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Translation is a mess ...
The High Court of Appeal rejected Cocle Wednesday March 2, 2016 the appeal filed by the defense of businessman and former governor of that province Richard Fifer.
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Appeal hearings in cases of Richard Fifer
Court declares legal the detention of Richard Fifer
Interpol in Colombia captures Fifer
Fifer will remain stopped after today's decision last Saturday by the investigating judge, Yazmín Jaen, as part of the investigations that followed the prosecution for the alleged commission of crimes against public administration was confirmed.
The hearing was related to the application of the Anti-Corruption Prosecutor Sixth preventivamante stop the employer for alleged evasion of quotas Social Security Fund (CSS), for $ 3 million 199 thousand through Petaquilla Gold.
The former governor of the province of Cocl & eacute ;, Richard Fifer to be transferred from the Criminal Adversarial System & eacute ;. of Penonom expand image
The former governor of the province of Cocle, Richard Fifer to be transferred from Penonomé Adversarial Criminal Justice System. PRESS / Roberto Cisneros
Fifer was born very early diligence, under strict security measures. Stagecoach began at 10:00 a.m .; at 11:10 a.m. recess was decreed and at about 1:40 p.m. the court announced its decision.
Accomplished diligence, anti-corruption prosecutor sixth Aurelio Vasquez mentioned that since last Saturday showed the possibility of leakage of Fifer, neglect the process and was never localizable in the place indicated his legal representation.
Vasquez said investigations will continue, whose term ends this month.
Fifer face another hearing on Thursday, arising from the request of the Anti-Corruption Prosecutor First stop because another of his companies, Panama Infrastructure Development, would have retained quotas CSS for $ 3 million 331 thousand. - See more at: http://www.prensa.com/judiciales/realiza-audiencia-apelacion-Richard-Fifer_0_4428307244.html#sthash.yfKL27yq.dpuf
Read the last paragraph.....this guy is going to skate on all of this after he shells out a few dollars. How about all the funds he secured from First Quantum...that's in his pocket as well. What a friggin joke. Where is my money and the fraud charges that go hand in hand ???
The Court of Appeal Adversarial Criminal Justice System Cocle confirmed the afternoon of Wednesday the decision of a court guarantees that ordered the arrest of businessman Richard Fifer Carles, on February 27, after imputing charges for alleged withholding of just over $ 6 million employers in labor shares of Petaquilla Gold and PDI societies.
Fifer remain in a holding cell in Penonomé until tomorrow, when the second hearing of withholding quotas will be made, this time by the company PDI.
Aurelio Vasquez, Sixth Anticorruption prosecutor said the court's decision to confirm the emdida was based on the grounds of his office "about the possibility of neglect of the process by the accused". Fifer had run since late 2014.
Meanwhile, the defense attorney Fifer, Marilin Anayansi Melgar, said he hoped that the Cocle mining entrepreneur is considered a different injunction on the grounds that during the period occurred unpaid installments (September 2014 to December 2014) the employer was not in charge of mining.
"Hopefully there is a change" replied the lawyer.
Sources close to Fifer say that is willing to reach a settlement, in exchange is also included in the process Rodrigo Esquivel, whom he passing on the responsibility of paying the installments that never came to the Social Security Fund.
I know you can't get blood out of a stone, but I am surprised a class action was never brought forward here in Canada against PTQ.
Speaking of Glenn Richard Fifer Carles in Panama is talking about mining, but not exactly the best practices in a country with a rich and fragile biodiversity while. The story of the CEO of Petaquilla Minerals Ltd, the holding company Petaquilla Gold, has been plunged into a maelstrom of scandals since its inception.
He began building its gold mine in 2005 in Cerro Petaquilla, located in Donoso Forest Reserve, within the district of the same name, in the province of Colón, without environmental impact study approved. Fifer not mitigate environmental damage in this forest heritage -part Biological Corridor Mesoamericano- and cut down 55 hectares that were part of the refuge of at least 650 threatened species of flora and fauna.
But shortly before his arrest in Colombia for allegedly defrauding the company Gold Dragon Capital Management Ltd., luck used to accompany the self-styled "father of Panamanian mining" as expressed in his blog. ANAM fined the company Petaquilla Gold with $ 1.9 million
environmental damage, but the Supreme Court ruled in his favor and annulled the sanction in 2010.
The Court's decision came despite previous reports of Anam in which ensured that the area of ??the construction of the mine in Donoso, about 160 hectares, had lost its forest cover by 80% and that environmental damage it was irreversible.
The mining appetite Fifer exceeded the limits of its concession covered under the contract Law 9 of 1997 which granted 13 thousand 600 hectares or 136 square kilometers for the operation, and not only explored multiple times outside his concession, as we He presented in the reports of his company, but since 2013 declared to investors in the world and in reports filed with the securities and Exchange Commission of the United States (the regulatory agency of the values ??in that country) which had its own mining district covering over a thousand square kilometers between the provinces of Colon and Cocle.
Within this equivalent to 1.5% of native soil mining district 70 square kilometers are located in the community of Belencillo in Donoso, who sold Gold Dragon as a "concession" at 1.1 million in shares, plus $ 600,000 in exploration expenses when all that had its subsidiary Petaquilla Gold was an application process for exploration in that area with the Ministry of Commerce.
Tubs of mine tailings Petaquilla Gold, whose cleaning after the cessation of operations, was tendered.
If there is something you recognize their fellow miners Panamanian Fifer is their ability to do business. For example, he rented for $ 1.3 million hectares to 2.45 Minera Panama to their camps.
By selling part of its 136 square kilometers concession to Minera Panama, in 2008 -the current copper mine under construction in Donoso, Fifer received $ 45 million, a sale in which the State did not touch you a penny.
In all governments, Fifer has been a well-connected man. He earned his award for managing Ernesto Pérez Balladares (1994-1999) to operate up to 60 years with multiple exemptions. In addition, he represented the Government on mining issues.
With Mireya Moscoso (1999-2004) was governor of the province of Cocle and security adviser. He had an arrest warrant in 2005 for stealing $ 100,000 when he was governor, but the case was closed to return the money.
With President Martin Torrijos (2004-2009) held in 2005, reviving the work of its mine in Molejón.
Beginning Ricardo Martinelli period (2009 - 2014), Petaquilla Gold obtained its business license to export gold, after agreeing to double royalties up to 4%, something described as "derisory" by environmentalists compared to the ecological damage.
When visiting the mine Fifer in 2011, Martinelli was generous in his praise: "He has a responsible mining and provides employment to at least 200 thousand Panamanians ...", jobs that, ultimately, worker-defaulted employer's Social Security Fund to its workers, the subject of hearings yesterday.
Martinelli was designated for allegedly manipulating shares of Petaquilla Minerals Ltd. with confidential information through an account called High Spirit in the brokerage Financial Pacific (FP).
In 2012, the Office of Columbus asked Fifer trial call for environmental violations; in December 2015 the Sixteenth Circuit Prosecutor's Office issued an arrest warrant to Interpol against Fifer as part of an investigation into the alleged scam Gold Dragon. In this trial again Fifer lucky to issue its verdict.
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- See more at: http://www.prensa.com/judiciales/Fifer-padre-mineria-panamena_0_4425307525.html#sthash.RFBB6fG5.dpuf
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Richard Fifer Audiencia (SPA) Sistema Penal Acusatorio Petaquilla Gold
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Entrepreneur Richard Fifer faced hearings Saturday related to allegations that he withheld Social Security contributions for employees of three companies totaling more than $6.5 million.
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Spanish version
Fifer faced three hearings in Penonomé under the accusatory penal system. At the first hearing, Judge Yazmin Jaén upheld his arrest and formalized charges against him. That case involves the alleged failure to pay $3.2 million in required social security contributions for employees of the mining company Petaquilla Gold. The judge ordered he be held in pre-trial detention in that case.
The same decision was made by the judge in the case of involving workers of the company Panamá Desarrollo de Infraestructura. In that case, he allegedly failed to pay $3.3 million in fees. The third case, which is still being investigated, relates to the failure to make payments on behalf of workers of the company Gastronomía Mar del Sur. The amount has not been determined and prosecutors have requested three months to complete the investigation.
Fifer, a former governor of Coclé, has been called "the father of Panamanian mining." He was detained in Colombia Thursday and brought to Panama Friday. Saturday, he was transferred to Penonomé for the hearings which started at 8:30 a.m.
Fifer was detained in Colombia after a red alert was issued by Interpol for his arrest. That alert was issued after he failed to appear before prosecutors on charges in an unrelated case. That case revolves around allegations that he accepted a $1 million payment from a company for mining concessions which he did not have.
