As you just said: as long as value of copper higher then value of gold on that particular concession – Inmet then owns that “by-product”.
But if just half of mile away we discover concession with more gold value then copper then it is ours.

Three wise man:
First Quantum is being advised on the deal by Jefferies International, Goldman Sachs and RBC Capital Markets,
while Inmet is being advised by CIBC World Markets.

How do we know that Pascal and Fifer have not talk already?

"While Inmet’s Cobre Panama copper project will cost about $6.2 billion and produce an average of 266,000 metric tons a year, First Quantum is developing the Sentinel copper project in Zambia which will produce as much as 300,000 tons of copper by the end of 2014 at a cost of about $1.7 billion.
First Quantum has said costs are lower than at Cobre Panama mainly because it’s using its own staff rather than outsourcing the project.

“All of the shareholders we talked to can see the vision of creating a new go-to copper company and can see all the merits of the transaction in that regard,” Newall said today. “The shareholders of course question the ability to reduce the capital cost and whether they can rely on us to deliver that and we are confident that we can.”

I like FQM . It is much bigger company with better corporate culture. P. Pascal is well respected among Canada CEO unlike Tilk...
Look how professionally and respectfully he approached Inmet, originally Pascal wanted to combine two companies in a friendly manner,
but J. Tilk refused to talk to him, he could’ve keep his job even. But at the end- two companies will be combined, all experience will be retained except BOD;
it might take some time but PTQ will profit from that merger.

Rest of the article:

"Toronto-based Inmet has a tight share ownership structure, so the decisions of one or two large investors could have a major impact on whether a takeover bid succeeds or fails. Inmet’s seven largest shareholders control more than half the shares, according to Bloomberg data.

After Leucadia, the two biggest shareholders are Temasek Holdings Ltd. and Capital Group International Inc., which own more than 20% of the company between the two of them.

“With [Temasek and Capital Group] undeclared, BMO Research continues to anticipate an improved bid,” BMO Capital Markets analyst Stephen Bonnyman wrote in a note to clients.

First Quantum craves Inmet’s Cobre Panama project, one of the world’s largest undeveloped metal deposits. Inmet plans to spend US$6.2-billion to develop the project, which contains almost 26 billion pounds of copper reserves. First Quantum said it can build the mine for significantly less money, but has declined to provide specifics until it sees Inmet’s contracts related to Cobre Panama.

First Quantum tried to enter friendly negotiations with Inmet last year, but went ahead with a hostile bid after Inmet rejected all of its advances.

Thanks Badge. Now it is Temasek turn. Pascal is a Man.

So who is going to make a call?
"Roughly 27% of the shares are held by just two investors: Leucadia National Corp. and Temasek Holdings Ltd., which is Singapore’s state-owned investment company."
Who are the players?
Leucadia National Corporation (NYSE: LUK) is an American holding company that, through its subsidiaries, engages in mining & drilling services,telecommunications, healthcare services, manufacturing, banking and lending, real estate, and winery businesses with a market cap of about $8.0 billion as of June 15, 2011. Leucadia is known as a "mini Berkshire Hathaway" with an average annual return of over 22%. Largest current investments include Jefferies andFortescue Metals Group.

Leucadia's highest profile move to-date (as of 2005) was a bid in 2004 to acquire 50 percent of telecommunications company MCI's common stock. However, after MCI received higher bids from other companies, Leucadia withdrew from the bidding process. [1]

Leucadia executives Ian Cumming and Joseph Steinberg both graduated in the same Harvard Business School Class of 1970. They joined Leucadia around 1979. Ian Cumming (a Vancouver native) and Joseph Steinberg each own about 13% of Leucadia's shares. [2]

Leucadia is headquartered in New York City, but has additional offices in Salt Lake City, Utah. The company's name comes from the seaside town in Southern California and was chosen randomly after several other choices were rejected during the incorporation process. Cumming and Steinberg spotted the sign along the freeway and suggested it as an alternative.(2007 Annual Report)

Incorporated in 1974, Temasek is an investment company based in Singapore. Supported by 11 affiliates and offices in Asia and Latin America, Temasek owns a S$198 billion portfolio as at 31 March 2012, concentrated principally in Singapore, Asia and growth markets.

