how gold can go lower than $1650. That would be the ultimate support after which it can shoot up to $1800. JMHO
All right we got a point, it is just matter of time before PTQ will release the news/update.
TORONTO, CANADA--(Marketwire - Jan. 18, 2013) - Mr. Jochen Tilk, President and Chief Executive Officer of Inmet Mining Corporation (IMN.TO), will be speaking on Thursday, January 24, 2013 at 9:10 a.m. Pacific Time at the CIBC Whistler 2013 Institutional Investor Conference being held in Whistler, British Columbia at The Fairmont Chateau Whistler. Slides of the presentation will be available on Inmet's website prior to the presentation. You are cordially invited to listen to the audiocast at https://webcasts.welcome2theshow.com/cibc2013whistler. Please note the webcast URL will be activated on January 24, 2013.
On Thursday, January 24, Mr. Fernando Martinez-Caro, Vice-President Engineering and Infrastructure of Inmet Mining Corporation, and Mr. Steve Botts, President and Chief Executive Officer of Minera Panama S.A., will be speaking at 3:30 p.m. EST at the Panama Capital Projects & Infrastructure Summit 2013 being held in Panama City at the Trump Ocean Club.
Mr. Tilk will also be speaking on Tuesday, January 29, 2013 at 10:45 a.m. EST at the 2013 TD Securities Mining Conference being held in Toronto at the Ritz Carlton Hotel. Slides of the presentation will be available on Inmet's website prior to the presentation.
Because if for some wild reason the deal will not go thru – that $70 can sink into 50-sh very quickly.
Yep, industry lowest?!
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan 16, 2013) - Petaquilla Minerals Ltd. (PTQ.TO)(PTQMF)(P7Z.F) ("Petaquilla" or the "Company") announces its second 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 for the Second Quarter of Fiscal 2013 Compared to Prior Quarter
•Revenues at $29.5 million increased by 14%
•Cash cost per ounce of gold sold at $444 decreased by 15%
•Operating Margin at $14.9 million increased by 46%
•Earnings from Operations at $8 million increased by 67%
•EBITDA at $12.5 million increased by 32%
•Adjusted EBITDA at $16 million increased by 31%
Operational Performance for the Second Quarter of Fiscal 2013 Compared to Prior Quarter
•Gold production at 20,025 ounces increased by 12%
•Gold equivalent production at 20,518 ounces increased by 11%
•Gold stockpiled at 115,544 ounces at the end of the quarter increased by 3%
During the second quarter of Fiscal 2013, the Company made significant progress as part of its strategy to increase gold production and expand its resource and reserve base, including but not limited to:
•Expansion of the Company''s Molejon gold plant in Panama was completed with the installation of a fourth ball mill, along with two additional LIX tanks, two additional carbon-in-pulp tanks, a third thickener, another liner screen and a second electro-winning circuit. Petaquilla anticipates the newly commissioned equipment will enhance plant throughput capacity at Molejon by 1,100 tonnes per day and increase production capacity by approximately 30%.
•The Company filed a National Instrument 43-101 compliant mineral resource and reserve estimate on the Botija Abajo deposit, associated with the Molejon gold operations; adding additional reserves of 210,000 gold equivalent ounces (please refer to news release dated September 5, 2012).
•The Company filed a National Instrument 43-101 compliant Pit Constrained mineral inferred resource for its Palmilla deposit, associated with the Molejon gold operations; adding resources of 502,800 gold equivalent ounces (please refer to news releases dated October 30, 2012, and December 19, 2012).
In keeping with its objective, additional resource reports will be completed for the Company''s Oro del Norte deposits in Panama and Lomero-Poyatos in Spain during Fiscal 2013. With respect to Lomero-Poyatos, the titling process for this project in Spain was completed during the second quarter. The Company is working to bring the Lomero-Poyatos mine back into operation focusing on final engineering and design, development drilling, bulk volume testing, and a National Instrument 43-101 feasibility study.
To meet capital requirements for its projects in Panama and Iberia, Petaquilla has received and accepted an indicative term sheet for a loan facility from Red Kite Mine Finance Trust I for an aggregate US$140,000,000 to be released in tranches. The loan facility will also enable the Company to payout of its existing gold and silver prepayment contracts and convertible loan with Deutsche Bank AG, London Branch, and proceed with the spin-out of its infrastructure division, Panama Desarrollo de Infraestructuras, S.A.
"...We will include more outlook discussion when we announce our fourth quarter and year end results on Thursday, February 21, 2013 after the close of trading. We will conduct a live audio webcast and conference call discussing the results on Friday, February 22, 2013 at 8:30 a.m. Eastern Time. The call will be hosted by Jochen Tilk, President and Chief Executive Officer.
You are cordially invited to listen to the conference call via audio webcast through either http://events.digitalmedia.telus.com/inmet/022213/index.php or www.inmetmining.com. After the broadcast, an archive of the audio webcast will be available on both websites.
Interested persons who are unable to connect to the audio webcast can listen to the fourth quarter results conference call by dialing +1 416 340-8530 (local/international) or toll free +1 877 240-9772 (North America only). No passcode is required for the live conference call.
A conference call replay will be available beginning February 22, 2013 at 10:30 a.m. and will run for ten days. The dial-in numbers for the replay are as follows: +1 905 694-9451 (local/international) or toll-free +1 800 408-3053 (North America only) with each number to be followed by passcode 7813798.