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Last year we sold 13,040 in Q3.
We managed to earn $0.02 EPS. Hopefully we have done more this year. It would be a major disappointment if we did less, but that is very possible with the expansion start-up. So I guess we will know by April 15th unless they request a delay.
Friday FQM should announce the results of their HT. No doubt they have the 66 2/3% that they need to close the deal within two or three months. So we will start FY 2014 with a new neighbor.
I imagine that AuEq. sales of less than last year would shake out some more small shareholders, so watch out for falling fruit!! If we actually lost money in the quarter ending our streak, SP should really fall off for a while. Volume available may not be too large though.
In the meantime, we are again just drifting along...
Jal,as Bob said today.
Most of us are not concerned with the SP now,or a month from now. We like the direction the company is taking and have confidence in our management team. They are well qualified and doing a very good job. Neither are they concerned with the events of the moment that mean little. I am also very curious about Q3 numbers, but that is all it is. They choose their priorities and concentrate on important things. April 15th the numbers will be filed if not before. You need to take another beer or Valium!! All will be well before Cobre Panama ships its first pound of copper.
In the meantime, you may get a great opportunity to average down and make yourself green at $0.50-$0.55. MAKE SURE YOU TAKE FULL ADVANTAGE!
JFF7 You draw the line.
Now $0.45, future $0.35, further future $5.50!! There you have the vertical axis points. You do the horizontal axis for the time line!!! I did the easy part!!
Poor old Jal just can't understand!!
Digs deep into vocabulary and comes up with blowhard, idiot and 'pumper'.
Yes, it may go to $0.35 in the near term. Yes, it is worth more than two dollars per share. Probably, between $5.00 and $7.50. Because you are unable to grasp the relationships you remain in the red and broke. Come to terms with your life and let the rest of us make money in peace. When you sell at $1.10, as you promised, and then watch the rest of us ride it up over the next few years you will still be POW as you might say and understand. No worries about this investment!!!
Still no Q3 numbers and that may affect near term SP.
$0.35 is the buy target.
As I have been telling you. Why don't you listen??
Still no vote. Here is timeline.
The euro zone took the unprecedented step of taking a bite out of depositors' accounts in Cypriot banks to help pay for its bailout of the island's financial system, a high-risk decision that could erode savers' confidence across the currency bloc and add to popular anger over its handling of the crisis.
The decision to raise €5.8 billion ($7.6 billion) from taxes on depositors—including individuals with small amounts in their accounts—risks a political backlash for the newly elected center-right government on the Mediterranean island and a wider political fallout for the euro-zone leaders who are guiding the bloc's crisis strategy.
Asian shares and the euro fell sharply in early trading Monday as markets reacted to the bailout. Japan shares dropped 2.1%, Hong Kong fell 2.0% and Australia fell 1.4%. "The feeling is that the euro crisis could be back and that you could see full-on contagion," said Shane Oliver, head of investment strategy and chief economist at Amp Capital in Sydney. "But I suspect that we are going to hear reassurances from other countries."
A tax on depositors—6.75% on deposits up to €100,000, and 9.9% above that level—was the only way out for the bloc's finance ministers after Germany, the euro zone's biggest economy, and the International Monetary Fund insisted that financial aid to Cyprus should be limited to €10 billion.
With the money due to have been withdrawn electronically from bank accounts over the weekend, politicians in Nicosia were discussing how they might adjust the levy to make it appear fairer. Monday is a public holiday on the island, when banks are closed, but European officials said contingency plans were being put in place to calm any turmoil in the country's financial system when the banks eventually reopened.
Since the global financial crisis began in 2008, few European bank depositors have taken losses. Denmark forced some large depositors to do so in 2011, when two midsize lenders collapsed. Iceland also decided not to repay foreign depositors when it suffered a bank crisis in 2008—although the British and Dutch governments stepped in to make sure savers didn't incur losses. In 1992, Italy imposed a small tax on its depositors.
European Pressphoto Agency A woman found this Bank of Cyprus ATM was out of order Sunday.
As the currency union's finance ministers, the IMF and the European Central Bank worked to contain the cost of the bailout, officials early Saturday morning crossed a red line they had avoided during the five-year financial crisis: making depositors pay for saving their banks.
To get there, the ECB threatened to send Cyprus's two biggest banks into liquidation, a move that would have sunk the island's financial system and, its president warned, could have led to its euro-zone exit.
European officials on Sunday emphasized that the levy was a one-time tax for Cyprus—based on the huge size of its banking system compared to the relatively puny size of the country's economy—and wouldn't be replicated elsewhere in the currency union. But the deal sends a signal to the rest of the euro zone that the bloc's richer nations are increasingly reluctant to transfer the costs of insolvent banks and governments onto the shoulders of their own taxpayers.
Over 10 hours of tense negotiations, euro-zone finance ministers hammered out the rescue for Cyprus, a nation of 800,000 people, an economy of less than €18 billion, and an opaque banking system with some €70 billion in deposits, many of them held by Russians and other foreigners.
But the final deal has triggered protests and cash withdrawals in Cyprus, where it imposes losses not only on rich Russians who took advantage of the island's lax bank rules, but also on ordinary Cypriot savers and companies.
"It was the worst time in my life. It reminds me of the invasion of the Turks in 1974," said a Cypriot official involved in the negotiations.