Temasek's investment themes centre on Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; telecommunications, media & technology; transportation & industrials; consumer & real estate; energy & resources; and life sciences.

Total shareholder return for Temasek since its inception in 1974 has been a healthy 17% compounded annually. Temasek has been assigned an overall corporate credit rating of “Aaa” by Moody’s and “AAA” by Standard & Poor’s.

Those would be done during the rain; picks don’t come out as good.

There are plenty of good staff going on today and not to read these pessimistic statements.
Some people will complain after winning one million that they have to pay taxes.

What not to understand? PetaBull predicted this month ago.
As a trader you want a "Quick Fix", but for most of us -"Longs" this is a great deal, getting out of DB, having money to develope L/P and spin PDI.
2013 will be outstanding year for longs.

This is great news! Well deserved congrats to BOD.
Most serious investors are on a winter holidays with families,
so I don’t anticipate any serious action in SP until next Monday. 100K oz producer is just around the corner.
Happy New year everyone, next year –“we in a money!”

Or become lobbyists for global corporation and use their formal political connection for personal benefit, screw little guy as it’s done in good ole USA.

Why we spending all this energy discussing Panama politics?
The only politics I was concern was to pass “mining Law”, after that who cares.
We got shi$t load of problem in our country, with 80000 more IRS employers going after working man and women. We spending $1.50 on every dollar we bring, we are bankrupt nation asking Red China for money- shame on us.
So who cares about Panama politics when our politician most corrupt bunch.
Let’s talk how to make money with Petaquilla.

Happy Holiday to all!

As I said earlier while Uncle Sam is manipulating gold price to prop a dollar – the rest of the world continuing to buy gold. At some point no one will be interested in good all mighty buck.

"Brazil boosted gold reserves for a third month in November to double the country’s holdings since August as central banks from Russia to Belarus and South Korea add the metal to diversify their assets.

Brazilian holdings expanded 14.7 metric tons in November to 67.2 tons, the most since November 2000, according to data on the International Monetary Fund’s website. The country bought 17.2 tons in October after adding 1.7 tons in September, the first increase since 2008. Russia’s holdings increased 2.9 tons last month and Belarus’s reserves expanded 1.4 tons, the data show. Turkey pared holdings 5.9 tons and Mexico sold 0.1 ton.

Central banks have been expanding reserves as the metal heads for a 12th annual gain and investors hold a record amount in bullion-backed exchange-traded products. Nations bought 373.9 tons in the first nine months of the year and full-year additions will probably be at the bottom end of a range from 450 to 500 tons, the London-based World Gold Council estimates.

“Central banks, particularly in the emerging economies, are looking to increase the proportion of gold in their reserve assets,” Alexandra Knight, an analyst at National Australia Bank Ltd., said from Melbourne. “That will drive prices of gold because they can be quite significant purchases.”

Weird weather all over the world. Here in mid-west wind 30m/h, from rain to snow over night, better then tornado thou.
I think Mayas predicted US going over the cliff and new calendar starts.

Right.

Steven Ralston, CFA, Senior Energy & Metals Analyst
Steven Ralston, CFA, has over thirty years experience in the securities and investment industry, including Director of Research at First National Bank of Maryland, portfolio manager of General Accident's domestic and Canadian equity pension portfolios, and co-manager of Blackrock's $2.3 billion Large Cap Growth Fund. He received his initial investment training at Merrill Lynch and Fidelity & Deposit Company of Maryland.

Gold!!! While West is selling – East is buying.

