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You are right...waste of time.
Lot's of news out today.
Missed the point again...
"Russian mafia money"
Yes the Germans are tired of carrying the other countries. BUT IN THIS INSTANCE THEY WERE NOT ASKED TO PAYBACK ANYTHING! IT WAS AN ARGUMENT ABOUT USING DEPOSITOR'S MONEY AND IT WAS NOT MAFIA MONEY AS YOU ASSERT. CAN'T YOU EVEN READ GERMAN??? IF SO THEN READ THE GERMAN PAPERS!!
Where to you get these ideas?
It's obvious the Germans didn't want to have anything to do with paying back all the Russian mafia money that was sitting in the Cyprian banks. I wouldn't either.
First of all Germany was never asked, nor was anyone else, to PAY BACK anything. The funds are on deposit in current accounts, savings accounts, and time deposits. Second, nothing says that this was Mafia money other than some bloggers. In fact almost one third was from the UK, not Russia, and most of the rest from legitimate investments to take advantage of the 7% tax as opposed to the 17% tax in Russia.
You are correct that this will have a major impact in Europe. Many companies use electronic transfers of cash when doing business. All that is stopped and the funds on deposit seized. The only people who actually carry cash to pay for inventory are the Chinese and you often see them in Panama with fellows walking with them with briefcases full of money going to the Colon Free Zone. If they can do this in Cyprus, they can do it anywhere in the EU without due process. That is the big issue.
Although I have none in storage,
I have been told that many of the so called storage operations,
have in their fine print language that says they can refuse or
stop delivery. Once enough people start demanding delivery things will get very dicey. Sort of like when you have a real actual run
on a bank. I have been waiting several years for this to happen, and perhaps will have to wait several more. I think they paper trade much more gold everyday than is actually available assuming that people will never take delivery. Whether it be currency or PM's, unless you can hold it in your hand, it is just a number on a piece of paper, as those in Cyprus just learned a very hard lesson.
Nothing to do with us, yet.
Prensa really doesn't like much that has to do with the President. Obviously, it is better to be connected than not. I am not aware of any huge deposit in the area where they are going to explore, but maybe they will find some.
Thanks for the post. Maybe that will give the enviros something to bitch about and leave us and Minera-Panama alone for a while! You know the old saying,"If you can't grow it, you have to mine it!"
"Not too hard to figure out."
Way too hard for me. I actually thought they would do just what they did, steal 38 Billion dollars from depositors, close at least one of the two large banks, fire all the workers, cancel all their retirement accounts and pensions, restrict all electric transactions, put on heavy currency restrictions on everyone, force all small depositors to keep money in the bank forever with automatic renewal of all time deposits.
What I did not expect was that lemmings in Ireland, Italy, Spain, Portugal, and most EU countries would leave their money at risk in their respective banks. This "band-aid" or "cure" is much worse than allowing Cyprus to go bankrupt and leave the Euro. Sort of like the auto bail out in the USA. I guess the masses are just to ignorant to see the risks to them in their countries.
Maybe it will take a few days for them to understand what actually happened. The economy of Cyprus has been totally destroyed at the whim of the EU and they lost sovereign control of events. No due process, no bankruptcy judge deciding who gets what. I can't believe that even those with a little education are not totally appalled! Watch the reaction from the governments of UK and Russia. This was no "band aid" help for Cyprus, but rather a plain and simple bank robbery by a foreign entity. Wars have been fought for less.
So much for my interpretation.
Gold drops like a rock. How irrational is that? The IMF with the EU just stole 38 Billion dollars from "safe" deposits and nothing happens. If I had any money in Ireland, Portugal, Spain, or Italy, it would be on its way out today. Someone please explain this to me...it must be above my pay grade.
Gold is going up, bank run Tuesday.
25% haircut coming. Would you leave money in the bank??
You did not address the ten questions!
Read the post again slowly and make notes!
"I believe what I say because it's the truth. The facts speak for themselves. Last year they missed their projections by 32% and they will miss big again this year. They haven't made an annouced deadline on anything. I.E.: Heap leach, 4th ball mill, rock crusher, Red Kite loan, PDI, 43-101 releases, to name just a few."