On Sunday, the government in Nicosia delayed the planned vote in Parliament to adopt the tax just three weeks after national elections because of questions over whether it could get a majority for the measures. That has raised doubts on whether banks can reopen as planned Tuesday.
This account of the negotiations in Brussels, the discussions that led to them and the expected fallout, is based on interviews with eight officials who participated in or were briefed on the talks.
Going into the meeting Friday afternoon, the challenge was big: An initial assessment of Cyprus's finances in January revealed a financial shortfall of around €17.5 billion—€10 billion of that just for its two biggest banks: Laiki Bank and Bank of Cyprus PCL.
A bailout of the banks would have driven the country's debt load above 140% of gross domestic product, prompting demands from Germany and the IMF that depositors in Cypriot banks take on part of the burden. Those calls had encouraged many depositors to pull their money from Cypriot banks, or split them into several bank accounts to avoid breaching the €100,000 deposit-insurance limit under European Union law.
Amid fears of a bank run, Dutch Finance Minister Jeroen Dijsselbloem called an emergency meeting of his counterparts for Friday afternoon.
The timing would allow EU leaders, who held a planned summit in Brussels Thursday and Friday, to avoid the Cyprus conundrum. Crucially, however, Monday is a public holiday in Cyprus, which would give officials an extra day to implement decisions involving deposits.
Just after 5 p.m., finance ministers, IMF Managing Director Christine Lagarde, ECB executive board member Jörg Asmussen and the EU's economic-affairs commissioner, Olli Rehn, filed into a meeting room on the fifth floor of Brussels's Justus Lipsius, which houses the EU's ministerial meetings and summits. Cyprus's newly elected President Nicos Anastasiades stayed behind in the country's delegation room on the seventh floor, ready to approve or reject any potential deals.
Mr. Rehn was the first to make a specific proposal. To raise funds, Cyprus should impose a special levy on deposits, taxing accounts of less than €100,000 at 3%, those up to €500,000 at 5% and those above at 7%. Such a "solidarity levy "—the brainchild of Thomas Wieser, an Austrian who chairs technical discussion among euro-zone finance officials, and Mr. Asmussen— could avoid a straight "haircut" on deposits, which they feared could be too destabilizing for Cyprus and the rest of Europe. The tax would be applied to all Cypriot banks, not just the two in deep trouble.
But Ms. Lagarde had something else in mind. The IMF chief presented a much more radical plan, in which deposits above €100,000 in Laiki and Bank of Cyprus would have been cut by between 30% and 40%. The owners of senior bonds in the two banks would also have faced losses—a step that was ultimately rejected. That plan would have limited the international bailout to €10 billion and raise some €7.5 billion from depositors.
It quickly garnered the support of German Finance Minister Wolfgang Schäuble, as well as the delegates of Finland, the Netherlands and Slovakia—all countries with strong, bailout-wary parliaments.
Cyprus Finance Minister Michalis Sarris said losses on savings—whether through a straight-out haircut or a tax— weren't acceptable to his government. But Mr. Schäuble , who wanted Nicosia to raise at least €7.5 billion from depositors rejected his alternative proposals.
"We found the plan tough, but clean and quick," said one of the officials involved in the talks.
At around 10 p.m. Mr. Sarris went to brief Mr. Anastasiades, who approved a more limited levy: 3.5% on deposits below €100,000 and 7% on bigger accounts. At that moment, Cypriot officials took an unprecedented step: They decided to freeze all electronic transactions from the island's banks to prevent a last-minute pullout in case the deal was leaked. But when Mr. Sarris returned to the fifth floor to presented that proposal, he found few takers. After another round of discussions, in which Mr. Schäuble demanded a tax of as much as 18%, Mr. Sarris was ready to accept a levy of 12.5% on deposits above €100,000 and 7.5% for smaller deposits.
He went back up to brief the president and Mr. Anastasiades rejected the deal, threatening to leave. At that point, around 1 a.m. a small group—including Ms. Lagarde, Mr. Rehn, Mr. Sarris, Mr. Schäuble, France's Pierre Moscovici, Mr. Asmussen and Mr. Dijsselbloem broke off into a separate room. It was then—as other ministers snoozed or played on their iPads— that Mr. Asmussen told Mr. Anastasiades that without a deal, Cyprus's two big banks faced insolvency, since they would have no prospect of European funds to repair their battered capital buffers, said people who were present. In that case, the ECB would no longer be willing to fund the banks with central-bank emergency liquidity, Mr. Asmussen said, these people said. The implication: The island's biggest banks might be unable to reopen after Monday's bank holiday.
Mr. Asmussen backed up the warning by calling ECB President Mario Draghi and letting him know the central bank might have to deal with the collapse of Cyprus's banks.
The ultimatum carried echoes of the ECB's threat to cut off emergency liquidity for Irish banks in late 2010, which forced a reluctant Irish government to accept a euro-zone bailout.
Mr. Anastasiades gave in, but insisted that no deposit be taxed at more than 10%. In a final round of talks, Mr. Sarris hashed out a compromise with the ECB's Mr. Asmussen, the IMF's Ms. Lagarde, Eurogroup head Mr. Dijsselbloem and the Commission's Mr. Rehn.The levies were settled upon, but levels were under discussion Sunday night in Nicosia, with the likelihood the rate for smaller depositors would be cut and those for larger ones raised.