JFF, sometimes I don’t know how to take your comments.
Are you serious or just having fun (no pun attended)?
Banana republic?- let’s take a look on FQ non-banana republic concession: would I wanted to invested in one of their mine in Zambia with friendly machete waving mine workers?
Or how about concession in Mauritania ( bet most of people will not find it on a map).
Hell No?- Then next FQ mine is in Peru- right with socialistic government thinking about nationalizing your assets. NO, Thank you!
What about Inmet concessions? Mine in Turkey with crazy Iran/middle-east problems ready to explode or underground mine in Finland
ready to be shut down in a few years.
Hell NO.
I’ll take striving Panama economy any time.
Have any of you ever visited Panama City , I did. More and more American Businesses moving their HQ to Panama, and of today wire: next year Spanish-Latina-America summit scheduled to be in Panama City.
Cobra is a gem and everyone knows it.
P.S. I do like my bananas, they are from Costa-Rica, can't think of any mine there.

Canada's Inmet Mining Corp closed a $500 million debt offer on Tuesday with the proceeds of the deal to be used to fund the construction of its massive Cobre Panama copper project in Central America.

The base metal miner said funds raised through the issue of senior unsecured notes will be used for the development and potential expansion of the Panama project. The notes have a 7.5 percent coupon rate and will mature in 2021.

Inmet, the subject of a hostile C$5.1 billion ($5.2 billion) takeover bid by First Quantum Minerals Ltd, holds an 80 percent stake in Cobre Panama, one of the largest undeveloped copper deposits in the world.

The remaining 20 percent stake is owned by a South Korean consortium that includes Korea Resources Corp.

MJK, Are you sure FQ can wrap it up by end of the year? Just not enough time with Holiday season I think.
Inmet is a goner,
Tilk better think twice and go friendly with Pascall otherwise he will have to face Spanish court on his own.

Yep,PDI is doing just fine, from L-add:


Panama Development of Infrastructures (PDI) is the result of Petaquilla Minerals (PTQ.TSX) experience in the development of the Panama Mining district at Cerro Petaquilla.

PDI has acquired a wide experience in the mining infrastructure services after being responsible for the construction and development of Molejon’s Gold mine plant as well as all the civil infrastructure development associated with the project (aka. Roads, hospitals, energy transmission, etc).

After a restructuration and addition of world class professionals, PDI is ready and focused in achieve a fully develop portfolio of projects in the Mining Services, Energy and Construction sectors.

PDI’s main goal is to be the key player in the currently booming demand of Mining &Infrastructure Services in Panama as well as in the Caribbean region.
less
• Check out insightful statistics about Panama Development of Infrastructures employees »
Type
Privately Held
Company Size
501-1000 employees

Promises being kept- production is ramping-up ,new equipment is installed, gold output increased, new drilling results were announced and more are coming.
All this talks very well about the company and bottom line which will shows up in a future offering and JV .
By the way notice between the line Inmet’s subtle message:
“ Copper miner Inmet Mining Corp. says it has not yet received an unsolicited $5.17 billion takeover offer from First Quantum Minerals Ltd. announced over the weekend.
Inmet said in a statement Monday that it is urging shareholders not to take any action until it can evaluate the details."

And more:
"In a news release Sunday, Phillip Pascall, CEO of First Quantum, said, “We believe strongly in the prospects of a combination of our two companies, which are uniquely complementary. The enlarged group will draw on the best physical and human resources of both First Quantum and Inmet, to create a premier, widely-held base metals company with leading growth in copper production and cash flow generation.”
For the first nine months of this year First Quantum has produced 290,000 tonnes of copper, 32,000 tonnes of nickel and 181,000 gold ounces. During the same period Inmet mined 84,100 tonnes of copper, 45,600 tonnes of zinc, and 669,200 tonnes of pyrite.
First Quantum said the combined company would have the potential to produce more than 1.3 million tonnes of copper annually by 2018, as well as offer seven “low-cost, producing mines and three world class development projects in Sentinel, Haquira and Cobre Panama.”
First Quantum believes the combined company “would establish itself as a top five copper producer within five years with an impressive growth in copper production of 23% per annum over that period. In addition the combined group would have substantial free cash flow generation and be uniquely positioned to drive the development of future large-scale growth projects with cost efficiency and discipline.”
“We have established our superior project development capabilities with the successful commissioning of five mines in the last ten years, each on time and on budget and at a cost well below industry standards,” said Pascall.
“We have a significant growth profile including the major Sentinel project development in Zambia,” he noted. “Sentinel will have a similar throughout to Cobre Panama, at an estimated 55 million tonnes per annum, and substantially the same style of process plant. We are well on track to developing Sentinel at a capital cost well below that of other similar projects in our industry.”
“We believe these skills could be applied to the Cobre Panama project for the benefit of all stakeholders,” Pascall observed.
First Quantum has scheduled a media conference call regarding its latest Inmet offer in London on Monday morning."