I UNDERSTAND YOUR COMMENT ABOUT MISSED DEADLINES AND IT CAN BE DEBATED ABOUT WHOSE FAULT THAT IS.
HOWEVER:
1. HEAP LEACHING IS FINE.
2. FOURTH BALL MILL WAS INSTALLED ON TIME AND UNDER BUDGET.
3. ROCK CRUSHER WAS DELAYED IN SHIPMENT BY SUPPLIER.
4. RED KITE, I DO NOT KNOW, BUT SUSPECT IT HAS TO DO WITH FQM HT.
5. PDI, HAS BEEN DELAYED SIX TIMES, I THINK, ALL FOR GOOD REASON.
6. I DON'T KNOW OF ANY NI 43-101'S THAT ARE LATE.
I AGREE THAT PROJECTIONS OF PRODUCTION HAVE BEEN BAD. THAT WE CAN BLAME ON MANAGEMENT AND I AM ALWAYS AGAINST ANY DISSEMINATION OF GUIDANCE ON PRODUCTION. ONLY FILE AND PUBLISH WHAT IS REQUIRED BY LAW!!
BACK TO THE ISSUE AT HAND...YOU DID NOT ANSWER ANY OF THE TEN QUESTIONS PUT TO YOU.
"No kidding Sherlock!"
Share with us what you relied upon to make your investment choices, that now leave you so far behind that you blame everyone but yourself. Most of us who have been around as long as you, have made nice profits; locked them in whenever the stock ran up and then, replaced the shares when it dipped.
But, one can always learn from the experiences of others even if it is a lesson in what not to do. How is it possible with the movement of this stock up and down over the last ten or so years that you have not made money and remain buried deep in the red? Do you refuse to buy when it is selling for $0.25-$0.35? Do you refuse to sell and lock in your 300% or 400% profits? Have you prepared for the next run up as fundamentals improve, FCF improves, EBITDA improves, EPS improves and the warrants expire?
I find it very hard to believe that you actually have lost money on a stock that is very easy to trade, and telegraphs movements well in advance. Do you see great downside risks from this point now that FQM has won? If not, why aren't you buying now?? If so, why aren't you selling? Why do you just stand there and complain?
"With this outfit you can't put ANY reliance on what they say or project. When they miss projections by 30% or never make any of their deadlines, yeah I would say don't bother trusting what they say. Use any excuse you like, these people aren't on the ball."
If this is what you truly believe, why are you here and holding onto the stock? Capture your tax loss like any 'normal' trader or investor and move on to a better opportunity.
Your excess use of words for the purpose of ranting and whining, verbiage, creates a huge division into two mutually exclusive, opposed, points of view. A perfect dichotomy of the absurd position of total distrust, yet total investment and refusal to move on with your life. Have you thought seriously about counseling???
Perhaps it would be 'uncommon' sense...
especially on this board. That is what allows the five or six to make money with this company, while twenty or thirty lose and the rest just stay the same. Several of us have been saying for years that PDI has a fantastic long term future. Now with FQM in the drivers seat it will be even better than we had hoped.
Better in Texas than California!
While we wait for news, I thought it very appropriate to post some qualifications that may help our more volatile emotional posters digest the material.
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains forward-looking information. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. These statements involve known and unknown risks and uncertainties, including those associated with current global economic and financial conditions, metal prices, Petaquilla Gold, Ltd. share price, the cost and availability of key development and production inputs, labour shortages or disruptions, environmental and health and safety risks, reserve and production estimates, exploration and development of new and existing mines, political and country risks, additional funding requirements, financial leverage, and other factors which may cause the actual results, performance or achievements of Petaquilla Gold, Ltd. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements usually include words such as may, expect, anticipate, and believe or other similar words. However, actual events and results could be substantially different because of the risks and uncertainties associated with our respective business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements.
And the fourth one with gold experience.
Andrew Adams Director
Mr. Adams obtained his degree in Social Science from Southampton University and qualified as a Chartered Accountant in the United Kingdom in 1981. He worked for the Anglo American group of companies for 12 years up to 1999, his final position being Vice President and Chief Financial Officer of AngloGold North America based in Denver, Colorado. Mr. Adams worked for Aber Diamond Corporation as Vice President and Chief Financial Officer from 1999 to 2003. Currently he serves as an independent non-executive director of Uranium One Inc and Torex Gold Corp.