"It's not a pleasant outcome, especially of course for the people involved," Mr. Sarris said Saturday morning. "But we believe that it is something that compared with other possible outcomes is the least onerous."
Burst of the bubble!!
Was it the eminent default of Argentina, or the looting of savings deposits by the EU under the pressure from the US Treasury and the IMF that finally started the collapse of peoples faith in fiat currency? How would you like to wake up to the news that the government has looted your savings account and the money is gone?
All you get is a piece of paper saying you now own part of the broken bank!!! Don't say it can't happen....it just did!!! Now watch the price of gold!!!
Watch the riots in the streets as people try to get money from empty ATMs before banks open tomorrow!!! THAT IS BRUTAL!!!
It can go very quickly...In Argentina in 1991 inflation went from 16% to 1,300% in a few months. Look at those poor people in Cyprus trying to withdraw their savings and their money is gone!!!
Jim Sinclair you were right!!!
PTQ sells to PDI who sells to FQM.
Contracts all go to PDI. We do not yet know the price break on the aggregate from PTQ to PDI. Don't forget to count the money they are receiving via the land deal. FQM may even accelerate some of that. The budget indicates a forward P.E. Ratio of about 3.2. The POG is expected to rise moderately over the next twelve months.
We may get another SP drop if Q3 numbers are bad. It is unusual for them not to release preliminary numbers by now. Maybe they are not good.
Very consistent! No control of GDXJ.
When the share price goes above $1.70, perhaps in April 2014, after the warrants have expired and Q3 2014 is filed, will you give him credit for being right, well ahead of the curve? Tell us all when was the last time you spoke with Steve, and had an in depth conversation concerning Petaquilla? Surely you would not have made your post without discussing the situation with him. That of course is the professional approach.
What difference does it make what the share price is in 2013 before the warrants expire, as long as it reaches $2.00+ down the road? Those with the foresight to invest back when it was $0.03 are still quite content. Even at these levels it is still a bargain based on fundamentals; over the long term that will be what the share price will reflect.
In the meantime if it goes to $0.35 buy a bunch; you will ultimately be glad you did. What real difference does it make if you get a ten-bagger in five or ten years? Not that much...the point is do the DD and keep up on your investment. If you bought it at $0.70 why would you not invest more in a much stronger company now at $0.45? If you think the fundamentals are worse and the potential is less you should of course immediately sell!! Anyone who is not green by $0.60 by now has missed the boat. Did you notice that Sprott did exactly that last year?
Did you look at the consensus estimates for the price of gold in 2013? Do you have any idea of what our forward P.E. Ratio actually is now? Do you understand that our drilling in Spain of the twinning holes show 30% higher grade ore? Do you understand how much cap/ex we have saved with the land deal, and how much more access we will have cost free to our reserves? Do you understand that FQM will not spend cap/ex to develop quarries in the jungle, with all the associated equipment required, but buy three times as much aggregate from us? Do you have any clue what the change from Inmet to FQM actually means to Petaquilla? Do you even have a small clue what the election of a Jesuit Pope has on the potential for development of Cerro Colorado on the Comarca and how that relates to Petaquilla?? Probably "NO" is the your answer to all of the above.
All of the above has happened since the decline in our share price caused mainly by sector decline as the numbers seem to show.
Perhaps you are right and, in spite of the above, there is nothing but downside risk. Terrible time to average down!! It was a bad deal at $0.70 and a much worse one today at $0.45. Thank God for people like you who make it so easy for the rest of us to grow wealth!! Please keep posting!!
If you have a better stock in mind with stronger long term potential and less current risk, please share it with all of us.
Absolutely! Definitively more than 66 2/3%!!
It would be nice if they can get to 90% before Thursday night and wrap this up quickly! Still looking for those Q3 numbers.
I guess I have it wrong.
I thought that FQM would only get 80% of the project since that was all that Inmet owned. I could not see how they could close out the Korean's 20% share also which Inmet did not own.
Very well spoken....
Most cashed in and then sold above $1.00.
About 18,000,000+ million $0.65 warrants were cashed in before the run up and then sold at a very nice profit at around a dollar in the winter of 2011.
Same thing happened with the PTQ HT. Those in the loop bought heavily early and then sold off, Sprott was one of them, before the expiry for another nice profit.
All that is left of the $0.65 warrants, 4,810,000 will expire on May 21st (3,964,000) and June 1st (846,000). You can be fairly certain that all of those will expire.
Then we jump to the big bunch @$1.45 that expire at the end of the year. 23,399,402 on December 30th, 6,100,598 on January 7th, and finally 2,500,000 on January 26th.
That is about 18% dilution that will be avoided. As Loji stated, either way there is some upside from the current mid forties where we are now. Since PTQ never reacts to better fundamentals, there is no reason to believe the stock will move above that $1.45 level in the next twelve months.
My guess is that we will see some real appreciation near the end of calendar 2014. In the meantime we may visit the mid-thirties again. Continuing to pour money into exploration and growing the company will keep the EPS down and of course PDI will be gone. In the meantime it is fun to watch our little oak grow. Someday we will soar "over the rainbow"!
Those who don't want to wait might as well sell and move on. Patience and fortitude is what it takes to make serious money.
Think of those with the understanding to buy ten years ago @$0.03, not one of them ever seems to complain. It is not about the quick money, it is the legacy!!!
Oh Well PTQ -45%, GDXJ -55% 2Yr.Chart.
