Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Never the less it is a Plan:
"...Petaquilla plans to ramp up gold production through plant and leaching operations at its Molejon gold mine to 4,000 ounces per month with an expected cash cost of $850 per gold ounce and to be cash flow positive in the second quarter of fiscal year 2015...
...to reduce general and administrative costs and to align general compensation with the company's new goals will be implemented immediately, with further cost-cutting measures to be introduced at the beginning of the new fiscal year.
The company is targeting production in both Spain and Portugal in the early part of next year and increasing and sustaining growth thereafter.
Now I want “our Man “ on BOD just to start the process…
It is what it is... everyone can make a choice now.
US Department of Labor just released information that the median salary of CEO's in the USA at major corporations earns more than ten million dollars a year. Petaquilla is considered a large company in Panama and you are bitching that Richard Fifer earns $720,000.00 a year!
"...A plan to reduce general and administrative costs and to align general compensation with the company's new goals will be implemented immediately, with further cost-cutting measures to be introduced at the beginning of the new fiscal year.[/b]"
All salaries and BOD compensation is a public record. Let see what they will do before start complaining.
Can't you read English ? Read slow, the FACTS:
In Panama, Petaquilla plans to ramp up gold production through plant and leaching operations at its Molejon gold mine to 4,000 ounces per month with an expected cash cost of $850 per gold ounce and to be cash flow positive in the second quarter of fiscal year 2015.
The company has sufficient reserves at its Molejon gold deposit to continue production at that rate for a further five years.
In addition, 152,000 gold ounces slated for leaching are presently stockpiled at Molejon.
A plan to reduce general and administrative costs and to align general compensation with the company's new goals will be implemented immediately, with further cost-cutting measures to be introduced at the beginning of the new fiscal year.
Nonsense , Panama large shareholders will not go with you.
Even on this board most of the “noise” made by few posters.
I prefer Digitech plan, changing things and management one by one.
Absolutely, Digi knows a right path to achieve what needs to be done while regaining Panama shareholders. Which is huge political benefit and more.
This is a Latin America .No one is arguing the fact that change has to be made, it is how. I vote for Digi.
The other plan for me is pure suicide.
By the way I hope you all had good time celebrating Memorial Weekend.
I think everyone needs to chill and step back for a second.
Change is good but there is a right way to make change and the wrong way. As they say: first- one needs to learn how to walk before trying to fly.
By installing one member for sure we will begin a process of change, which we will follow step by step.
Doing opposite will assure company destruction.
Everyone needs to read Digi post slow a few times allowing it to sink in. There is no reason for me to say more. Plan is on its way, hey its Panama what can I say, 10 days or 14
…Pura Vida.
Germaninvestor, I am sorry but you sound desperate.
I can not trust your judgment at this point or outside team you are trying to bring ,
I don’t want even go into matter of how many millions this is going to cost and political ramifications.
No one is arguing that change has to be made, but I prefer level headed approach of someone I can trust. And that man is Digi,
I will vote for his plan only.
There are important events which scheduled in the next few days- Digi will be able to explain his side of action shortly.
In mean time – enjoy the great Memorial weekend guys. .
Wow!! Wow!!! As we say around here – hold your horses.
I will fully support Digitech for a new Board member, but to bring new people from Germany, unknown to everyone else and specifically to Panama large shareholders will not fly.
Large Panama shareholders – they the ones who hold the key to the whole game.
They either privy to more information (just a guess on my part) or know more about Richard Fifer, whole Moleron operation and Panama politics to make their decision.
The Plan is coming, a lot of us don’t understand Latino-Panama culture, when they say ten days – it can be very easily be two weeks, specially with Holiday in between.
So, we need to see The Plan of action which undoubtfuly will be presented next week.
Then we need to push Digitech on BOD, with his experience he will be able to push Petaquilla into the right direction.
As example: He mentions to change upper management salary structure making it performance /reward motivated.
He has other great ideas which we /he can discuss later.
But one should never forget – Petaquilla is Panama Company and no hostile takeover by outside management team will be allowed by large shareholders.
So I will vote for Digi as a first real practical step then we will see who he can bring and we can all discuss his plan as he committed to a full transparency.
Bobby, of cause shareholders are not happy.
But Deal did give us a second chance, and as you can tell – large shareholders are not selling.
Obviously they have confidence that company will come back. Guidance?- Petaquilla always was late, so it might takes few more days but eventually we will know the Plan.
Restructuring BOD is #1 priority for me.
If we get anywhere near that mark- I will be buying!