Prosecutors said Fifer failed to appear on a number of occasions and his lawyers were never able to provide a legitimate explanation.
Fifer's lawyer, Anayansi Melgar, said that her client "was never reluctant to appear" and was never properly notified of the hearings.
Richard Fifer llegó a la audiencia bajo la vigilancia de miembros de la DIJ.
- See more at: http://www.prensa.com/in_english/magnate-justicia_21_4426267331.html#sthash.7GVqTaj5.dpuf
He's Joking ! That's what the arrogant guy said all the time.
So Jal.....help me out. I have never been involved in this before. What does it mean for us if this new company comes into play ? They want Fifers head on a platter, not to mention all the millions owed as you stated. Don't forget the pending law suits against PTQ.....and now this debacle with Gold Dragon. It truly is a mess. Is this just a last resort for PTQ to squeeze every last dime out and then pull the plug ? All these questions.
Did anyone know about this ??????
Diario La Estrella de Panama Click Here!
Panama
National
Diamante closes deal with Petaquilla Minerals Gold
Friday February 12, 2016 - 12:00 a.m.
Since early 2014, Petaquilla Gold mine operations ceased after leading the export of gold in the country
One of the actions of workers of Petaquilla in 2015, demand for their salaries. Larish Julio | La Estrella de Panama
Larish JULIO | STAR OF PANAMA
One of the actions of workers of Petaquilla in 2015, demand for their salaries.
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Adelita Coriat
acoriat@laestrella.com.pa
The Canadian company Diamond Minerals, Inc. signed an agreement with Petaquilla Gold, a subsidiary of Petaquilla Minerals, to obtain the rights to purchase gold producing mine Molejón, located in the district of Donoso, Colon Province.
Since early 2014, Petaquilla Gold mine operations ceased after leading the export of gold in the country for three consecutive years (2010-13) taking advantage of high metal prices traded in international markets.
Two years later, when the price of gold returns to take flight and the mine is going through its worst, the negotiations to revive production of mineral seem to glow again. This, despite the location of the president or legal representative of Petaquilla Gold, Richard Fifer, who faces several process Panamanian courts is unknown and that the regent in the field, the Department of Mineral Resources, Ministry of Commerce (MICI ) formally unaware of these transactions, as indicated by this newspaper's director, Themistocles Velarde.
According to international media, the deal is that Diamante rights Minerals will purchase 12.5% ??of the gold for twelve months, thousand ounces per month, and 5% royalty on every ounce produced in excess of that threshold.
Both companies agreed that a contractor, the company Blendcore LLC will act as operator of the mine to resume activity. This company will receive a bridge loan of $ 250,000, to be paid in three shifts, to start up and try to capitalize Petaquilla Gold.
Panamanian mining declined further in negotiations, instead, he said it would issue a statement in the coming days.
Chad Ulansky, president of Diamond Minerals, told international media that estimate 'receive a minimum of the equivalent of 1,500 ounces of gold at the present price of the metal, $ 1,100 / oz, which would amount to $ 1,650,000, less the cost of sale'. The company has the option to extend the fee for a period of twelve months in the same agreed conditions. You will also have the right to first refusal to provide additional funds to Blendcore for expansion and mine development.
Eric De Leon, union leader, caught the attention of the company and the ICIM by secrecy with which these conversations take place. "Employees were not informed us anything, even though we owe over 16 fortnights and we do not have paid employment benefits' he said.
Panama issues an arrest warrant for Richard Fifer and Ken Morgan of ex-Petaquilla Gold (ex-PTQ)
Ahh, y'see, told you it would end badly.
All this ex- Prez Martinelli corruption scandal thing has finally caught up to the deals he did with Richard Fifer of Petaquilla, now hiding in Brazil or Spain (we've had versions on both countries recently) after absconding from Panama before the law caught up with him. We're now at the point where their dirty deals are being uncovered, such as the one that's making First Quantum sweat hard now. What seems to have transpired is that Petaquilla first sold a couple of concessions to one company (Golden Dragon) and then sold them to First Quantum without telling them the Golden Dragon deal, which for one thing is fraud and for another can ruin your weekend if you need that terrain to build your massive copper mine and then Golden Dragon come along and say "Errrr....no...that's mine actually" at the end.
So the brains behind the double deal, Richard Fifer (of course) and Ken Morgan, a Vancouver CA who was the CFO of PTQ at the time, had criminal charges filed against them by Golden Dragon quite a while ago. That's normal under the circumstances, but what's new news is that the State of Panama apparently agrees with the Golden Dragon side of things and has issued arrest warrants for both Morgan and Fifer. And what with Fifer doing his impersonation of The Scarlet Pimpernel these days, I betcha that they'll find the must-easier-to-tace Morgan first. That shouldn't take long either, as Panama has just requested that Interpol Intervene (as it were), arrest Morgan and ship him back to Panama (which could happen at any moment but is most likely to happen when Morgan tries to cross an international border).
Bottom line: We always knew Fifer was a crook, the fun thing now is to see how First Quantum manages when they tell the world that a key location of Panama Cobre isn't theirs and the real owners, Golden Dragon, don't want to sell.
Prosecutors have submitted a request to Interpol to locate Ricard Fifer, the former manager of Petaquilla Minerals.
Fifer, who is also the former governor of Coclé, is being investigated for allegedly defrauding Gold Dragon, company that was involved in the Petaquilla Minerals concession in Donoso.
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Spanish version
A judicial source confirmed that Fifer was ordered to appear on two occasions, but failed to show up. His whereabouts are unknown.
Gold Dragon is also engaged in mining activities.
- See more at: http://www.prensa.com/in_english/Richard-Fifer_21_4409019055.html#sthash.qhUClDeb.dpuf
Petaquilla ask streamline case
Friday October 30, 2015 - 12:00 a.m.
The Petaquilla Gold mining workers, who stopped work in December 2013, requiring explanation belated admission of amparo
Mining union requires the Court to expedite the decision on the appeal submitted by the company Erick Marciscano | La Estrella de Panama
ERICK Marciscano | PANAMA STAR
Mining union requires the Court to expedite the decision on the appeal submitted by the company
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Adelita Coriat
acoriat@laestrella.com.pa
Dozens of former employees of the mining Petaquilla Gold protested yesterday on the steps of the Supreme Court to require the magistrate Hernán De León an explanation of the admission of a Guarantee Amparo presented by the company.
Members of the Industrial Union of Mining Companies and Allied Panama, demanded the judge to expedite the process and they 'surprised that two months after the company filed the Amparo, it decided to admit on 15 October. Generates suspicion that questions its credibiliad 'said Eric De Leon, a union leader.
The appeal suspends any process against mining, including a resolution of the Ministry of Trade and Industry which canceled the gold mining concession to the company for non-payment of royalties to the state. In addition, workers demanding payment of their wages, 'there are 17 fortnights without charge, "adds Eric De Leon.
Judge Hernán De León was not in court when the protest. However, the actions will not cease. For the next week, several union officials and community leaders in the province of Cocle, where the mine is located, close the streets to demand agility in the decisions of the Court.
Workers maintain other demand in the Ministry of Labour against the company and filed a kidnapping of goods. The court sentenced mining to pay more than $ 2 million to about 400 workers, but the company appealed the ruling.
Now the protests begin ....AGAIN !!!!!
Petaquilla must pay more than $ 2 million in compensation
Tuesday October 27, 2015 - 10:20 a.m.
The only clamor of the more than 600 miners, is that you cancel their payments due
Petaquilla must pay more than $ 2 million in compensation to the Industrial Union of Mining Companies and Allied Panama. Jose Villarreal | La Estrella de Panama
Jose Villarreal | PANAMA STAR
Petaquilla must pay more than $ 2 million in compensation to the Industrial Union of Mining Companies and Allied Panama.
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Jose Villarreal
jvillarreal@laestrella.com.pa
The Industrial Union of Mining Companies and Allied Panama (SITMAP), was notified of a failure of process that was carried in the national leadership of the Ministry of Labor and Workforce Development (Mitradel), with the mining company Petaquilla.
Eric de León, a member of SITMAP, said the ministry ruling in favor of the union, on compensation, condemning the mining pay more than $ 2 million to about 400 workers their due.
De Leon said they are awaiting the decision of the labor court, where another process on acquired rights as vacations, back wages, takes tenths, among others.
The only clamor of the 600 mine workers, is that they cancel their payments due to their foreheads debts owed to banks, alimony, houses, and others.
Workers have staged protests in order to achieve their due payments.
Snirre....sorry for the delay. I don't have an answer to your questions. Dude, I just post the info I get. Who knows how to interrupt info in Panama....its ass backwards to begin with. This company was conceived on lies up until its downfall. Am I bitter....yes.