We are actually doing a little better than the market. Now if I had just bought Inmet back in July when it was $37.02 I would be doing fine. Tell your friend with the two year holding just to keep the faith. When GDXJ returns to normal I think we will be well above the median.
Have a good weekend.
Inmet trades return to normal.
FQM trades slowing, but still twice normal.
It would seem that Inmet has thrown in the towel since they did not respond to FQM latest PR from March 12, 2013. They have taken down the rejection banner and information.
If you want a copy of their Cobre Panama Engineering Study or other like materials, now would be a good time to grab them as I suspect they too will disappear next week.
Tilk & company now go to the dust bin of history and their fifteen year effort in Panama went for naught. FQM will have to move very quickly to make up for lost time. I wonder what happens to the Koreans who were owners of 20%? Are they now partners with FQM? And then also there is the FN PM stream agreement? And of course last, but not least, how will the definitive agreement with Petaquilla turn out when the lawyers are done preparing documents for signature. Come to think of it, don't the Singaporeans have five-hundred million in escrow somewhere?
I am disappointed that we did not get Q3 preliminary numbers today. They had been very consistent in providing them by the end of the second week following the close of a quarter. That creates a concern that they may not be good, because of the time it took to get the expansion up to full speed in December. If I remember there was some talk about deferring payment in gold to DB,because of production short fall. Over the long run it really makes no difference now that we are up and running at 8,000oz./mo..
18,553,800 warrants @$0.65 were exercised!!
If you want private...go private...if you post stupidity publicly someone has to call you on it. To suggest that one would exercise $0.65 warrants when you could buy the shares on the open market for $0.45-$0.48 is probably the most ridiculous suggestion to date. As I said you could buy the same number of shares on the open market for about $730,000.00 less!!!
Stop lying!!! "Up until now they haven't converted one single warrant that I'm aware of, so what's that tell ya, Genius."
Now go read the audited financial statements. Again 18,553,800 warrants @0.65 have been exercised!!! That was the majority of the warrants at that price!!! You really need some serious counseling!!
IF YOU CAN'T FIND IT...IT IS ON PAGE #41!!! YOU SHOULD AT LEAST READ THE AUDITED STATEMENTS ONCE A YEAR BEFORE YOU PONTIFICATE!!
Still over your head?
No one said anything about $0.45 warrants!!! Try reading very slowly!!!
instead of buying an equal number of shares on the open market for $0.45 or a 31% discount from the warrant price. That was @$0.65 that you wanted to convert!!! 3,964,000 remember!!
If you still do not understand. I cannot help you. Your idea was to throw away about $730,000 dollars coverting warrants instead of just buying the same amount ON THE OPEN MARKET!!! NO MENTION OF ANY $0.45 WARRANTS!!
That makes a lot of sense!!
One should convert $0.65 warrants because of faith that the share price will go up someday, instead of buying an equal number of shares on the open market for $0.45 or a 31% discount from the warrant price. Yep! That is astute investing analysis!! Sure to make a lot of money with that deal!!
From Don,
First Quantum has its work cut out on Cobre Panama
Pav Jordan - It took six months and more than $5-billion for First Quantum Minerals Ltd. to get its hands on Cobre Panama, one of the world’s largest copper projects.
The trick now will be to build the mine on time and on budget in a world where costs have skyrocketed and the outlook for metals prices is murky. Moreover, Cobre is to be built in a country, Panama, that has virtually no mining industry to speak of.
Vancouver-based First Quantum gained control of the project this week with the hostile takeover of Inmet Mining Corp., and hopes it can shave as much as $1-billion (U.S.) from the $6.2-billion construction cost budgeted by its current owner.
The mine, already fully financed under Inmet, will be the largest ever in Central America and represents the most ambitious development project in Panama since the building of the Panama Canal. After it comes into production in 2016, it is expected to produce about 300,000 tonnes of copper a year for 40 years.
Analysts are divided on whether First Quantum can build Cobre Panama more cheaply than Inmet, pointing to such massive cost escalation across the mining industry that it has felled free-spending CEOs and decimated smaller companies.
Specific challenges at Cobre Panama include the scale of the project, which is much bigger than anything First Quantum has built to date, and working in the Panama rainforest. The company will need to work with the government and local communities to assure them the project will proceed as planned under Inmet.
“The company has provided no information about where they think they could save on the costs as estimated by Inmet, and given their lack of experience in that part of the world … my assumption is that they won’t find any cost savings,” said Salman Partners Inc. analyst Raymond Goldie, pointing out the industry has seen cost inflation of about 15 per cent in the past year alone.
TD Securities Inc. analyst Greg Barnes said in a recent report that costs could be as high as $7-billion, and also forecast the project might take a year longer to build than Inmet’s base case scenario.
Delays have had among the most injurious effects on a project’s costs, especially where work forces numbering in the thousands must be maintained and co-ordinated.
On the other hand, analysts point at First Quantum’s mines in Mauritania, Zambia and Australia as proof it can build projects cheaper than rivals.
“By their own admission, First Quantum has identified about $1-billion that they don’t think needs to be spent on the project,” said John Hughes, an analyst with Desjardins Securities in Toronto.
First Quantum declined to comment because its acquisition of Inmet is not yet complete, with the deadline for shareholders to tender to the deal on March 21.
In an interview in January, First Quantum said the company could extract savings from indirect costs, such as contractors and staff not directly associated with equipment and plants.