Three of the four new Directors:
Officers & Directors
Philip K.R. Pascall Chairman, CEO and Director
Mr. Pascall graduated from Sussex University in England with an honours degree in Control Engineering, and later completed an MBA at the University of Capetown. He worked in general management positions in South Africa from 1973; and in the Mining industry there from 1977 with RTZ, and E.L. Bateman, and since 1981, in Australia. He was the Project Manager of the Argyle Diamond Project and then, he was Executive Chairman and part owner of Nedpac Engineering between 1982 and 1990. During this time, Mr. Pascall was involved in a wide variety of mineral projects in Australia, New Zealand, S.E. Asia, Chile, the United States, and Zimbabwe. After selling his share of Nedpac in 1990, he was a consultant in the mining industry, including a period with Rio Tinto's Hamersley Iron, and with various projects in Zimbabwe and Zambia. He has been Chairman and Chief Executive Officer of the Company since November 1996.
Clive Newall President and Director
Mr. Newall graduated from the Royal School of Mines, University of London, England in 1971 with an honours degree in Mining Geology, and was awarded an MBA from the Scottish Business School at Strathclyde University. He has worked in mining and exploration throughout his career, having held senior management positions with Amax Exploration Inc. and the Robertson Group plc. Mr. Newall was a founder and has been President and Director of First Quantum Minerals Ltd since its start up in 1996. He is also a non-executive director of Gemfields Plc and Baker Steel Resource Trust Limited.
Martin R. Rowley Executive Director Business Development and a Director
Mr. Rowley graduated from the University of Western Australia with a Bachelor of Commerce degree in 1975.After starting his career as an accountant working in both Australia and England he worked as executive assistant to the Board of Directors of a large Australian public company from 1980 to 1984. He then established his own resource consulting and investment company and was involved as a shareholder, Director and Chairman of a number of Australian public resource companies before co-founding First Quantum Minerals Ltd in 1996. Mr. Rowley served as First Quantum's CFO and as a Director until January 2007, when he assumed the role of Executive Director, Business Development. He is also non-executive Chairman and a director of Forsys Metals Corp, a Toronto Stock Exchange listed company in the uranium sector and Lithium One Inc, an emerging Canadian listed lithium company.
From Inmet.
TORONTO, CANADA--(Marketwire - March 22, 2013) - Inmet Mining Corporation ("Inmet" or the "Company") (TSX:IMN) today announces that its Board of Directors recommends that all Inmet shareholders tender their shares to the extended offer on or before the deadline of 5:00 p.m. (Eastern Daylight Time) on April 1, 2013 in order to facilitate prompt receipt of the offer consideration. This decision follows the announcement by First Quantum Minerals Ltd. ("First Quantum")(TSX:FM)(LSE:FQM) that 85.5% of the outstanding Inmet shares (on a fully diluted basis) have been tendered to and taken up under the First Quantum offer.
Shareholders who wish to exercise their rights of dissent under any Compulsory Acquisition or Subsequent Acquisition transaction should follow the procedures described in First Quantum's offer circular and not tender their shares. Shareholders with questions on tendering are asked to contact Inmet's information agent, Laurel Hill Advisory Group, at +1 877 452 7184 or Georgeson Shareholder Communications Canada, Inc. at 1-866-656-4120 (North America) or 1-781-575-2421 (outside North America).
Inmet also announces the resignation of the following Directors, effective immediately:
David R. Beatty, O.B.E.
Yilmaz Argüden
John Clappison
John C. Eby
Paul E. Gagné
Gerald W. Grandey
Oyvind Hushovd
Thomas A. Mara
Jochen Tilk
Douglas Whitehead
The following nominees of First Quantum have been appointed to serve on the new Board:
Philip Pascall, Chair
Martin Rowley
Clive Newall
Andrew Adams
Fat Lady has sung,and left the building!
There are many synergies to be taken advantage of between PTQ and FQM. This of course was well known by Inmet, but they were greedy and tried to steal the company. Pascalls in already in charge and will probably appoint a family member to to head up Minera-Panama as they did in Zambia.
He dude! Don't be so cruel!!