"Investors seeking leverage to precious metals should focus on junior resource companies who own the world’s undeveloped gold and silver deposits as they provide the best exposure to a rising precious metals price environment.

You need to find the quality management teams with money in the treasury, the ability to raise more and owning the advanced projects that are well along the development path towards a mine.

A mine that is going to be a long life, lowest quartile all-in cost producer in a geo-politically safe country.

These companies are the world’s future gold/silver producers and of course many will be in the sights of mid-tier and major producers for takeover candidates as reserve replacement targets.

The gold mining industry needs to discover 90 million ounces of gold every year just to stay even..."

But despite increased exploration expenditures, a record US$8b in 2011, and an increasing gold price, gold ounce discovery is not keeping up to the rate needed to replace mined ounces.

The Metals Economic Group estimates that the 99 significant discoveries (defined as greater than 2 mil oz) found between 1997 and 2011 replaced only 56 percent of the gold mined during that same period.

According to the Thomson Reuters GFMS’s Gold Survey 2012 global gold mine production was flat (output rose 0.1 percent to 1,366 metric tons) in the first half of 2012........

Inmet days are numbered, it is serious business now. Pascal tried to negotiate with Tilk but Tilk would not even want to meet him. Shame on him, he is a goner now. Could not happen to the better guy. Great for Petaquilla.
Love this action!
By the way one of my deleted posts a few days ago was showing that Pascal is one of the most respected CEO in Canada, while Tilk was on a bottom of the list.

Remember Mantaquila used to say: listen to MJK, people.
Obviously mjk knows news before it’s comes out public.
Those who know how to listen can benefit from mjk post.
I think someone else before me said: “those who have ears…”
Obviously gap never closed. I said it before, PTQ does not trades as normal stock following chart patterns ,but only on the news either increased production, HT, etc.
Going together with Ybarra’s family absolutely huge if one knows Latin America/Spain unwritten policies.
Guess Inmet has to learn on its own.

Bloomberg) -

Gold-mine investors are losing patience with management in the $60 billion industry as their shares head for the first back-to-back annual slump since 1998, even as the metal completes a dozen years of gains.

Producers from Canada’s Barrick Gold Corp. (ABX), the world’s biggest, to Newmont Mining Corp. (NEM) of the U.S. are failing to control expenses. The average cost to extract an ounce of gold by the largest miners jumped 23 percent to $584.70 in 2011, data compiled by Bloomberg show. In contrast, silver production costs fell 12 percent to the lowest since 2007, the data show.

Money managers including billionaire investor George Soros reacted by boosting stakes in physical gold, pushing gold-mine executives to resign, or shifting into silver. Direct holdings of the metal reached a record 2,629.3 metric tons Dec. 10, valued at $145 billion, after more than tripling in five years, data compiled by Bloomberg show.

“Investors are very critical, voting with their feet and pushing management teams to resign,” said John Wong, a portfolio manager at CQS Group’s New City Investment Managers, who increased his silver holdings. “You can tell from the way investors sold Barrick down that they are on short fuses.”

Barrick replaced Chief Executive Officer Aaron Regent with Chief Financial Officer Jamie Sokalsky on June 6, saying it was “disappointed” in the share performance after costs rose and production dropped. Since then the stock lost another 19 percent as the company missed earnings for four straight quarters amid delays and cost overruns at its Pascua-Lama project on the mountainous Argentina-Chile border.

At least five more gold CEOs lost their jobs this year.