The company had access to Inmet’s confidential books for nearly a week in February, including a visit to the property, but it may be months before it has sufficient data to map a cost-savings plan.
While differing on how much First Quantum can do to reduce costs, analysts agree the company will be challenged by a volatile copper market and uncertain demand from key markets. They point out that Panama, while politically stable, has no mining culture.
“Panama is not exactly a proven mining district,” Mr. Hughes said. “Without a real history and structure and without precedent set with regards to large mine development and construction, the Cobre Panama will be, really, the test project for existing mining laws in Panama.” (theglobeandmail.com)
Hmmm...wasn't thinking of you.
You post articles and bring a reasoned, if wrong, argument to the board. Always welcome. Glad to see a good future...hope we reach your decent exist point soon.
Only fits one ankle biter here!!
The concept of “trapped longs” simply applies to market positioning where the market is long, wants to sell, but can’t (or won’t).
Most longs do not want to sell, but rather add to their positions whenever possible. With all the squawking you would think he would
just sell and go away!! LOL!! Used to be fun to watch...but getting old now.
Maybe Q3 numbers tomorrow!! Watch the SP tank!!!
Words of a fool.
"...but PTQ has done nothing to earn it to date."
PTQ management has:
1. Explored Petaquilla mountain where UN determined in 1960 that there was gold and copper, but concluded that the area was too impenetrable to develop.
2. Raised money and built a state of the art computer controlled gold processing plant 25 miles from the dearest road deep in the jungle where absolutely no infrastructure existed.
3. Brought the facility into commercial production to the point where it is now producing 8000oz. of AuEq./month and has turned
in NINE consecutive profitable quarters!
4. Defeated in court seven lawsuits brought by a company many times larger and represented by Morgan & Morgan, one of the most prestigious law firms in the region. Several of these suits designed to steal the company's lands and rights persisted over several years. The company team prevailed in every single one, at every court level in Canada and Panama.
5. Participated in over twenty international shows and conferences attracting over twenty large institutional and mutual fund investors.
6. Successfully diversified into Iberia obtaining in competition over fifteen PM concessions at a cost of about $30.00/oz. Au in reserves, more than doubling company's future production potential.
7. Successfully obtained operating permits in Andalucia where no mining had been allowed for twenty years because of environmental problems.
8. Attracted and hired world class executives onto the management team.
the list can go on, and on, and on....but what is the point.
Constantly whining about the company when the entire sector is off 50%, and over events generally out of company control, is absurd and ridiculous. I guess one must just need to consider the ill informed ignorant source of the constant criticism and rants. Never an analysis, constructive suggestion, or helpful interpretation, just emotional garbage not fit to be expressed.
Rumor has it FQM now above 66% Inmet.
Still a lot of trading in Inmet stock as traders tender the shares and squeeze out every penny. Lots of confidence in future of FQM shown in their volume also.
Good news for PTQ coming very soon!!! Should knock price down another nickle!!! LOL!!! Buying Opportunity!!!
Most unhappy stockholder!! LOL!!
If ever there was a guy who should just sell and move on, you fit the bill. Why didn't you buy at $0.35 and sell at $0.60 and make some decent money on the HT run up??? DUH!!!
Nice volume on both FQM and INM as more see the potential of FQM and more traders pick up shares to tender before the 21st.
Don't forget to buy some more when it drops to $0.35 as I have been saying for three weeks!!!!
No volume T.PTQ, Heavy volume INM, FQM.
And so it continues, INM up to $71.00 as traders buy up shares to tender for $72.00, and FQM moves up as people realize the strength and potential of the new company being formed. PTQ will probably drift until all this is settled and move lower on more good PTQ news at the end of the week!!
There is no definitive agreement.
Inmet's attorneys will be replaced by FQM's and there may be some changes. I see no reason to fear that any changes will not be of benefit to both parties. Perhaps a one time cash payment for rights instead of a yearly rent. Perhaps a commitment for three times as much aggregate, but at a better price for FQM. The FN gold deal may be canceled by FQM, since they have plenty of money, and then something worked out with PTQ. Generally, Pascalls' approach to any problem is to try to work things out for the benefit of both parties. No point in getting the cart before the horse, it could take anywhere from one month to a year for FQM to wrap up the situation with Inmet, and then they will tend to these other matters.
You may be right...
which ever way it goes...Inmet will disappear, along with their BOD. MPSA's staff should pretty much remain, although I would like to see a different guy in the top position. One thing for sure they will move things at a faster pace.
DON'T YOU LOVE THE WAY YOU CAN MOVE THE SP 3.2% WITH LESS THAN $50.00 FOR A 100 SHARE PURCHASE!! SUCH POWER!!!
INMET HAS REMOVED THEIR DO NOT TENDER BANNER FROM THEIR WEB SITE.
I think we will see #2.
>66% but <90%. No one is going to come along and jump into this mess with FQM now that FQM lowered the threshold to 50%. They have Inmet by the throat just like a bulldog. They will not let go and just keep chewing until the job is done. Note that over 3,000,000 shares of INM have been traded today along with 7,000,000 FQM.
MPSA is on pretty good terms with the government now that they have reached the commercial agreement with PTQ. However, a lot of important people can't stand Inmet whom they view as a culture-less arrogant foreign entity. FQM's style will go much further in this part of the world. That is why Pascalls is considered the 'best -of-the-best'. Look at the job his family has done in Zambia!