Whatever small victory they won in court will be short lived. Now there is another company coming in to do the clean up. Here is what I can see happening. Bluefin will do the clean up and get paid by the government, and then somehow PTQ may be able to weasel their way back into the mine. Just a thought.
Until all these matters are concluded in court.....until all the law suits are settled against PTQ......until they find money to continue....until they get the mine fixed.......until they change the ENTIRE BOD.....until the pay their debts......until they file all the necessary paperwork......this stock will stay at the bottom of the toilet.
Tenders PAN cleaning tubs in Petaquilla mine
October 25, 2015 - 00: 17h
After Petaquilla gold mining stopped for lack of financial resources, the site of where the material was mined for gold process has been filled with rainwater. After Petaquilla gold mining stopped for lack of financial resources, the site of where the material was mined for gold process has been filled with rainwater.
After Petaquilla gold mining stopped for lack of financial resources, the site of where the material was mined for gold process has been filled with rainwater. Romero Maydee Sprang
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After almost two years of being paralyzed mining activity at the site Molejón National Assistance Program (PAN) awarded the company the contract Bluefin Environmental Seroca to drain the tailings basins and supporting slopes. The mine, which has under its concession Canadian miner Petaquilla Minerals, through its subsidiary Petaquilla Gold, faces prosecution.
Awarded tailings cleaning tubs
The National Assistance Program (PAN) awarded the company the contract Bluefin Environmental Seroca to drain the tailings basins and slopes of support in the Molejón has granted under the Canadian mining Petaquilla Minerals, through its subsidiary Petaquilla Gold.
The company bid a price of $ 1.7 million, beating Levantina, Engineering and Construction and Constructora Urbana, SA, which proposed $ 1.6 million and $ 1.8 million respectively.
The evaluation committee determined that the entity Bluefin Seroca Environmental met all requirements related to qualified labor to perform the work.
This company will be emptied three meters of water in the two main Molejón tubs in addition to a similar emergency in the tub plant amount.
Calculations of the Ministry of Environment (Environment) indicate that it is necessary to extract 635 thousand cubic meters of water to maintain the security of the tubs.
To make this work a reference price was set at the bidding of $ 1.9 million, and the "urgency" Environment requested the PAN perform the act, implying that this entity organizes the whole process. The call came through his Web site without going through the sieve of public procurement law.
The award order dated October 13 and were disqualified companies had five days to file a claim. Nobody showed opposition to the act.
Now the plan is that the water extract Bluefin Environmental Seroca tubs tailings to be deposited at the site of the mine, which has a greater depth at 20 meters.
After Petaquilla gold mining stopped since December 2013, due to lack of financial resources, the site of where the material was removed for processing gold has been filled with rainwater.
Although authorities say the surface water in tubs is free of contaminants, the decision was taken to empty the reservoir at the request of the inhabitants of the area.
Jorge Obon, secretary of the board of Petaquilla Gold and spokesman for the company said that in August the authorities requested permission to empty the tubs, but says he never received a response to your request.
He says the company is giving to the mine maintenance while legal appeals that have been filed in the Supreme Court of Justice (CSJ), relating to cancellation of the contract with the State are defined.
In the current cleaning process forward Environment, the second contract that had to do with cleaning oil contaminated area was declared void after that none of the three companies met the requirements of the specification.
Due to the shutdown of the mine in December 2013, and given the lack of surveillance in the area, most electrical equipment like air conditioners and transformers have been vandalized to extract copper components.
Under guarantees
Petaquilla Gold obtained a partial accept the Supreme Court (CSJ) guarantees an injunction that temporarily suspends the process of cancellation of the mining concession by the Ministry of Trade and Industry (Mici) victory.
The motion filed on June 10 and is signed by Richard Fifer, Petaquilla Gold legal representative, a subsidiary of Canadian miner Petaquilla Minerals, it goes against the resolution that launched the process to cancel the contract.
The company indicates that the Mici did not give any opportunity to defend themselves before notifying the start of the process of cancellation of the concession.
The January 20, 2015 trade officials sent a letter to the legal representative of Petaquilla Gold, which informed him that because of the irregularities that had the operation of the mine, was home to 180-day period established by contract cancel the concession.
It was four months since Petaquilla presented under guarantees for the office of magistrate Secundino Mendieta, deputy Hernán Leon, Mici notify the acceptance of legal recourse.
The notification became effective on October 15 and in the same Mici was asked to explain the reasons which had initiated the cancellation process Petaquilla received the award in 1997.
In their defense, trade officials said the December 17, 2014 had sent a letter to the company asking him to clarify some points, such as non-payment of environmental security and compliance, as well as royalties State should receive the gold mining.
Additionally, the company owes more than $ 6 million between wages to its 600 employees and the payment of dues to the Social Security Fund.
You are also requested that the suspension of gold mining, information that should be delivered over a period of 30 days, length of time that expired on January 20, 2015 to explain.
180 days of age, at which time Petaquilla had the opportunity to resolve the problem of financial liquidity, Mici became effective cancellation of the contract.
On July 22, meanwhile, it was notified of the cancellation by edict, and 30 of that month the company filed a motion for reconsideration.
- See more at: http://impresa.prensa.com/panorama/PAN-licita-limpieza-tinas-Petaquilla_0_4331566804.html#sthash.0l2uDqve.dpuf
The Supreme Court admits Amparo Petaquilla Gold
Friday October 23, 2015 - 12:00 a.m.
The Supreme Court admitted on 15 October 1 Amparo Guarantees submitted by Candy de Gracia, on behalf of Petaquilla Gold
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Adelita Coriat
acoriat@laestrella.com.pa
The Supreme Court admitted on 15 October 1 Amparo Guarantees submitted by Candy de Gracia, on behalf of Petaquilla Gold, against the order of the Ministry of Commerce and Industries (MICI) aimed at nullifying the granting of mining not pay royalties to the state.
The mining brought the action in June, but the reporting judge Hernán De León, took two months to decide their legal fate.
The action of the Court, therefore, suspend any action against the Ministry until a failure occurs background in full. The record number 577-15 and has three observations of judges Harley Mitchell, Abel Zamorano and Jerome Mejia.
In parallel, the company filed another amparo, which was also supported, against the actions taken by the Ministry of Environment, who had already tendered works for the rehabilitation of the mine.
On July 23, the MTI hung on the door of the company Geoinfo, SA an edict announcing the cancellation of the grant of Petaquilla Gold, a subsidiary of the Canadian company Petaquilla Minerals Ltd, which in early 2014 virtually suspended the gold mining altogether. The company claimed financial problems and failed to pay payroll to more than 600 employees.
The Mici adopted the measure after having granted a period of 180 days from January 20 to resolve the situation of abandonment and failure, referring to the omission of royalty payments and royalties to the state.
The contract law February 9, 1997, between the state and the corporation Adrian, referred to in chapter 'substantial failures' that the affected party may give notice to the responsible party of its decision to terminate the contract.
So if this is the case, why doesn't the Canadian Govt and or the TSX regulators do something about it ? I realize they haven't been found guilty as of yet, but come on.
On another note, could you imagine if the Panamanian govt allowed PTQ to keep this concession. How the hell would they clean and re start the site ? Who in their right mind would feed money into a mine where there is no more gold ? This is like the never ending nite mare that just won't end.
The Superintendency of Securities (VPS) plans to establish the relationship between the former president Ricardo Martinelli and investment account High Spirit, located in the Pacific Financial brokerage.
The SMV seeks to demonstrate that the president then used insider information to buy and sell shares of the mining Petaquilla Minerals, which is listed on the Toronto Stock Exchange, Canada.
Several facts have stripped the link between Martinelli and the aforementioned account to the VPS. One of them, according to research by the SMV resting on the Supreme Court, which portrays the opening of the High Spirit account in March 2010, is an email.
Communication is between Mariel Rodriguez enforcement officer Financial Pacific, and one of the employees of the brokerage to Rodriguez asked to assign an account number on behalf of Overseas High Spirit, and that was to get information that account Mr. Ricardo ', but does not specify the name.
Rodriguez makes him record his colleague that the process at the earliest possible must be done, and that is a bill passed by Mr. West, 'an important customer, "he reiterated, even though the documentation for opening the account She was incomplete. At that time they were missing at least 9 documents on verification form. Among them, the SMV found that the affidavit on the origin and destination of funds was provided.
Weigh further influence on the board of the mining company people trust exmandatario whole, as Raul Ferrer, copartisan, appointed in 2009 as a representative of the executive on the board of Panama Pacific.