Silver Alternative

Silver producers comprise three of the five biggest holdings in Wong’s $94 million Golden Prospect Precious Metals Ltd., led by Silver Wheaton Corp. In 2010, four of the funds’ five largest holdings were gold producers.

The NYSE Arca Gold BUGS (HUI) Index of gold mining companies has declined 24 percent in the past two years compared with a 4.4 percent gain in the MSCI World Index. The performance is a result of an “appalling track record of value destruction” by management teams, according to Evy Hambro, manager of BlackRock’s $12 billion World Mining Fund.

Hambro’s biggest holding is Rio Tinto Group, which only produces gold as a byproduct from copper mining.

Gold producers make up six of the eight worst performers in the S&P Global Resources index this year, with IAMGOLD Corp. (IMG), Harmony Gold Mining Company Ltd. and AngloGold Ashanti Ltd. (ANG) posting the biggest declines.

Share Performance

The Arca benchmark gold index fell about 12 percent this year compared with a 9 percent gain in gold’s price. The Bloomberg World Mining Index is little changed, while key materials such as iron ore and thermal coal dropped 11 percent and 16 percent respectively. Copper has gained 6.7 percent. Gold rose 0.2 percent to $1,713.5 an ounce by 8:07 a.m. in London.

Gold companies also face competition from gold-backed exchange-traded products, or ETPs, as investors bet on bullion without the operational risks from mining.

Billionaire investor George Soros boosted his stake in exchange-traded products backed by gold in the third-quarter. Soros Fund Management increased its investment in the SPDR Gold Trust, the biggest fund focused on the metal, by 49 percent to 1.32 million shares as of Sept. 30 from three months earlier, a U.S. Securities and Exchange Commission filing showed.

“We are at a watershed where the message from shareholders is very loud and clear: ‘We do not like what you do,’” said Markus Bachmann, Johannesburg-based manager of the Craton Capital Precious Metal Fund. “The costs are too high. The returns are not good enough.”

Inflation Slowing

To be sure, producers with good management and operations may be set to benefit from slowing cost inflation and rising gold prices, investors say. Gold may advance to $1,850 an ounce next year, according to the median forecast of 24 analysts, while cost inflation of 19 percent in the past 12 months may ease as the mining industry curtails expansion in response to faltering Chinese demand.

“There are signs that the cost inflation is contained, which will help the companies,” said Bachmann. “By and large we will see a healthier industry next year.

Kinross Gold Corp. (K), Canada’s third-largest producer, fired its CEO Tye Burt in August saying a change of leadership was needed to guide the company through capital allocation and project development improvements. In October, Kinross said CFO Paul Barry will leave the company.

Spending Reduced

‘‘Kinross was in fact the first of the majors to respond decisively in early 2012 to industry wide cost escalation -- first by resequencing our growth projects to reduce our overall capital commitments and second by pausing a large build at our Tasiast expansion project in order to review smaller, less capital intensive options,’’ J. Paul Rollinson, Kinross CEO, said in an e-mailed statement.

‘‘As a third step after I assumed the role of CEO in mid year we reduced our capital spending by $200 million from our original 2012 forecast and are continuing to look for every opportunity to reduce costs,’’ Rollinson said.

Barrick said it’s continuing a review of its assets and has deferred about $3 billion in capital expenditure. All alternatives for investing shareholder capital will compete against each other to allow it to return more to shareholders in the future, repay debt and invest in assets.

‘‘Our overriding objective is to translate Barrick’s strengths and results into higher shareholder returns,” the company said in an e-mail. “We intend to deliver this through a disciplined capital allocation approach that maximizes risk- adjusted returns on investment and free cash flow.”

Overpaying, Writedowns

Newmont, the largest U.S. gold producer, was one of the first companies to respond to costs rising across the industry, the company said in a statement. That included cutting operating and administrative expenses and reductions in spending on exploration and advanced projects, it said.

Precious metal producers spent a record $53 billion on deals in 2010 and a further $43 billion last year as record gold prices spurred deals. That led to writedowns that are an admission of overpaying.