Final thoughts on the subject.
FQM needs about 3,160,000 additional shares to reach 66% of the fully diluted INM OS. The volume of trading today on INM, that is already six times the normal volume, can be attributed to traders who are going to tender their shares for the quick dollars. It would seem therefore the FQM will pick up over 2,000,000 additional shares tendered just from today's settlements. As long as the INM SP is low enough to make a trading profit this will continue for the rest of the week.
Therefore it is not much of a gamble to say that FQM will be successful and be in a position to file a Subsequent Acquisition Transaction that will force the remaining INM shareholders to sell at the offer price. If they fail to tender their shares under the offer, they will lose the tax free benefit and will have to wait for perhaps six months to receive their money. Even the most clueless of our posters should be able to see that that is not a good deal, and that INM shareholders need to tender their shares before the deadline.
Now that this is over...we can go back to PTQ specific news. Q3 numbers are next, followed by that new Corporate Presentation, the LP NI 43-101 and just maybe PDI spin out before we move to calendar 2014. I guess the Red Kite Loan got lost in the shuffle.
That is why I laugh at manipulative conspiracy.
Who would take the time and make the effort for pennies? PTQ will be down by the end of the day...Not much more news until Q3 numbers at the end of the week.
UPDATE 1-First Quantum extends Inmet offer after strong support
Tue Mar 12, 2013 10:08am EDT
(Reuters) - First Quantum Minerals Ltd said it will extend its C$5.1 billion ($4.97 billion) hostile bid for its smaller rival Inmet Mining Corp by a few days after a majority of Inmet shareholders tendered shares in favor of the offer.
Vancouver, British Columbia-based First Quantum said in a statement on Tuesday that a total of 43.2 million Inmet shares, representing about 61.5 percent of outstanding shares, had been tendered in favor of its offer. The offer has now been extended to 11:59 p.m. EDT on March 21.
The strong endorsement from Inmet shareholders takes First Quantum a step closer toward acquiring Inmet and winning control of the prized Cobre Panama project. The $6.2 billion project in the Central American country has one of the world's largest undeveloped copper deposits, which would ease First Quantum's dependence on mines in Africa, particularly Zambia.
Inmet had strongly urged its shareholders to reject First Quantum's offer, arguing that the bid was inadequate.
First Quantum also said its offer has been varied to allow the minimum tender condition to be satisfied if more than 50 percent of Inmet's outstanding shares have been deposited before the new expiry time of the offer. The offer was previously contingent on more than two-thirds of the shares being tendered in favor of the deal.
The cash-and-stock bid, which was earlier set to expire at 11:59 p.m. EDT on Monday, was worth roughly C$5.1 billion, or C$72 a share, when it was announced in mid-December, above First Quantum's two previous offers for Inmet.
Inmet has said it would be willing to enter into discussions with First Quantum, if the company made a "fair" offer.
"While the long-term fundamental value of Inmet has not changed, the value of the First Quantum offer has declined," said Inmet in an open letter to shareholders last week.
Inmet shares rose 1.9 percent to C$69.90 in early trading on the Toronto Stock Exchange on Tuesday, while First Quantum's shares were roughly flat at C$20.65.
Watch Inmet soar to $72.00 today.
Easy money for traders. JFF7 are you in???
Now is we can just get the Q3 numbers by Friday, it will have
been a good week.
By changing the offer to allow completion of the deal with anything over 50% FQM basically checkmates INM since they will control the board in any case. Tilk should be given the boot ASAP!!
If anyone actually bothered to read!!
It is over. Now FQM has cordially extended their offer to allow the remaining 39% of Inmet stockholders to cash in and receive money and or stock (tax free!) prior to FQM taking the second step to squeeze them out over a period of months and cash them out. Very classical move by FQM and certainly speaks well of their management.
WATCH OUT JFF7!!! GOOD NEWS MEANS PTQ TANKS TODAY!!!
UNTIL SHE COULD SING NO MORE!!
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Mar 12, 2013) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (FM.TO)(FQM.L) today announced that, by delivery of a written notice to Computershare Investor Services Inc. prior to 11:59 p.m. (Eastern Daylight Time) on March 11, 2013, First Quantum varied and extended its offer (the "Offer") to acquire all of the outstanding shares of Inmet Mining Corporation ("Inmet", TSX Symbol "IMN"). The Offer will now be open for acceptance until 11:59 p.m. (Eastern Daylight Time) on March 21, 2013, unless further extended or withdrawn.
A Notice of Variation and Extension has been filed with the Canadian securities regulators and will be available for review at www.sedar.com. The Notice of Variation and Extension is also being mailed to Inmet shareholders in accordance with applicable Canadian securities laws.
As at 11:59 p.m. (Eastern Daylight Time) on March 11, 2013, a total of 43,207,256 Inmet Shares, representing approximately 61.45% of the outstanding Inmet shares (on a fully diluted basis), had been tendered to the Offer. The Offer has been varied to allow the minimum tender condition to be satisfied if more than 50% of the outstanding Inmet shares (on a fully diluted basis) have been validly deposited, prior to the new expiry time of the Offer. Accordingly, based on tenders to date, First Quantum anticipates being in a position to complete the Offer and begin taking up and paying for shares promptly following the expiry of the Offer at 11:59 p.m. (Eastern Daylight Time) on March 21, 2013.