The village man only had $48.37 disposable income after paying for his meds!!!Looks like management may be listening and will only report when required to do so. One can only hope! Q4 looking good thus far, only one more pour in March!! Have a good weekend!!
Cobre Panama to stay on production schedule.
However, it may be six months before a definitive deal is signed with Petaquilla on the commercial land agreement that was to evolve from the binding term agreement made with Inmet.
- First Quantum Minerals Ltd expects Cobre Panama - the giant copper deposit it will own as a result of its takeover of Inmet Mining - to begin producing on schedule, despite a hiatus as the project is reviewed, the miner said on Friday.
First Quantum has long said it believes it can improve development of the $6.2 billion Cobre Panama project, one of the largest untapped copper deposits in the world but also currently one of the most expensive.
First Quantum President Clive Newall told Reuters the company would need a period of "several months" to assess the project before it can establish cost cuts and how it can rein in spending.
"There will be a hiatus of three to six months - whatever it takes to do a comprehensive reassessment and renegotiations where required - but our build time will be much shorter," Newall told Reuters.
"We have a two-year construction phase (at) our projects, so we will be able to stick pretty closely to Inmet's schedule, which was for commissioning at the end of 2016 or the beginning of 2017."
Earlier on Friday, First Quantum said it had secured enough shareholder support to take over Inmet, sealing a C$5.1 billion deal.
HERE IT IS! PANAMA NUMBER WRONG. 85%!
OFFER EXTENDED TO GET TO 90%.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Mar 22, 2013) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (FM.TO)(FQM.L) and its wholly-owned subsidiary FQM (Akubra) Inc. (together, the "Offeror") today announced that, as at 11:59 p.m. (Eastern Daylight Time) on March 21, 2013, a total of 60,120,405 common shares of Inmet Mining Corporation ("Inmet", TSX Symbol "IMN"), representing 85.5% of the outstanding Inmet shares (on a fully diluted basis), had been validly tendered to the Offeror's offer (the "Offer") to acquire all of the outstanding shares of Inmet. The Offeror has taken up and accepted for payment all such shares and will pay for such shares on or before March 27, 2013.
Inmet shareholders who elected: (a) the cash and share alternative will receive $36.00 in cash and 1.6484 common shares of First Quantum per Inmet share; (b) the share alternative will receive 3.2967 common shares of First Quantum per Inmet share; and (c) the cash alternative will receive $40.60 in cash and 1.4376 common shares of First Quantum, subject in each case to adjustment for fractional shares and to confirmation of the number of Inmet shares validly tendered pursuant to Notices of Guaranteed Delivery.
The Offer has also been extended and will now be open for acceptance until 5:00 p.m. (Eastern Daylight Time) on April 1, 2013 in order to allow Inmet shareholders an additional opportunity to tender to the Offer. If the Offeror is successful in acquiring 90% of the Inmet shares (on a fully diluted basis) under the Offer, the Offeror intends to acquire the balance of the Inmet shares by way of Compulsory Acquisition, as more fully described in the Offer circular. If the Offeror does not acquire 90% of the Inmet shares (on a fully diluted basis) under the Offer, the Offeror will be implementing a Subsequent Acquisition Transaction to acquire the balance of the Inmet shares, as more fully described in the Offer circular. Inmet shareholders are urged to tender their Inmet shares, to the extent they have not already done so, prior to the expiry of the Offer at 5:00 p.m. (Eastern Daylight Time) on April 1, 2013 in order to receive payment for their shares sooner rather than later.
The combination of the First Quantum and Inmet assets has created one of the world's leading copper producers with a geographically diversified portfolio of high-quality operations and development projects in eight countries across four continents.
With pro forma revenues in 2013 forecast to be in excess of US$3.5 billion and a strategic plan to produce more than 1.3 million tonnes per annum of copper by 2018, the Company is poised to become the largest, widely-held pure-play copper producer and one of the top five copper producers in the world.
The Company will be one of the fastest growing copper companies with a projected compound annual growth in copper production of more than 20% for at least the next decade. It is also positioned to benefit from a strengthened financing profile, greater liquidity, the ability to generate substantial free cash flow and the flexibility to use debt and equity capital markets at a lower long-term cost.