Among other references, the SMV, remarks that the bill High Spirit, was titled in the name of Aaron Mizrachi, brother of the former president. A third evidence, according to SMV, is that people trusted by Martinelli, as Raul Ferrer, occupied a key position on the board of the mining, which could have fed inside information to trade in the stock market, according to SMV.
THE LINKS
La Estrella de Panama spoke with a source familiar with the inner workings of the mine, who revealed details about the relationship that held Martinelli, Ferrer and Richard Fifer, Petaquilla non Minerals executive president, whom the former president had been advised to stay in Spain and low profile in the company.
In February 2012, the Panamanian chief executive of Canadian miner Petaquilla Minerals Ltd., was about to "hang up the gloves." "Raul Ferrer sought an honorable way out of the company, had tired of what he called current fight," said a voice who requested anonymity.
"On one occasion, close to that date, February Fifer mentioned Ferrer was not doing what I asked him number one, referring to Martinelli, and also asked him to place his two million shares of Petaquilla Minerals with contacts of Fifer without having to go through the auction in the Toronto market. A qualified as a crime in the market "act, this person added.
The version of the source in relation to the intentions of Ferrer leaving office, agrees with the statements Ferrer offered to La Estrella de Panama in May this year.
'I quit several times and finally went in 2013. I had high and low Fifer problems, but I always hoped that things were going to fix and that the company would sell' said Ferrer.
Today the mine is completely abandoned and full of debts. Ferrer says that like other investors he also lost money for the share price. In early 2014, the mine drastically reduced the extraction of metals, stopped paying suppliers and employees who have brought several legal remedies to recover its performance.
Ferrer himself from his ties to Martinelli. He claims that his appointment in Petaquilla Minerals Ltd., is not due to his friendship with the former president, assumed the role rather as an opportunity to 'take care' of their interests and the shareholder who he knew, then he said.
Ferrer said his election was "a clever move of Fifer he needed the votes on the board for re-election, and he knew that with a figure of credibility could do it. '
Ferrer, a businessman who had 2 million shares of the mining company, was integrated as part of the directive in November 2009. The investigation of the SMV, believes that both Raul Ferrer, as Rodrigo Esquivel (legal representative of Petaquilla Gold) also They participated in buying and selling shares of Petaquilla through foundations in other companies or brokerage houses.
Although I have considered as part directive to position on the board, Fifer not maintain the best relationship with Ferer. The latter called it 'very bad' and 'volatile'. 'I have thousands of emails that show my opposition to the decisions that were made in the company' said Ferrer.
According to the source, "Ferrer was the link between Richard Fifer, and Martinelli". For example, "Ferrer told Fifer not go to certain places or events that would assist the president, who made sure that Fifer not coincide with him in activities related to the mine, as have exposures in the presence Petaquilla" said the source.
On September 7, 2009, Martinelli and Fifer held a meeting in the office in which refined the terms of how the mine would operate. Product of that meeting, "Fifer sent a letter to the president in which he thanked the invitation and would remain electronically communicated to all company decisions shall consult with Martinelli who had conditioned Fifer output of the mine Policy "said this person.
Ricardo Martinelli did not want close to Richard Fifer. That would be one of the conditions imposed by the then president to grant permission marketing and export of gold Petaquilla Gold, a subsidiary of Canada, a moment which Fifer had dreamed for many years.
ACCOUNT AND SHOPPING
The SMV detected several irregularities in the High Spirit account. The first was the entry of seed money of unknown origin. "How to operate the account balance buying shares of Petaquilla in the amount of $ 984.772, transactions between the March 26, 2010, to April 15 of that year, leaving the account is done in negative -9.293 (see table) 'reads the contest.
On April 20, it is credited for High Spirit third transfer from Caribbean holdign Services account for $ 399.683. Mizrachi has publicly declared to be the sole shareholder.
Again a total of 3,534 shares of Inmet Mining proceeds to buy the October 7, 2010,. Adjoining mining company Petaquilla Gold, which in 2013 completed the purchase of certain properties of the mine.
Between 6 and 14 December 2010, it proceeded to the sale of shares in the amount of $ 1,967,320 with a profit of $ 771.148, since the share price, according to the SMV came up between 74% and 103 % the value of their shares. The silver is transferred on 21 December to an offshore account of Global Bank. In total they transferred $ 2 million including gains on investment funds more unknown, the report of the SMV.
A second block purchases of 242,000 shares was recorded in three dates: 22 and 29 July and 1 August 2011. The stock was purchased in 0.77, and 0.89. From the last date the sale process was initiated in stages, and finally the August 14, 2013 completed the operation in which the client lost $ 94.133.
In March 2012, the account received a $ 1 million transfer from the account of the company Jal Offshore Financial Pacific customer for which the SMV filed a complaint with the MP, headed by the lawyer Ramses Owens.
High Spirit account was closed on 30 June 2014 with a balance of, a day he took office the new administration that took over from Martinelli. Mr. Gumersindo Garcia signatory on the account, requested the liquidation of the investment portfolio for the funds to be transferred Ltd. Digital Kingdom, through the Bank Hang Seng Bank, established in Hong Kong. A prohibited transfer, since payments to third parties without legal basis are not allowed, according to the SMV.
In addition to this, the SMV enlisted various unlawful securities evidencing a relationship of trust between management practices Financial Pacific, and the beneficiaries or signatories of the accounts investigated, among which is the personal account of exmandatario: overdraft on purchases of investments not in line with your investment amount; lack of contracts for these overdrafts; transfers received and sent to third parties not guadaban no relation to the market, but correspond to banking regulation.
Petaquilla Minerals Ltd. had 225 million shares, of which about 30% would be held by Panamanian shareholders.
Related Resources
High Spirit. PDF
SMV files to MP and passes CSJ
Friday September 4, 2015 - 12:00 a.m.
The SMV maintains that from High Spirit investment scheme of sale of shares of the Petaquilla mining handled
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Adelita Coriat
acoriat@laestrella.com.pa
Research in the Superintendency of Securities (VPS) for irregularities identified in the accounts of the liquidated Financial Pacific, have launched proceedings in the Attorney General's Office and the Supreme Court of Justice (CSJ). The SMV has referred three cases to the Public Ministry (MP) and other administrative support to the Court for commission of crime of former President Ricardo Martinelli.
The processes relating to account transactions High Spirit (account that is linked to the former president), Jal Offshore, Distribuidora Comar and personal account Martinelli, who stated, among other crimes, for leaking insider information (insider trading). That account was first struck following an investigation that was opened by the embezzlement of $ 12 million to the brokerage Financial Pacific, in October 2012.
The main accused, Mayte Pellegrini, told La Estrella de Panama Martinelli and his sons were those who were interested transactions High Spirit.
In December 2012, Martinelli sent a letter to then Attorney Jose Ayu Prado, now president of the Supreme Court, in which he confirmed that he had an account at Financial Pacific, a personal name, and had opened ten years ago. On another note, with the same recipient, he said to have no connection with High Spirit.
According files Financial Pacific to which he had access this newspaper, the last transaction that became personal account Martinelli was recorded on February 2, 2010: transfer to the firm Cane Clark, for $ 50,091.88, leaving the balance zero.
According Mayte Pellegrini, former employee of the brokerage firm, on file does not appear any subsequent transfer to February 2010.
The SMV maintains that from High Spirit investment scheme of sale of shares of the Petaquilla mining handled.
Transactions with buying shares of mining, according to the SMV, were performed with the use of insider information, and a series of transfers to third parties. SMV suspicions regarding the use of privileged information are based on the direct influence that had the former president Martinelli in the composition of the board of the company.
In September 2009, as published La Estrella de Panama, Martinelli sent the then Minister of Trade and Industry Ricardo Quijano a meeting of the directors of Petaquilla Minerals to tell you that the Government had no objection to the development of the gold mine but for the export permit they should dismiss Richard Fifer, the chief executive. Fifer managed to retain his position, but in November 2009, when the board resigned in full, a new party in which several people close to Martinelli were positioned in key positions was formed.
From November 16, 2009, Joao Manuel served as CEO (Chief Executive Officer), Richard Fifer, non-executive chairman; Raul Ferrer, David Kaplan, David Levy and Daniel Small, as board members.
SMV for Raul Ferrer Arosemena, a personal friend of Martinelli, had a relationship of trust with the president, who could benefit from buying shares before the government gave the green light to export gold and selling shares before they devalue.
Among the latest actions of the SMV, this June 30, sent to the Public Ministry a copy of the administrative record by possible commission of crimes against Distribuidora Comar and others.
The company in question is dedicated to the phone card business and chairs the businessman Juan Luis Correa. Also appear as associated Luis Enrique Martinelli (treasurer) and Ricardo A. Martinelli (secretary), both sons of the former president.