And I don't remember saying it before.
Good news for the price of gold:
"Gold demand in India to rise, Modi seen easing import curbs
By Siddesh Mayenkar and A. Ananthalakshmi
MUMBAI/SINGAPORE Tue May 20, 2014 3:22pm IST
(Reuters) – India’s gold demand is likely to pick up in the second half of the year as curbs on bullion imports are expected to be eased by the country’s new government, the World Gold Council (WGC) and other industry officials said on Tuesday.
Gold imports by India, the world’s No. 2 bullion consumer after China, could double from current levels if the restrictions are eased, according to an industry estimate. This would help global prices that slumped 28 percent last year – the first drop in 13 years – partly due to India’s curbs.
Struggling with a ballooning trade deficit, India in 2013 imposed a record high duty of 10 percent on overseas purchases of gold, the second-biggest expense in its import bill, and introduced a rule tying import quantities to export levels.
"The change (in gold policy) is inevitable because Modi seems to be pro-gold," said Albert Cheng, WGC’s head of the far east region, referring to Narendra Modi who romped to a landslide victory in the recently concluded general elections in India. "It’s just a matter of when he is going to do it."
Modi, who leads the pro-business Bharatiya Janata Party, has said any action on gold should take into account the interests of the public and traders, not just economics and policy.
It takes 3 out of 5 BOD to make a decision and take course of action. Fifer can be on BOD still but with right people he can be persuaded to follow the right direction.
I hear you. So how about first step first,
let’s put our man on BOD and then go from there.
I think it is a wishful thinking on your part.
R. Fifer will leave only when large shareholders decide that.
I don’t see that happening now.
We have to understand how Petaquilla is viewed in Panama, it is not just another company , it is first ever Panamian gold producing mine.
There are certain political and other dynamics which playing along with Fifer been at the helm of the company.
What we can do - is replaced leaving BOD members with our persons or person for reason I stated before.
Go read Corp Bylaws, I am not chewing it and then swallowing for you.
That was good post, MJK. I will support restructuring of BOD.
It is time for company to take new course of action.
Gold will be going up in the near future, it will make things much easier.
On a side note- I used to have to parrots in a cage,
in the beginning their chirping was somewhat amusing, but later on it become a nuisance, so I learn how to block that noise away.
Bobby, everything is not lost.
Ptq will have to start walking again: get HL going and produce approx. 12000 oz. by last quarter of this year .
Then continue producing into 2015 12-14 k oz. per quarter , with low production cost approximately $500 -600 per oz. PTQ can get into green even with small numbers.
Then if PTQ can get a loan to develop Spain/Portugal - you will be looking into new company ready to fly,
that is how I see the way out of situation, JMO.
We absolutely need to get our guy on BOD.
On a positive note:
"...The agreement signed with FQM (see Note 26 to the condensed interim consolidated financial statements for the three and nine months ended March 31, 2014) will allow the Company to completely address its senior credit facility with Deutsche Bank in order to solve the default situation and strengthens the Company’s balance sheet by reducing short term liabilities (see Notes 1 and 14 to the condensed interim consolidated financial statements for the nine months ended March 31, 2014). "
You must be talking about yourself, moaning and groaning like ... “going down”.
Why would you want ” to catch a falling knife”?
This is not time for buying.
Maybe 120 days from now, maybe.
What did you expect? We were shut down, no production, bills don’t go away just because, opposite happens - they accumulate.
So you would prefer for PTQ to go bankrupt?
I don’t, actually this is as low as it’s going to get, I am talking about Q-numbers and not a SP.
It has to get better from now on, how worse can it be,
so if PTQ can restart some kind of production, HL , etc., in 90 or 120 days they can produce gold again.
Those who moan- don’t you ever heard about “stop-loss”?!
Why are you riding this all the way down?
Place 10% or 20% stop-loss and stop this nonsense.
If you do this and still believe in PTQ comeback then re-enter the stock later on when company producing and SP is rising.
(You don’t have to own shares to be on this board, ask PMC/RTBF.)
If you don’t believe in PTQ to recover - then just sell and go somewhere else. Stock market has been booming, plenty opportunities to make money.
"JK: The statistics are grim. Of the 1,700 companies we cover, 40% have negative working capital. These are zombie companies, still listed and trading, but in no position to create new wealth. Another 20% have between $0–500,000 ($0–500K) working capital. To me these represent good bottom-fishing territory because the market has already written them off as future zombie companies. Unfortunately, these statistics do not yet include the Dec. 31, 2013 annual filings for about 600 TSX.V-listed companies. Once we process those filings, we will know what the numbers are. I expect them to be worse because monthly financing activity among the resource juniors is back to what it was in 2003 and during the six-month trough straddling 2008-2009.