First Quantum's immediate focus now is to integrate the operations and people of the two companies in order to maximize the best elements of both to create an enlarged and unified Company with a much stronger corporate and financial profile.
First Quantum recognizes the success that Inmet has had in developing a social license to operate at Cobre Panama and in operating well-managed and efficient mines at Las Cruces in Spain, Çayeli in Turkey and Pyhäsalmi in Finland.
Las Cruces, Çayeli and Pyhäsalmi are valuable additions to First Quantum's operating asset base.
At Cobre Panama, the Company will build upon what has already been achieved by bringing First Quantum's technical expertise and proven ability to deliver projects efficiently. The combination of the two project development teams and the Company's enhanced financial capability will substantially de-risk Cobre Panama and drive further value creation.
In the short term, First Quantum will conduct a detailed review of Cobre Panama to determine the appropriate next steps in how the project can be completed as efficiently as possible. An update on the outcome of this review will be provided in due course.
Philip Pascall, First Quantum's Chairman and Chief Executive Officer, commented:
"We are delighted to have successfully completed the Offer and are grateful for the overwhelming support that Inmet shareholders have shown for our vision of a new global leader in copper. This transaction is a substantial advancement in our long-stated objective of geographical diversification.
We are now focused on turning the vision into reality by putting together the great strengths of both companies - their high-quality mining assets and their equally high-quality human resources - to create a new global leader in copper with a far broader and more geographically diversified and dynamic portfolio of operating and development assets than either company on a standalone basis.
The combined group now has the management team and financial capacity to ensure that our strategic target of 1.3 million tonnes of copper production per annum within the next five years is achieved. We look forward to working with all stakeholders in what is undoubtedly an exciting future."
Bankers, Advisors and Information Agent
First Quantum engaged Jefferies International, Goldman, Sachs & Co., and RBC Capital Markets to act as its financial advisors in connection with the Offer. Fasken Martineau DuMoulin LLP acted as legal counsel to First Quantum in connection with the Offer.
Financing for the Offer is being provided by Standard Chartered Bank.
Georgeson Shareholder Communications Canada, Inc. has been retained as information agent for the Offer. Shareholders may contact Georgeson at:
Toll Free (North America): 1-866-656-4120
Outside North America Call Collect: 1-781-575-2421
Panama America reporting 65%.
Can't post article per IH rules. It is on SH.
Looks like Subsequent Acquisition Transaction will be the way things go. That will be a delay of about four months.
Don't know if this is accurate, but the paper is reporting 65%.
SEVERAL PEOPLE ARE SAYING SINCE THEY DID NOT GET 66 2/3%. THEY WILL HAVE TO TAKE THE LONG ROUTE OF REPLACING THE BOARD AND THAT MAY TAKE ONE YEAR TO FINISH EVERYTHING. I DO NOT KNOW CANADIAN LAW, MAYBE SOME OF YOU IN CANADA CAN CLARITY THE RULES FOR US.
There actually is no "trader #79" per se.
That is the code for all CIBC trades and one of the fellows on SH has been following their trades for several months. Each day they bid down the stock over and over to depress the share price during the day's trades. No one can figure out just who is behind the action, or who it benefits. You can go to SH and look up the old posts and see how this is happening.
From out in the desert...
A VOICE OF UNDERSTANDING AND REASON!!!!!
My work keeps me very busy.
I'm cool with a share collapse if fundamentals improve. All the more for me. smile
Thank you LOJI, for the words of wisdom!
Yes improvement in fundamentals is all that counts with a new and growing company just a couple of years into production! How many out there wish they had jumped in back when the shares were less than a dime!!! The lower the share price drops in the interim...the bigger the piece of the final pie we will have! Kapish, Kapeesh,or Capisce as John G. would say!!!
Subsequent Acquisition Transaction???
"D" Day is here, or is it?? What if FQM has 88% or so of the shares? Will they extend again to try to get over the 90% hump so that they can close things up in a couple of weeks, or will they just go to the Subsequent Acquisition Transaction that will take
as much as four months or so to complete?? We will know at 11:59PM EST tonight!
LOL!! Tiger changes stripes!!