Correa told this newspaper acknowledged his stake in the company in which he said, 'he was initially Martinelli, and when he was president he appointed his sons. It opened an account in Financial Pacific as anyone makes a transaction 'he said. He added that made 'an initial deposit of $ 20,000 and then transferred funds', when it was closed.
In a recent publication of TVN, citing a document from the SMV, it is said to account Comar began operations with just over $ 20,000, in June 2008, but once Martinelli took office 'irregular dealings were evident not supported or removed from the account management, most transactions related to Petaquilla '.
These transactions were not reflected as cash movements to avoid being detected by the regulator and the dates of purchase and sale of shares by Petaquilla match Martinelli investment movements Comar Distribuidora adds the information.
Again according to TVN, the April 23, 2010, the other account Martinelli Financial Pacific, personnel qualification, received a transfer of $ 50,000, from Cane Clark law firm based in Las Vegas, Nevada (EE. UU.).
This firm, as a specialized portal publishes USA ('Globallegalpost'), he was accused by selling stock at inflated prices, why are investigated by the Securities and Exchange Commission (SEC in English) under the FBI.
==========
SIXTY MONTHS
Ignacio condemns Fabrega
The First Criminal Judge Rolando Quesada Vallespi condemned to sixty months in prison Ignacio Fabrega, confessed to leaking inside information to Financial Pacific from its position in the Superintendency of Securities (VPS). The Third Anti-Corruption Prosecutor's Office appealed the sentence, and that he had requested the maximum sentence of eight years for the accused. However, the judge gave six years of discretion punishment to which he pulled twelve months for having hosted the abbreviated process.
The businessman Aaron Mirzachi, account signatory High Spirit, housed in the brokerage Financial Pacific, has denied that from your investment account have bought and sold shares of mining Petaquilla Minerals Ltd., with the use of privileged information, an international crime known as insider trading.
In a paid advertisement published today in this newspaper, Mizrachi claims that the 'sale transactions (Petaquilla) were made months after leaving the market shares were not sold at top price reaching action'.
According raises a complaint with the Public Ministry, the Superintendency of Securities (VPS) detected transfers that were used to purchase shares between 6 and 14 December 2010, which was obtained 'net income of $ 771,148.26, as prices of shares rose as much as 103%. "
The High Spirit account has been linked with former president Ricardo Martinelli (brother Mizrachi) by the statements of one of the employees of the brokerage firm, who said the son of the former leader, Ricardo Martinelli Linares, as the main supervisor and balances account activity.
The research evidence suggests that people trust Martinelli placed on the board of the mining, and from his position as ruler him was possible to buy and sell shares through High Spirit, and other accounts in Financial Pacific, using insider trading.
Since the account was invested $ 585,000, but Mizrachi says in his note that the transaction is' private 'and' the handling of that money in the hands of its directors, who had, under current legislation, the power to make handling and account transactions. '' Despite hardly ever request received reports of managing my money, "he said.
Besides Mizrachi, as signatory on the account Yum Tse Ling, and Navin Bhakta, the last president of Power Corporation del Istmo, SA and Parker Electronics Panama, SA, a company benefited in several tenders made by the Martinelli administration appear.
The letter, eleven points, has reiterated that the High Spirit 'had a varied stock portfolio' including Assa, General Bank and Facebook. 'I did not do anything to invest in a portfolio which ultimately meant the loss of my own money, they still lost, stolen, misplaced, "claims the businessman.
As a customer, ends Mizrachi, any administrative offense within the brokerage involving violation of the Securities Act is' totally out of my control. " 'I never met or talked to any manager or company Financial Pacific person' he says.
The SMV sent a file to the Public Prosecutor who asks investigate possible money laundering from High Spirith.
So let's go over this....Martinelli, the crook, pushed the mining rights through so Dick could mine the concession, make out like a bandit and then fled. Now, Martinelli is under the microscope for his wrong doings while in office. More specifically, what's Martinellis role was as it pertained to certain holdings.
The mine has now been abandoned for years, and yet the PTQ rep OBON states that they are going to clean up the mess. Bullshit ! These are just more stall tactics. PAN is sending in contractors to price out the job and PTQ takes offence to this. If you are offended, then clean it up your mess and get the environmentalists off of your back.
What happened to all that money that PTQ secured months and months and months ago? I can only assume that was a farce as well to get the then shareholders off of their back.
And why does OBON always speak on PTQs behalf......oh, I know why...because they can't afford counsel. PTQ threatens that they will take the clean up crew to court....HA....they can't afford to do anything.....good luck retards. That guy has been telling people for months upon months that the workers will be getting paid and that things are on track.
Once the government pulls their mining rights away from them, this will be finished once and for all. But for now.....the stall tactics continue.
Last but not least ....where is WALDO. (Dick)
Petaquilla recorded deterioration by vandalism
The Molejón in which Petaquilla Minerals processed valued at $ 500 million between 2012 and 2014 gold, has an advanced degree of deterioration. In addition to damage from the weather, people came to the site to ransack offices and electrical equipment.
09 Sep 2015-01: 13h
Part of electric transformers were destroyed to extract the copper. Part of electric transformers were destroyed to extract the copper.
Part of electric transformers were destroyed to extract the copper.
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The Molejón in which Petaquilla Minerals processed valued at $ 500 million between 2012 and 2014 gold, has an advanced degree of deterioration. In addition to damage from the weather, people came to the site to ransack offices and electrical equipment.
The company says that the mine is abandoned, while officials of the Ministry of Environment advance a public tender for sanitation project.
Petaquilla deterioration and vandalism
After 20 months of paralysis in Molejón mining operations, damage infrastructure are evident in the gold deposit.
Despite processed gold worth over 500 million dollars between 2012 and 2014, Petaquilla Gold, a subsidiary of the Canadian company Petaquilla Minerals market ran out of funds to continue exploiting the concession obtained in 1997 and whose permit exploitation achieved in 2009, with the help of former President Ricardo Martinelli.
The financial crisis led to a halt Petaquilla gold mining in December 2013, and since then the mine infrastructure has been deteriorating due to weather, vandalism and lack of supervision.
The company insists ensure that keeps workers in the area, but the area can be compared with the image of a ghost town.
Besides vandalizing most air conditioners located in the cabins that were used by mine workers, criminals have also damaged electrical transformers.
Yamil Sanchez, National Director of Environmental Quality, the Environment Ministry said that these teams have been damaged to extract copper and lead, in order to commercialize the raw material.
Jorge Obon, spokesman and secretary of the board of Petaquilla Gold, agreed that due to the lack of liquidity have reduced the presence of guards at the mine, but said that at no time have abandoned the transaction as stated by the environmental authorities.
He notes that agreements have been reached with suppliers to repair part of the vehicle fleet that was used in the project and to remove scrap from the area.
"We have made 85% of the work required us to the Ministry of Environment, but we did not want to receive, and now spend 1.9 million dollars on an invitation when we have not spent more than $ 200,000," said Obón .
In addition to the processing gold between 2012 and 2013, last year the mining signed a $ 60 million with fellow Canadian First Quantum Minerals to sell a number of assets in the area of ??Donoso, where the mining project is also built Copper Panama.
Due to the financial debacle and subsequent paralysis in the mine, he ordered the Canadian securities regulators suspend trading of the shares of Petaquilla Minerals, which does not provide financial statements from the first quarter of 2014.
Despite their income, shareholders of the company complain that the board, led by Richard Fifer, never authorized the payment of dividends.
In its environmental impact, the company indicated that it would invest $ 45 million in the processing plant, which would enable funds to exploit for 20 years the site of Molejón.
Last Friday, ministry officials toured Molejón with companies that are interested in carrying out maintenance work at the mine.
Companies interested in bidding, conducted through the National Assistance Program (PAN), are: Constructora Urbana, Pro-Geo, Bluefin and Levantine Engineering and Construction.
The winning company will have to empty 635 thousand cubic meters of water to maintain the security of the tubs and also have to treat the water that has accumulated in the area where the tanks are rusting.
Obón considers that officials did not have the power to introduce people who do not work in the institution, which lodged a complaint against the companies that were in the path.
From the environmental portfolio ensure that the institution is authorized to take necessary measures to prevent environmental damage and say that despite the record that has opened the company, when nobody has been credited as legal representative.
Workers, the most affected
More than 600 workers of Petaquilla Gold continue to claim the wages still owes them since stopped mining gold mining in late 2013.
The company says it has presented a financing plan for 25 million dollars to the Ministry of Trade and Industry to resume the operation of the mine, but the institution has not yet made public its decision to withdraw or not grant.
In a further attempt to pressure the government, the mining workers today held a march in the city of Penonomé, Cocle province.