Newmont took a $1.61 billion writedown on its Hope Bay mine in Canada in February after putting the project on hold. The company gained control of the mine as part of its C$1.5 billion ($1.5 billion) acquisition of Miramar Mining Corp. in 2007. Kinross took a $2.49 billion writedown on its Tasiast mine in Mauritania, which it bought as part of its all-stock C$8 billion acquisition of Red Back Mining Inc. in September 2010. Agnico- Eagle Mines Ltd. wrote down its Meadowbank project in northern Canada.

“The lack of capital discipline is probably the biggest issue,” said Wong. “They’ve all relied on the gold price to bail them out, which actually is a very bad way to manage a business.”

To contact the reporter on this story: Thomas Biesheuvel in London at tbiesheuvel@bloomberg.net

I like Petabull predictions, some of them did come true and another reflect mode in a country or on a site. It also reflect a direction where we are going and maybe his timing is off but nevertheless if I have to read constant whining of some- might as well have some “sugar”.

We are in tax-selling/ holiday/ shopping/winter/apocalyptic/vacation period. Nothing is going to happen until mid-January.
Then- the games resume.

From September,7 when share price went-up to .60+ to Sept.27 almost 20 mil. shares were traded.
For what I know they could’ve sell those shares in that period and now since 30 or 60 days passed are slowly buying them back.

“Everything im typing here gets no respect. “
First – stop posting same message over and over,
Second- stop giving away person’s first name- only jerks do that.

Happy Thanksgiving everyone.

This is a free board to post facts and rumors and how people in a country feel, inside politics and local weather. I like to know it all.

Lo, how do we know that Quantum is not talking to PTQ now? We were told by PR that there is some other opportunities.
It is also peculiar that Inmet denied the rumor but quantum did not.
,

Those who not privy – appreciate every bit of information they can get from insiders, maybe you not, thank you very much.

Mjk, don’t get upset with “this guys”, no major media ever print their thoughts and their opinion has no relevance to Petaquilla.
Hundreds thousands of fresh eyes will be reading “German Investor” article and I personally thank him for that.
His knowledge of situation is much deeper then “this guys”. We can constructively disagree on a future SP, $3 or $7 - 5 years from now.
But overwhelming majority of serious players know why they invested in Petaquilla.
“Dogs are barking but Caravan keeps moving."

Listen what you are saying. We can not ever be unknown once you become known.
The Gene is out of bag. No matter who will developed Minera- they will need Petaquilla Land and good will of Panama people.
And that will never go away . New comer will learn Inmet’s lesson and will treat Petaquilla with respect.
The Hunter became hunted.
I hope Tilk will get nice retirement package.

PDI?
Panama, November 9, 2012) Three new contracts in the amount of $259.8 million dollars were awarded by the company Minera Panama as part of the progress in its Cobre Panama Project.

According to Mercedes Morris, Director of Public and Community Affairs for Minera Panama, these contracts will have duration of 18 to 36 months and will allow the supply of basic materials for construction work at the mine site and the Port …among other services.


One of the contractors will be in charge of the quarry and access roads to the Port, while another will produce the concrete needed for the works in development, explained Morris …while emphasizing that this new awarding includes a contract that will benefit the flora and fauna rescue program that the company advances. The latter forms part of the Environmental Management Plan reflected in their EsIA.


“Cobre Panama complies with all the corresponding permits to move forward with one of the most important projects in the country”, added Morris.

Fine then, since no one wants to come on a carpet - I will play the devil’s advocate (or should I say investor’s advocate).
PTQ chart shows it did managed to fill the gap, but holding above 200 MA ( .48) = bullish.
RSI and MACD – are oversold = bullish
We did not hold Fibonacci 38% - which is .536 = bearish,
But we holding above Fibonacci retracement 61.8% - .465 = bullish
Anyway, stepping aside I would through away all this bumbo-jumbo and say that Petaquilla never followed the charts and graphs but always traded on the news, and the news is good – so the verdict is ‘Buy”.