Remember the statement made when FQM announced their intention to pursue INM? I am sure Pascalls has it right on his desk. I think
there is a little company right down the road, with a gold processing machine in its back yard, that would love to help its neighbor process that gold stream and save them some money in the process!
FN suddenly throws INM under the bus..."and if it’s a weak manager on that particular property...".
FN may think they have built in protections,"We’re also comforted that we’ve built-in protection in our transaction.", however, FQM has some very fine attorneys and since the contract has not been put into effect, or validated as an attorney would say, FQM might just choose to unwind it and save a bunch.
This is going to get very interesting....
Absolutely true!!
Clearly he is mocking you. SP is often irrational in the penny stock world, all that you need to ask yourself is whether you believe that this companies earnings are going to grow significantly. If the answer is yes, and since the current earnings are already respectable, the SP will eventually catch up. If you don't think the earnings are growing, then you can do better, so sell and invest where you see opportunity.
If only, he would just stop whining, and whining, and whining, and insulting a very ethical, well educated, competent, team of professionals that we have running the company!!!
Not offended at all, gabbs.
Just having fun pulling the village idiot's chain a little. We traded at a good price in the late 1990's and then the stock was really, really cheap (+-$0.03/share) around 2002-2003. Those who averaged down did really well from 2006-2008 particularly if they locked in some big gains. The bottom fell out in 2009 when we couldn't get a permit to operate from the government.
Since then we had a nice bounce back in 2011 and have really been just drifting since then. Now we are ready for another climb to newer heights and by FY 2016 we should be fine. A lot of those in Panama who control the 70 million shares or so, have a lot of shares from the 'good old days' when they were three or four cents a share. Some having on site information and ahead of the news curve, have picked up some nice money trading the stock the last couple of years, as Don Winner recommended be done in 2010, I believe. It is not very difficult to make money with this stock and, as long as fundamentals are strong and the company is growing, there is little risk.
It may take four or five more years, but eventually the stock will reach its fundamental potential and be recognized as such in the markets. In the meantime it is just fun watching the bouncing ball and listening to the chatter on the boards. Sometimes there is intelligent effort and analysis...sometimes just pure ignorance and stupidity. It doesn't take much to tell one from the other. When someone is purposely lying, I like to speak up so that those who might not be really well informed do not make a mistake. Most of those who are the laziest and loudest probably couldn't buy a first class ticket from Miami to Panama City with all their holdings. So it is just entertainment.
Good luck in whatever you choose to invest your money. Western lands, oil, and interior hotels are the next big 'things' for Panama, along with the mining sector. FQM is also still a great buy at this level.
You missed the point totally!!!
English must be a second language...You have been crying like a spoiled baby for lower projections!! Then, just to show the stupidity of your position, I gave you one that was absurd!! And you swallowed it hook, line, and sinker!!! And then you complained that it was too low!!!! ROFLMAO!!!
The most absurd causal correlation to your lack of analytical ability, is that even that figure would return you 50% profit per year over the next two years, and yet you are so afraid of circumstance, or so broke, that you do not average down even at this point where forward PE Ratio is less than 3.0!!!
You reinforced the hypothesis that we will have you to chuckle about over lunch at Richard's restaurant for the foreseeable future. Thanks for providing a diversion while we wait for FQM to take charge and we are able to move on to our destiny.
Did you buy any FQM? It is up about 20% since the Chinese have started to buy shares. OMG another missed opportunity!!!LOL!!!
If you are not forced to sell out, because you can't pay your bills like PMC, you will actually, eventually, probably, get back to even and then maybe, potentially, reluctantly, sell and take your 10% profit after four years of anguish!! But, at least remember you provided a lot of entertainment, while the rest of us
were making money....has anyone given you the quarterly numbers yet? OF COURSE NOT!!!
Four votes against $1.00 in 25 months!!
Your opinions are noted and appreciated. Hopefully many more will follow your opinions rather than mine and there will be plenty of
cheap shares to accumulate between now and May 21st!! Taxes are done and now it's time to get serious about scooping up some more fruit that is laying on the ground. Hope the Chinese are thoughtful enough to go slowly!! I was frankly surprised to find four on the board who were still afraid of downside risk. Will have to wear ear plugs if we go to $0.35!!!
Quarterly data is out...but it is not from and 'official' source so you will have to wait.