To date, about 600 junior companies remain in reasonable financial shape. But even they hesitate to spend money, because they don't see any easy way to replace it except in the case of outstanding results. The whole idea of a venture capital market as a funding mechanism is stalled. In the absence of upward trends in metals prices, this makes it hard for investors to be optimistic about the sector. And with little money going into discovery exploration, the chances of a world-class discovery that brings investors running back are low…
… Going forward, there will be opportunity to make significant money, but 700 companies will be left in the dust. They have no story. They will be shells waiting for whatever the momentum traders are willing to pile into next."
At least we still alive and have a chance to get back into production
You guys forgetting: Panama is not USA, Canada or Germany. Richard is very prominent figure in that country.
There are very powerful forces in the politics and business arena which chose to stay behind the events.
Petaquilla without Richard Fifer will be squashed as a bug. The only way to achieved accountability to stockholders is to elect our representative to BOD.
It will improve communication with shareholders right away and proper candidate also will help to lead PTQ in the right direction.
It will be huge mistake to do otherwise.
I am sorry , this is not going to work.
Richard has a lot of power and influence in Panama.
I propose to elect new BOD member who will represent shareholders and look after their interests.
Look, Petaquilla was in near bankrupt situation, but the Deal gave them second life.
They can start all over again without hedge, whatever gold they make- it is theirs.
While they can still explore in Panama- they know what kind of grade Spain and Portugal have.
It is makes sense to mine high grade ore this days with gold prices around $1300.
They will try to make it- what do you propose them to do? - shut the door?
I think if they can survive next year or two- gold price will have to start rising again and then who knows…
Obviously Spain can be easily re-activated.
Makes business sense to go after rich ore and with Spain in dare need of bringing business into the country who is not to say Petaquilla might get loan to build plant over there or they can temporarily haul that ore to Panama while construction is going on.
HL is cheap- actually they might be able to pull it off and get in “green” in 2015.
We need to know more details but that’s a beginning.
Thanks, bobby.
Now we have a Plan. We can all breath better now, good or not so good - at least it is a Plan we can talk about.
BOD needs to come up with the Plan, promto.
Just becouse in a past - it took two days for market to react to PTQ news, it does not mean it will now , but still - let see what happens on Monday before trashing this event...
You'll get your pop on Monday.
First let congratulate BOD on getting this Deal done.
It was not easy to get all the parties locally and globally to sign-in and approve lengthy document. As you all know the Deal was extremely important for company future survival.
So, we got second chance to start again and not many juniors up there can say the same as they went down during this trying times for all mining companies.
Getting out of DB loan is huge, I hear you saying :but what about other bills. You know: there are bills and there is a Bill.
Rest of the bills (as equipment, small loans, etc.) can be easily restructured into monthly payments I am sure.
The main question (and I agree) : where do we go from here? With price of gold as it is - it makes sense to concentrate on HL , work on aggregate already accumulated… maybe take a look at the rich ore of Portugal, what about Spain, do we still can easily re-activate our license?
A lot of questions how BOD wants to use remaining funds.
That is why it is so important to vote in new independent BOD member .
This time more then ever we (shareholders) need honest communication from the company, what is The Plan, and how they are going to proceed.
At the end- we are on the same Team and we all want to win this game .
Bobby, as MJK noticed, PTQ is not going to be sold, but some of their assets are as we all know about.
Deal is almost done and you will see your $.38 soon , specially once production resumes and PTQ will start reporting again with no debt in a book- I see no reason why this company will not go back into $.60- th again by first quarter next year.
PTY, what is a "little bit"?
Would you sell for 100 mil?
Last time PR was announced on March 31, I think.
Everyone's patience is running thin, but with election over maybe last barrier is out of the way.
Varela will defend Panama company , their party props itself by being nationalists/patriots of Panama.
R. Fifer stayed away from the politics lately and Varela is 100% supporting Panama business,
Panamistas like conservative republicans with national agenda if I understand it correctly, so PTQ should be OK - we just need DB deal.
Are you sure he will not support ANAM?
We almost there...
If someone wants to clear board from repeating posts by some posters- simply click on his name – it will open next window, then click on “ignore”.
We approaching important decision time by this company and
It is hard to conduct intelligent discussion in middle of constant cacophony.
THis song is dedicated to some of longs here on a board who took it somewhat harsh(without naming names):