It is estimated that the company owes more than $ 6 million in back wages; plus 2.5 million to the Social Security Fund.
Luis Ernesto Carles, Labor Minister called for "confidence" to the workers that the government will seek a solution to the problem, however, he gave no date or details of the method used to resolve the situation.
- See more at: http://impresa.prensa.com/economia/Deterioro-vandalismo-Petaquilla_0_4297070270.html#sthash.AJcOEpRD.dpuf
Petaquilla stands against tender under the PAN
Rubén Polanco 22 Aug 2015-00: 45h
Topics: Panorama
ACTION. The mining company Petaquilla Gold filed an amparo action in the Supreme Court, in which it called for the tender launched by the National Program Support (PAN) for cleaning contaminated tubs tailings of the areas to be revoked Molejón mine in Donoso, Colon. On appeal, on 13 this month, Petaquilla claims that the tender violates the right to private property. Judge Harry Diaz was assigned as a speaker.
No worries LTS. I hate to admit that I am a bag holder and any news is important. I find it strange that PTQ stays silent for all this time to its shareholders, yet they have a rep comment in the media. Actually, that's par for the course I guess.
I always wonder if the comments made by PTQ to the media are just tactics to keep them out of shit for as long as possible. Stall tactics I guess.
PTQ has a suit going on in the U.S., but they too are the defendants in other suits against them....namely shareholders and lawyers !!!!
Further, I am very surprised they just haven't closed up shop.....sprinkled some fairy dust and open under a new name like they have done in the past.
Oh, and how about Martinelli.....they need to charge that guy with criminal offences and freeze his bank accounts. I will be the first in line to collect !!!!!!! Someone needs to be accountable.
Petaquilla situation remains in flux
Work remains suspended at the gold mine in Colón
Spanish version
Alex E. Hernández 06 may 2015 - 00:27h
TEMAS:
Minera Petaquilla Colón Ricardo Martinelli
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While work at the Molejon gold mine in Colón remains suspended, a group of shareholders of the Canadian mining company Petaquilla Minerals has tried to recover part of their investment through the courts.
+ info
Spanish version
Last week Spanish investors sought arbitration before the World Bank for the alleged interference of former President Ricardo Martinelli in the management of Petaquilla Minerals and all its subsidiaries.
The Spanish shareholders in the company Iberia Resources Corporation, which manages the projects of the mining company in Spain and Portugal, said that Martinelli sought to place his relatives in the board of directors of the Canadian mining company and its subsidiary, Petaquilla Gold, in order to take control of them.
Since the end of 2013, work at the mine has been paralyzed due to lack of funds. The company has been unable to raise the capital it needs to restart work.
The request for arbitration was signed by Pascual Montañés Duato and José María Blanc.
According to an agreement between Panama and Spain, arbitration is the first step before legal action.
The applicants indicate that Martinelli threatened to withhold approval of permits needed by the project if the company did not place his designees on the board of directors. The Spanish shareholders are demanding compensation of $2.3 billion, money that would serve to compensate investors in Panama and Spain.
- See more at: http://www.prensa.com/in_english/Donoso-Colon-Petaquilla-Gold_21_4202789681.html#sthash.XcZ3jGMD.dpuf
Petaquilla has reconsideration
The company states that itself has met the points for which the government decided to cancel the award of the gold mine Molejón.
Luis Bellini 05 Aug 2015-00: 05h
TOPICS:
Mining Environment
Mining, a subsidiary of the Canadian company Petaquilla Gold, suspended operations at the plant due to financial problems. Mining, a subsidiary of the Canadian company Petaquilla Gold, suspended operations at the plant due to financial problems.
Mining, a subsidiary of the Canadian company Petaquilla Gold, suspended operations at the plant due to financial problems. PRESS / Humberto Rueda
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The Ministry of Trade and Industry (Mici) decided to suspend the cancellation resolution granting Molejón owned by Petaquilla Gold since 1997, after the company filed a motion for reconsideration of this decision.
According to information reported by the Mici, Thursday 30 -the last day of the period reported bestowed-Petaquilla is "diligently trying to address the violations" by the ministry based its decision to cancel the concession.
Law 9 of 1997, for which the grant was awarded to the Canadian company, provides for the adoption of this review if the operator is working on the breaches identified.
The Mici found that the company did not submit the renewal of the environmental bond, compliance, and the abandonment of operations from December 2013.
This has generated a significant deterioration in the plant, resulting in a risk to the health of nearby villages by oil and chemicals used in the gold extraction process.
In an appeal by Petaquilla, it emphasizes that the performance bond itself was valid and that the environmental is under legalization. In addition, they stress that were doing maintenance work on the plant.
However, a recent in situ facilities in Donoso, Colon Province, tour confirmed the poor state of the place.
Given this situation, and while you decide what will happen to the future of the concession, the Ministry of Environment will work on urgent maintenance were identified after a biweekly monitoring takes place from January 2015.
These procedures take four months and cost $ 2.5 million, which will emerge from the National Assistance Program (PAN).
Presented the review, the Mici now evaluate "each of the points they have said.
We are doing a review of the record in each one of the considerations. We re-check everything in order to confirm or not the breach or the actions they claim, "the source continued.
This review process, but do not have a deadline, are not expected to exceed two months.
On July 20 it completed within 180 days Mici granted to the company to tend defaults.
Upon expiration, the Government considered that these were not addressed, resulting in the resolution of cancellation of the concession, which since Thursday 30 is suspended following the action of Petaquilla.
- See more at: http://www.prensa.com/economia/Petaquilla-presenta-reconsideracion_0_4270073120.html#sthash.XbTcNKNN.dpuf
If I were you I would not get too close dad there is cyanide, and if you breathe ... "says a man about 55 years old, friendly and quiet look. Wearing a fluorescent yellow vest. It is an employee of Petaquilla Gold, which after the suspension of operations Molejón mine in Donoso, Colon Province, became one of the caretakers of the plant, abandoned since December 2013.
Since then, the gold mine has deteriorated so much that the visit is impossible to avoid thinking about an equally abandoned amusement park, but with conveyor belts hanging from side to side, cables and tubes of paint, rust, dust, water Standing gray, large mannequins machines, thousands of dollars in mining equipment and packaging cyanide in a warehouse.
There are two tubs quasi lagoons, one of 12 and another of 8 acres, filled with water up to its edges. They are tubs of tailings from the mine, and its content is another urgent issues be addressed by the Ministry of Environment, which will cost about $ 2.5 million, while deciding if the government takes away the award to the subsidiary company of the Petaquilla Canadian Gold, following financial failures that led to the abandonment and dangerous deterioration of the plant.
Also in payments of 608 employees, as the security who warned me of my closeness to cyanide. Since October 2014 they did not receive their wages or thirteenth month. The Ministry of Labor and Workforce Development estimates that the total amount owed is $ 8 million.
Does it work without pay?
If I give up ... I will not let my silver perish. My turn.
What cares?
There are people who steal copper cables and there are a lot of things.
Despite the situation, he looks cheerful and talkative. Uncertainty as (s) requires wait.
Maintenance
The amount of water stored tailings tubs, cone-shaped and whose deepest point is 20 meters, must be emptied by the danger posed by sediments, which Environment Ministry staff detected from six meters deep . It was determined that the volume to where the contaminants, which is evacuated rainwater.
This is then stored in the gold deposit, another huge pot with water only rain, which during the analysis of the Ministry of Environment sardines lethargy enjoy the area found. And probably the only millionaire of the marine world.
The company, which won the award in 1997, has not submitted the renewal of the environmental bond and performance bond.
"There are three urgent priorities notorious work: stabilizing the south dam, a tailings tubs, which was damaged by erosion and inclement weather; stabilization of slopes (walls) of the area of ??the site and the evacuation of water (tubs); and clean areas of the plant have oil pollution and chemical reagents, "says Yamil Sanchez, National Director of the Environmental Quality Protection Ministry.
Contamination referred to Sanchez is easily perceived in a portion of the plant, in which a floor blackish similar to that of gasoline odor is apparent. A few meters further back there is another tub-about 40 meters long and 15 wide- also filled with water. Five thousand millimeters of rain falling every year in the area and inactivity tub filled this emergency, which must remain empty to meet an untimely substance spill during operations.
Palliative work would take about four months to complete. This, as you know what happens to the concession. The goal continues Sánchez, is that a situation which is already serious is not serious. If its closure is enacted, it will be another study must prepare and perform other cleanup. The cost is about $ 30 million.
Funding for this maintenance will be managed through the National Assistance Program.
Deterioration
In January 2015, the Ministry of Trade and Industry informed him that Petaquilla Minerals not solve their financial problems would initiate the process to cancel the concession granted to the company by Law 9 of 1997. The agreement sets a deadline of six months to submit a mining plan maintenance activities of the plant and ensure its financial solvency.