Investing #101 for dummies!!
Example:
Did no DD, saw PTQ going up!! Bought 1,000 shares @$1.10!
Whoops!! It went to $0.35!! Actually did some DD and saw the company was strong and growing. Bought 4,000 shares @$0.35!!
Now I have 5,000 shares and invested $2,500.00.
Did a lot more DD...company now profitable for two years and growing.
Bought another 2,000 shares @$0.35!!!
Now I have 7,000 shares with little downside risk and an investment of $3,200.00 or an average cost of $0.46!!!!
I may even be green this week!!!!
When the stock returns to $1.10 as money comes back into GDXJ I have $7,700.00 or a nice profit of about $4,500.00 less commissions etc.
OR, I CAN SIT LIKE A FOOL AND CRY AND HOLD MY LITTLE 1,000 SHARES @$1.10 AND WHEN THE STOCK RETURNS TO ITS ORIGINAL VALUE SELL AND MAKE NOTHING!!!! WHOOP-DE-DOOO!!!
Maybe along the way I sold off a little when the stock surged irrationally with the HT or whatever and all my remaining shares are actually cost free like some of Eric's.
That is the lesson for today!!!!! If fundamentals are strong and growing you average down!!! If not you sell, take home the tax loss, and move on down the road!!! LOL!!!!! OR YOU CAN JUST ASSUME THE FETAL POSITION, SUCK YOUR THUMB, AND CRY, CRY, CRY, AND MOAN!!! ONLY THE FORMER ACTUALLY MAKES MONEY!!!
THAT IS WHY IT IS CALLED INVESTING AND IT IS ONLY A GAME FOR GROWN-UPS!!!ADD A COUPLE OF ZEROS TO THE NUMBERS AND IT LOOKS MUCH NICER AND WORTH WHILE.
And for the next two years...
Invest in Petaquilla for the future not for the present. You will definitely see $1.00 before FY 2015! That would be about 50% per year ROI. You think you can do better with T-Bonds??? I know that is a foreign concept, but it is called 'investing-for-the-future'.
You really think there is too much downside risk right now to purchase more stock??? It takes money to make money and you must have a pile of chips to be in the game.
Is there anyone on the planet who does not think we will see $1.00 in the next twenty-four months???? Most of us think we will do much better than that and have positioned ourselves to take full advantage of the buying opportunity!!!
Did you note that Sprott got $500 million from the Chinese today to invest in mining equities??? Hmmmm...smart people those Chinamen!!!
Just pulling your chain JFF7, only our village idiot would short gold at this moment, or not invest more in our company.
OMG!! 18,000oz. would be a +38% YoY!!
The market could not stand it!!! There would be complete chaos and
shares might drop to $0.25!!!! JFF7 sell short quickly now!!!
NOTE THE TRADING VOLUME TODAY...THE MARKET IS PARALYZED WITH FEAR OF GOOD NEWS!!!
Q3 is always difficult.
This year it was even more so with the ramp-up of the expansion, as well as the scheduled maintenance. No matter what the numbers many will not be satisfied. Just the nature of the beast. You wonder why some with little patience or foresight ever invest in the company. But don't forget...it is the naive and emotional that allow us to invest and trade and make serious money at their expense. Be thankful for all of them. Those who have been selling down the SP are providing the rest of us with great opportunities. Two years from now no one will care what the numbers for Q3 2013 even were!
The big show right now is the FQM deal!!!
Recent history.
Q3 2011....14,064oz.
Q3 2012....13,040oz.
Welcome back Loji, thought cartel had kidnapped you in TJ!!
16,000oz. for Q3 2013 would be a 22.7% YoY increase!!! Shares would collapse!!!
17,000oz. for Q3 2013 would be above a 30% YoY increase!!! SP would drop below $0.35 on that much good news!!!!!!
Thanks for the effort.
It had not occurred to me to go back and check the lag times. I know that at least one of those times they were dealing with conversion to IFRS reporting and that took additional time. So we will keep watch a while longer. I am certain sales were between 12,500oz. and 25,000oz. AuEq.!!! Whatever it was I just hope we had a positive EPS.
Have a good evening...
It is impossible to forecast.