If as expected more than 662/3% of the outstanding Inmet shares (on a fully diluted basis) have been validly deposited under the Offer as at the new expiry time of the Offer, First Quantum will be implementing a Subsequent Acquisition Transaction to acquire the balance of the Inmet shares not deposited under the Offer, as more fully described in the Offer circular. Since implementing a Subsequent Acquisition Transaction could take as long as several months, Inmet shareholders are strongly encouraged to tender their Inmet shares to the Offer, to the extent they have not already done so, prior to the expiry of the Offer at 11:59 p.m. (Eastern Daylight Time) on March 21, 2013 in order to receive payment for their shares sooner rather than later.
The Offer has also been varied to allow eligible holders of Inmet shares to make an election providing for a tax-free rollover for Canadian income tax purposes in respect of the First Quantum shares they receive as consideration under the Offer.
Commenting upon the variation and extension, Mr. Philip Pascall, CEO and Chairman of First Quantum, said:
"We are delighted with the overwhelming support that Inmet shareholders have shown for our Offer. We have varied our Offer such that the minimum tender condition will now be satisfied if more than 50% of the Inmet shares have been tendered at the revised expiry time of the Offer. Accordingly, with all regulatory approvals already received, it is our expectation that we will be in a position to complete the Offer and begin taking up and paying for shares shortly following the expiry of the Offer on March 21, 2013.
This is our best and now final Offer. We urge all Inmet shareholders who haven''t yet tendered to do so before 11:59 p.m. (Eastern Daylight Time) on March 21, 2013 so that they can receive the consideration for their shares sooner rather than later.
We look forward to working with Inmet''s management team and Board of Directors to ensure a seamless change of ownership and management of Inmet. We are excited at the prospect of being able to apply First Quantum''s experience and unique skills to Cobre Panama as soon as possible."
Bankers, Advisors and Information Agent
First Quantum has 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 is acting 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
Email: askus@georgeson.com
About First Quantum
First Quantum is a leading international mining company with a global portfolio of copper and nickel assets located in Africa, Australia, South America and Europe. For the twelve months ended December 31, 2012, First Quantum generated revenue and adjusted EBITDA of US$2,950 million and US$1,143 million respectively and produced 307 kt of copper, 38 kt of nickel and 202 koz of gold. A diverse portfolio of profitable operating assets and quality growth projects makes First Quantum one of the fastest-growing mining companies in the world. First Quantum is listed on the Toronto, London and Lusaka Stock Exchanges, with a market capitalization of approximately US$10 billion.
First Quantum has earned a strong reputation as an industry leading developer of high-quality base metals projects globally. Although a significant copper producer currently, First Quantum is itself in a phase of transformational growth, with an anticipated tripling of copper production by the end of 2018. To achieve this growth, the First Quantum team is building on its significant experience in project development, with a proven record of successfully developing resource assets. The capital intensity of our Kansanshi and Sentinel developments, for example, at approximately US$5,000 / tonne and US$6,000 / tonne, respectively, are among the lowest in the industry. Importantly, First Quantum has consistently delivered superior shareholder returns, averaging 32 percent per annum over the period 2000 to 2011.
Forward Looking Information
Certain statements and information in this press release, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the anticipated completion of the proposed Offer and the anticipated strategic and operational benefits of the Offer. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "projects", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
With respect to forward-looking statements and information contained in this press release, First Quantum has made numerous assumptions including, among other things, assumptions about the price of copper, gold, cobalt, nickel, PGE, and sulphuric acid, and other anticipated costs and expenditures. Although management of First Quantum believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that any forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These risks, uncertainties and other factors include, but are not limited to, uncertainties surrounding the ability to realize operational synergies following completion of the Offer, reliance on Inmet''s publicly available information which may not fully identify all risks related to its performance, success in integrating the retail distribution systems, and the integration of supply chain management processes, future production volumes and costs, costs for inputs such as oil, power and sulphur, political stability in Zambia, Peru, Mauritania, Finland, Turkey, Spain, Panama and Australia, adverse weather conditions in any of the foregoing countries, labour disruptions, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations, and the production of off-spec material.
See First Quantum''s annual information form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors, many of which are beyond the control of First Quantum, that might cause actual results, performances, achievements or events to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
While First Quantum may elect to update the forward-looking statements at any time, First Quantum does not undertake to update them at any particular time or in response to any particular event, other than as may be required by applicable securities laws. Investors and others should not assume that any forward-looking statement in this press release represent management''s estimate as of any date other than the date of this press release.
Other
This press release does not constitute an offer to buy or an invitation to sell, or the solicitation of an offer to buy or invitation to sell, any of the securities of First Quantum or Inmet. Such an offer may only be made pursuant to an offer and take-over bid circular filed with the securities regulatory authorities in Canada.
First Quantum has also filed with the U.S. Securities and Exchange Commission ("SEC") a Registration Statement, which includes the offer and take-over bid circular relating to its offer to Inmet shareholders. FIRST QUANTUM URGES INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT, THE OFFER AND TAKE-OVER BID CIRCULAR AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC AND CANADIAN SECURITIES REGULATORY AUTHORITIES, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors may obtain a free copy of the offer and take-over bid circular and other documents filed by First Quantum with the Canadian securities regulators at www.sedar.com and with the SEC at the SEC''s website at www.sec.gov. The offer and take-over bid circular and other documents may also be obtained free of charge from First Quantum''s website at www.first-quantum.com or upon request made to First Quantum at 8th Floor, 543 Granville Street, Vancouver, British Columbia V6C 1X8.