On July 20 that period expired, and continued disagreement between the parties: Petaquilla presented a report detailing maintenance jobs already executed, but was rejected by the government.
The Ministry of Environment alleges that these works a permit is required by the sensitivity of the situation, which would unsolicited Petaquilla according to procedure. It also indicates that maintenance performed either meet environmental technical requirements.
While the future of the mine is decided by the resort does not spend more than the cool breeze caressing grasslands that take advantage of inactivity to recover its place in the red earth. In the distance, clouds rub against the mountains, giving a feeling of being thousands of meters high. It rains.
In the workshop of the plant, sitting in a chair beside a cracked machine asleep backhoe, mimics safety stillness. Just enjoy the abandonment sardines.
New articles in la prensa. This flame is almost out !
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MINING CONFLICT
Dismissed report Petaquilla Gold
The Canadian mining company says it has fulfilled almost 100% with the requirements of the Government.
Yesterday, officials of the Ministry of Trade and Industry would have been met to discuss whether to cancel the concession to Petaquilla Gold.
Luis Bellini July 23, 2015 - 00: 05h
Topics: Petaquilla Mine Pollution Petaquilla Gold Mining
Gold mining in Molejón is stopped since the end of 2013 for lack of funds. Gold mining in Molejón is stopped since the end of 2013 for lack of funds.
Gold mining in Molejón is stopped since the end of 2013 for lack of funds. PRESS / Ricardo Iturriaga
The Ministry of Environment did not accept the report presented last July 15 by Petaquilla Gold, which indicated the adjustments mining began in the Molejón mine in the district of Donoso, Colon, to comply with certain requirements Government to cease operations in December 2013 because of financial problems.
Yamil Sanchez, National Director of Environmental Quality Protection of the Environment Ministry said Jorge Obon, a spokesman for the company, who presented the document, does not qualify as legal representative of Petaquilla Gold.
The mining ministry requested a permit to do maintenance work on the south dike structures, cleaning of oil and water evacuation tubs.
"In fact, we received note signed by Mr. Obón on behalf of Petaquilla Gold. But it is important to clarify that Mr. Obon is not the legal representative of the company, but Richard Fifer or the board's designee, and the designation to him has not been officially notified us, "said Sanchez.
The ministry, formerly the National Environmental Authority (ANAM), had already sanctioned by the mining environmental irregularities and now "initiated a punitive administrative process where the application of fines for violations of the environmental impact is analyzed, which includes activities maintenance ".
One of the points that most worries the authorities is that with the cessation of activities in the Molejón have been problems with the tailings basins.
* The Ministry of Trade and Industry (Mici) reportedly met yesterday afternoon to decide whether to remove or not the Petaquilla concession.
The Ministry of Environment had reported that preparing a proposal for submission to Cabinet and get funds to pump the accumulated water in tubs by the rains, strengthening embankments, cleaning of soils with hydrocarbons and maintain certain spaces in the area which it was abandoned.
Mirei Endara, head of the organization, had anticipated that this work would seek a $ 2.5 million, but to restore the natural environment in the mine and completely clean the area an estimated $ 30 million required.
Some organizations expressed their opposition to the state that is spent on recovering the ecological damage caused by Petaquilla.
Moreover, according to the articles of incorporation of Petaquilla contained in the Public Registry, the secretary of the board has the power to run these processes, in the absence of the president.
"There is a power that we have been notarized by Mici (Commerce and Industry), where the board of the company gives me power precisely for these things we are doing. That power to append to the report presented (July 17) "Obon said.
Since December 2013 gold is not mined in the Molejón by the lack of resources of the company to purchase new equipment and to comply with the payment of wages to workers.
Last January, the Mici granted within 180 days for the mining subsidiary of the Canadian company Petaquilla Minerals, solve their environmental and financial problems. Otherwise the process would begin to take his concession, granted in 1997 and protected by Law 9 of that year.
This period culminated last Monday. Yesterday, Mici authorities reportedly met to discuss the situation and decide whether to maintain or remove the concession to Petaquilla Minerals, whose 20 years would be completed in 2017.
According Obon, from mid-April has foreign mining investors who are willing to overcome all the financial problems of the company. The cessation of operations at Molejón has affected 604 employees who are owed 8 million.
If this pig were ever to get off the ground...the corruption element must be removed. The shenanigans that FIFER had with The President have been exposed . Who in their right mind would invest in this pig ? I think it is more smoke and mirrors just to string the people along before the concession is taken away. Other than the stockpiled gold, what else is there at this mine ? It would be like pulling a rabbit out of a hat.
Cut the head off of the snake, and maybe investors will come back.
If this pig were ever to get off the ground...the corruption element must be removed. The shenanigans that FIFER had with The President have been exposed . Who in their right mind would invest in this pig ? I think it is more smoke and mirrors just to string the people along before the concession is taken away. Other than the stockpiled gold, what else is there at this mine ? It would be like pulling a rabbit out of a hat.
Cut the head off of the snake, and maybe investors will come back.
Thanks Carl.
If anyone still reads this board...go look at the article in LA Prensa. I can't post the article right now but I will later. Interesting if they say what they propose....but I doubt it. In a nutshell. ...they state that they want to get this mine up and running again and they have have an investor to flip the bill. Haven't we heard that before ????
Complaint filed against Petaquilla Gold
Minister of the Environment Mirei Endara said that there could be significant damage caused by the project.
Spanish version
Juan Manuel Díaz 29 jun 2015 - 15:06
Minister of Environment Mirei Endara filed a criminal complaint today for environmental crimes against the company Petaquilla Gold and its legal representative, Richard Fifer.
Endara explained that the project has been abandoned since 2013, forcing the state to implement actions to mitigate environmental damage. She added that some $30 million are required to cope with this process. Recently, at a Cabinet Council meeting, the minister requested a $2.5 million loan to pump water from retaining ponds at the site and to perform other tasks.
The official explained that one of the main problems at the site are the accumulation of potentially dangerous tailings, which could result in widespread pollution.
She said that the project was abandoned without executing a closing plan.
Company representatives have said that there is no danger of contamination
- See more at: http://www.prensa.com/in_english/Petaquilla-Gold_21_4243285636.html#sthash.Gm2HlvrT.dpuf
I'm not going to post them all, but go to la Estrella Panama and look at the recent articles about Martinellas involvement and control over the mine.......pure corruption at its best.
One word...CORRUPTION !!!!!!!!!
I can't even make heads or tails of all these lies and deception
Adelita Coriat
acoriat@laestrella.com.pa
What was a senior Panamanian government at a meeting of Petaquilla Minerals Ltd. asking the board a restructuring of its members?
Early in the morning on a day in mid-August 2009, foreign and domestic managers of Petaquilla Minerals Ltd., gathered at the Miramar hotel in Panama City, they were visited by Ricardo Quijano, then Deputy Minister of Trade and Industry. The man had an important message to convey on behalf of the president, Ricardo Martinelli, who had taken over the country in July.
What they said less, "Quijano said the president was interested in helping the development of the mine, but that the only way that the company received authorization to commence gold mining operations would remove Richard Fifer as CEO the company. He added that Martinelli was willing to receive a delegation of the board to hear and confirm the information from the lips of the president '.
This has told La Estrella de Panama a source who has investigated the case Petaquilla Minerals Ltd. who requested anonymity.
His account was corroborated by this newspaper to other witnesses that prove, with very similar words, what happened.
Then, two members of the board, Robert Baxter and Joao Manuel, moved to the Presidency to confirm the words of Quijano. They met with then President Martinelli for a few minutes and he repeated the version of messenger. He said, according to the source, 'he (the president) could not bear the environmental issue, which was already showing resistance to the mine, and bear the bad reputation that had Richard Fifer'.
'The fact that a senior executive of the government and the president to interfere in the composition of the board of a public company listed on the Stock Exchange of Toronto, is a crime, since Canadian law protects shareholders and autonomy. No outsider can meddle in the internal affairs of the company, "explains a source close to the company.
'The issue of the composition of the board was not included in the appointment of managers, "adds the source.
Baxter and Manuel returned to the hotel to inform their colleagues the results of the meeting.
'Fifer was shocked, I could not believe the words of the messenger', remember this person related to the company.
Fifer had dreamed of this project since the mid-eighties, when it requested the Government to grant exploration of gold, silver, copper and other metals in Molejón, in the district of Donoso, Colon Province. It had been an intense effort to realize his dream he saw now pulverized.
Besides Fifer, at that meeting, among others, were present Joao Manuel, Robert Baxter, Gaston Araya, John Cook, John Reising and Rodrigo Esquivel, lawyer Fifer, as a listener.