Because of the environment and location of the project, and the many things that can happen it is just and exercise in futility. if we were in Tucson, Arizona it might be different.
They have made estimates based on the best information available a the time, but it will never be accurate. Better to just say nothing, since the market is irrational anyway.
54 hours until the HT closes. I expect and announcement from FQM on Friday. I don't think we will hear anything from PTQ until April 15th.
YEAH!!! SOMETHING WE AGREE ON!!
NO MORE GUIDANCE, NO MORE PROJECTIONS, NO MORE INFORMATION UNLESS IT IS SIGNIFICANT AND MUST BE DISCLOSED AS DEFINED AND COVERED BY SEDAR AND SEC RULES!! NO MORE FORWARD LOOKING INFORMATION DISCLOSED. LET THE FACTS SPEAK FOR THEMSELVES!!!
I see your point and there we agree.
It is management's fault that they make any guidance or project numbers. I was thinking more in the direction of failed operations for anyone being at fault. I think my position is beginning to win converts within the company and that ultimately they will no longer provide information not required by law.
There was going to be a new Corporate Presentation posted prior to PDAC and I think that was killed just for the reasons you mention. I tell them over and over, do not publicize anything that is not absolutely required under the SEDAR or SEC regulations. Little investors have no need to know, and analysts and large investors will come and see for themselves, or at least attend the invitation only receptions at the various shows where one must qualify to participate. I am still hoping that they take the company private. It would be so much easier. The actual MD&A can also be made much more brief and still comply with the laws, now that I think about it.
In the meantime I hate to see you miss the opportunity to ensure, by insuring a profit like JFF7, that when the SP reflects the fundamentals and the sector returns to normal you will make money. I am happy with our progress to date, particularly with the defeat of Inmet in court, and really don't care about the SP at this time. If it drops to $0.35, which it just might, I will buy heavily again.
If you can find another company out there with better potential and a lower PE I would love to know the name.
It is my understanding that tests...
have shown the ore can be processed without a problem in Panama. The total cost with transportation would be less than $750.00/oz.
The copper could probably go up the road to our new neighbor's plant in Las Cruces. The key to everything is the economic viability of whatever process is used, not the recovery percentage. If we can obtain $750.00/oz. AuEq. we should be fine. I have also heard that the g/t may turn out to be 30% higher than we anticipated. I guess we will learn when the new LP NI 43-101 is filed.
." Who's making money?" Petaquilla!!
Let me try to explain:
If you go to the quarterly statements over the past two years and look at the EPS, EBITDA, and STOCKHOLDERS EQUITY lines you will see that the company has been profitable for over two years.
If you hold shares in a company that is down primarily due to sector outflow verifiable by GDXJ comparisons, and you believe
the company will return to normal levels when the sector does, if you buy more shares while it is depressed your average cost will be lower and you will earn a profit when the shares return to their fundamental value. That is ,"Why in the hell would I want to buy more shares..."if you believe in the future. If you don't believe then you should sell, capture your tax loss, and move on to a better prospect in your judgement. If you cannot follow what I am saying then talk to someone with investment experience to explain the concept to you.
Why would you say something like this? "In one of your supposed discussions with Fifer..."Is it bitterness because you have lost money due to your own poor judgement? Are you envious? You are certainly welcome to come to Panama as have many investors and talk to whomever you wish personally. As I have said many times, I would prefer that no guidance be given since there are macro events, and other things beyond the control of the company that can cause the numbers to be missed. Do you have any evidence that missed production numbers are the fault of anyone in the company? If so, please share it with the board.
"I suppose Fifer's getting his missed projections in early for next year."Actually no, that is my projection, not something from the company. I am sorry you are so miserable, but I really can't reach you or help you. If you do not average down when you have the chance, you will just be bitter forever knowing you missed another boat.
Was that a commitment to average down?
I was not sure. We may do 70,000oz. this year which is more than last. As you know I have always advocated for no guidance or projections and only putting out the legally required PR's and filings. I think that would save money and make for much less drama.
If we did 13,000oz. in Q3 then we would need 21,500 for Q4 to make 70,000oz. for the year. That is probably a pretty good guess now that the 4th mill is running. Next year we may get to 90,000oz. If gold stays up we will continue to make money, and that is all that counts.