Contact:
First Quantum Minerals Ltd. - North American Contact
Sharon Loung
Director, Investor Relations
(647) 346-3934 or Toll Free: 1 (888) 688-6577
(604) 688-3818
sharon.loung@fqml.com
First Quantum Minerals Ltd. - United Kingdom Contact
Clive Newall
President
+44 140 327 3484
+44 140 327 3494
clive.newall@fqml.com
www.first-quantum.com
Jefferies International
Peter Bacchus
Managing Director
+44 778 994 3482
Media: Harmony Communications
Brian Cattell
Senior Partner
+44 20 7016 9155
And sang!
First Quantum Extends Inmet Offer, Says 61% of Shares Tendered
By Simon Casey - Mar 12, 2013 8:00 AM CT
First Quantum Minerals Ltd. said it extended its offer for Inmet Mining Corp. (IMN) to March 21 and that 61 percent of Inmet’s shares have been tendered so far.
First Quantum said the offer has been changed to allow the minimum tender condition to be satisfied with more than 50 percent of Inmet’s shares. First Quantum commented today in a statement.
To contact the reporter on this story: Simon Casey in New York at scasey4@bloomberg.net
To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net
FAT LADY SANG!!
(Reuters) - First Quantum Minerals Ltd said it will extend its C$5.1 billion ($4.97 billion) hostile bid for its smaller rival Inmet Mining Corp by a few days after a majority of Inmet shareholders tendered shares in favor of the offer.
Vancouver, British Columbia-based First Quantum said in a statement on Tuesday that a total of 43.2 million Inmet shares, representing about 61.5 percent of outstanding shares, had been tendered in favor of its offer. The offer has now been extended to 11:59 p.m. EDT on March 21.
First Quantum also said the offer has been varied to allow the minimum tender condition to be satisfied if more than 50 percent of Inmet's outstanding shares have been deposited prior to the new expiry time of the offer. The offer was previously contingent on more than two-thirds of the shares being tendered in favor of the deal.
The cash-and-stock bid, which was earlier set to expire at 11:59 p.m. EDT on Monday, was worth roughly C$5.1 billion, or C$72 a share, when it was announced in mid-December, topping First Quantum's two previous offers for Inmet.
Inmet is a global mining company that produces base metals with a focus on copper. First Quantum is engaged in the production of copper, gold and nickel.
Of all people who should be profiting!!
JFF7 you know that PTQ always crashes on good news. You are a trader! How is it that you are missing these opportunities???!!!
Wait until Q3 numbers come out at the end of the week...we will drop 5%!!!
Yes indeed!! Down to the wire!!
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Mar 11, 2013) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (FM.TO)(FQM.L) today announced that after receipt of Investment Canada Act approval on March 8, 2013 for its offer (the "Offer") to acquire all of the outstanding shares of Inmet Mining Corporation ("Inmet", TSX Symbol "IMN") that all regulatory approvals have now been received.
Mr Philip Pascall, CEO and Chairman of First Quantum commented:
"Our Offer is full, fair and attractive. Inmet''s largest shareholder, Leucadia National Corporation has already indicated its support for the Offer by tendering their shares. I urge all Inmet shareholders to ensure that this opportunity is not lost through inaction today.
In tendering shares, Inmet shareholders will immediately move toward realizing a significant premium in cash as well as the opportunity to own shares in the premier pure play global copper company with a geographically diverse portfolio of assets, track record of superior returns and exciting growth prospects.
By tendering today, as First Quantum shareholders you will have immediate exposure to the Company''s strengths and renowned project capabilities on Cobre Panama, a project at a critical juncture of its development in a challenging environment.
Our vision of the two companies combined is that a major geographically diversified copper company will be created. We have already outlined the superior growth prospects of the combined entity. To achieve this vision, the combination needs to be established soon in order to exploit First Quantum''s strengths and capabilities on the Cobre Panama Project.
I urge all other Inmet shareholders to tender their shares today before the Monday, March 11, 2013 deadline so that they can receive, as soon as possible, the Offer consideration to which they are entitled."
Advisors and Information Agent
First Quantum has 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 is acting as legal counsel to First Quantum in connection with the Offer.
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
Email: askus@georgeson.com
About First Quantum
First Quantum in morning news re-cap.
3/11/2013.
First Quantum Minerals Ltd. (FM) rose 6.2 percent to C$20.42 ahead of a March 11 deadline for its C$5 billion hostile takeover bid for Inmet Mining Corp. The bid received approval from Canada’s ministers of industry and state today, even as Inmet’s board sent a letter to shareholders advising them to reject the offer.
Inmet shares added 1.2 percent to C$68.52. The company said it is in talks to sell a minority stake in its Cobre Panama copper project.
Questions for Inmet.
The company has stated several times that the Cobre Panama Project is fully funded and permitted. This was restated on March 8th.
Could they please explain the following:
Why did they have to get an emergency loan of $500MM in December?
Why are they desperately seeking to sell an additional 10-20% of Cobre Panama for cash, when that will leave their shareholders with only a 60-70% interest?
Why is MPSA falling far behind the Inmet engineered and scheduled time line for the project?
I am sure that FQM is pushing those points as they make a final
round of calls tomorrow morning.