SPEAKING QUIJANO
Quijano recalls that date, but denies that was carrying a message from the then first command. 'Totally false' he says. The exviceministro explained that his presence at the meeting was due to an invitation of the directors 'because they were to choose a new board' and sought the support of the Government.
He says not remember what was discussed. 'All I can say is that a new policy was chosen and invited me to meet her' he says. He adds that remained only about 20 minutes and then removed.
Some of the managers contacted by La Estrella de Panama that were present at the meeting were prevented to answer the concerns of the newspaper on grounds of confidentiality only willing to reveal in court.
Quijano argues that the company made a huge investment that would reward the State and would be reflected in nearby communities hundreds of thousands of dollars to the country in royalties from the export of the mineral.
SUNDOWN
Fifer had multiple open in Panamanian courts noted of embezzlement lawsuits, while he served as governor of Cocle, along with a teen old conviction for distribution of cocaine and marijuana.
The output of the company Fifer watered everywhere. 'Fifer and Martinelli had no mystical' he says Santos Gomez, leader of the union. He adds that before August 'communications and then gave Martinelli accepted the appointment with Fifer. Apparently, Martinelli asked Fifer had to leave the country, "Gomez said.
Martinelli's meddling in the board added to the dissatisfaction of some managers seeking to replace Fifer as CEO (Chief Executive Officer) or director of the company, but not eliminate the policy. They are pushing for a responsible, honest administration, because they relied on the development of the project for those dates had to meet financial commitments and did not have the cash flow. Chris thought in Davie for that office, an engineer with extensive experience in mining and plant management that would process the raw material.
Rodrigo Esquivel said that while he was at the meeting heard Quijano not utter those words. 'If he did was somewhere else, not at the meeting, "he says. The lawyer, who in November of that year would be named president of Petaquilla Gold, a subsidiary of Petaquilla Minerals Ltd. in Panama, recalled that Quijano said the government would respect the contract signed Law 9 that the state with the company in 1997.
FIRST CHANGES
On September 15 the first fruits of the August quotes were. Petaquilla Minerals Ltd. announced Fifer's resignation as chief executive. Since then the geologist would assume the post of director of the company, a position away administrative and operational decisions.
From that date, they took command Jhon Reising (Chairman), Chris Davie (director), John Cook (chief director), Gaston Araya (construction and planning), Graham Scott (corporate secretary) and Robert Baxter (director) .
When Chris Davie was invited in September to participate in the project found "numerous issues adversaban the company 'wrote exdirectivo La Estrella de Panama.
Davie, cautious in choosing his words, referred only to technical and financial issues.
In addition to the substantial and costly debt that kept company with Platinum Partners - $ 40 million, approximately- describes Davie, 'they joined other technical issues, organizational and administrative'.
'The plant lacked a plan of mine, gold production had been established some degree of Law, but no one had any idea how it would develop the open sky, in particular with two creeks running through the site' drafted Davie .
Add to this another sharp dagger stopped their management; the tropezadas relationships with lenders, the firm Platinum, Fifer loan was negotiated.
An ace up his sleeve Fifer. Petaquilla Minerals Ltd. had already declared its inability to pay and when negotiating the loan is made to guarantee the assets of the company and the mining concession. Lenders did little heed Davie and company.
English added that the plant had begun operations prematurely before completing all the facilities and cashless. In addition, the low level of production was insufficient to bring costs and pay the debt of the company.
They were required approximately $ 15 million to establish a production plan and mine. The vision of Davie had the support of the rest of the directive.
The CEO of Petaquilla Minerals Ltd. Platinum approached to propose a short-term plan to pay the debt, but for 'some reason they took my proposal as a demeaning project, to the detriment of investors' she explains.
"He (Fifer) was the one who negotiated the loan and had offered a package impossible predictions of profitability of the mine, but apparently Platinum believed him ', he adds Davie.
Somehow, perhaps indirect, Fifer had achieved another step to recover his treasure.
==========
Ricardo Quijano
EXVICEMINSTRO OF COMMERCE AND INDUSTRY
So if anyone was sitting on the fence about Fifer, it is evident that he has pulled the wool over everyone's eyes and in turn filled his pockets. It has now just been made public.
I have no idea if these guys are ever going to be operational again. If they were to go forward with the 25 mil that was given to them, how in God's name could they possibly leave this retard in control. He has @ucked every shareholder !!!!!
THey are going to lose the mine if it is not up to standards in the near future. They only gave PTQ so many months to make it acceptable.
And finally, I would love to know why they never filed the required documents. We're they afraid of the story it would tell ? Numbers don't lie.....but FIFER does.
Canadian miner Petaquilla Minerals filed a lawsuit against the US investment bank Global Hunter Securities (GHS) for allegedly violating the confidentiality agreement signed in 2012.
Petaquilla Minerals GHS accused of using insider information related to the issuance of bonds for 200 million dollars would issue mining in 2012.
In the lawsuit filed in New York on April 20, the Canadian company said that an executive of GHS provided information to fellow Canadian company Inmet, three years ago he tried to buy the assets of Petaquilla through a hostile takeover bid.
According to the document to which he gained access La Prensa, Petaquilla ensures that the information was supplied by the executive Inmet GHS blocked their bond, causing had to sell assets for $ 130 million to replace funds not you could get with the bond issue.
Since late 2013 Petaquilla Gold, a subsidiary of Petaquilla Minerals, he left to mine gold in Molejón in the district of Donoso, Colon Province, due to the lack of funds to purchase new equipment and to comply with the payment of wages about 600 workers.
In September 2012, Inmet reiterated its offer to acquire Petaquilla Minerals assets amounting to 113 million dollars, but warned that the offer would be withdrawn if Petaquilla was effective their bond.
After failing in his attempt to buy, Inmet was taken over by First Quantum in 2013, taking control of the Panama copper project, also in the province of Colon and should be operational in 2017.
Petaquilla Gold spokesmen indicated that for the moment not make comments on the lawsuit filed against the mining US investment bank that specializes in the sectors related to natural resources, including energy, industry and navigation.
Petaquilla Gold is waiting for the Ministry of Commerce and Industries close the process of withdrawal of the concession obtained in 1997 for 25 million dollars to provide Sandstone Properties SA to resume operations in Molejón.
Sandstone Properties is a joint venture between Petaquilla Minerals and investment fund Baseline Financial Group. The Government requires that once the funds are received Petaquilla cancel the debt with its workers and with the Social Security Fund.
Canadian miner Petaquilla Minerals filed a lawsuit against the US investment bank Global Hunter Securities (GHS) for allegedly violating the confidentiality agreement signed in 2012.
Petaquilla Minerals GHS accused of using insider information related to the issuance of bonds for 200 million dollars would issue mining in 2012.
In the lawsuit filed in New York on April 20, the Canadian company said that an executive of GHS provided information to fellow Canadian company Inmet, three years ago he tried to buy the assets of Petaquilla through a hostile takeover bid.
According to the document to which he gained access La Prensa, Petaquilla ensures that the information was supplied by the executive Inmet GHS blocked their bond, causing had to sell assets for $ 130 million to replace funds not you could get with the bond issue.
Since late 2013 Petaquilla Gold, a subsidiary of Petaquilla Minerals, he left to mine gold in Molejón in the district of Donoso, Colon Province, due to the lack of funds to purchase new equipment and to comply with the payment of wages about 600 workers.
In September 2012, Inmet reiterated its offer to acquire Petaquilla Minerals assets amounting to 113 million dollars, but warned that the offer would be withdrawn if Petaquilla was effective their bond.
After failing in his attempt to buy, Inmet was taken over by First Quantum in 2013, taking control of the Panama copper project, also in the province of Colon and should be operational in 2017.
Petaquilla Gold spokesmen indicated that for the moment not make comments on the lawsuit filed against the mining US investment bank that specializes in the sectors related to natural resources, including energy, industry and navigation.
Petaquilla Gold is waiting for the Ministry of Commerce and Industries close the process of withdrawal of the concession obtained in 1997 for 25 million dollars to provide Sandstone Properties SA to resume operations in Molejón.
Sandstone Properties is a joint venture between Petaquilla Minerals and investment fund Baseline Financial Group. The Government requires that once the funds are received Petaquilla cancel the debt with its workers and with the Social Security Fund.
Or.......they have run out of money and this is their only way to try to secure some more.
These guys will make a PR about a suit, but don't mention ANYTHING about operations. WTF ?
And don't you just love the paragraph below the PR....what a bunch of bullshit. Maybe someone should initiate a civil suit against PTQ for stealing funds from shareholders....how about that !