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Man, what a nice breeze!
Dollar cost averaging!
If the share price falls to five cents our group will do well!
Everybody respects Richard!
I think at the end of the day he's worse than one-note pests like ratherbebitchin. I know a guy who works for a big company that had some employees invited to the batting practice of a major league team last year. This guy chatted with the general manager for ten minutes and now he's an insider who feels like he's doing everyone a favor by sharing his 'insider's perspective' with everyone. It's tiresome as hell.
I don't know if $60MM will be enough. There was more protesting in Penonomé last Friday over unpaid wages:
http://www.prensa.com/impreso/nacionales/obreros-petaquilla-gold-marchan-reclamar-quincenas/291623
The company does seem to have a serious problem with having funds on hand for normal operations. Additionally, providing aggregate to FQM is disruptive to their normal processing operations. (And it makes no sense to mine and produce relatively high-grade gold when the POG is where it is.) But they have a massive amount of low-grade gold sitting around in piles awaiting heap leaching. They have been tinkering with the heap leach for years and have yet to demonstrate any significant production. It would be great to fund current operations by leaching the stockpiled low-grade ore.
On another note, perhaps Mr Fifer should dial back on the charitable contributions:
http://www.laestrella.com.pa/online/impreso/2014/03/17/fifer-en-lio-judicial-por-un-cheque-204696.asp
How about just making it to 100K at some point?
If they'd demonstrate conclusively that they can run a heap leach I would be ecstatic.
The company has, according to their last statements, nearly one hundred million dollars in accounts payable. I don't recall offhand the exact percentage increase in AP quarter to quarter but it was significant. The increase was something like $30MM quarter to quarter.
I would imagine that PDI accounts for a sizable percentage of the AP but however you look at it $60MM would represent nothing more than a lifeline thrown in the hope that the POG rises soon. The Red Kite deal (or dream or whatever it was) was for a lot more than this, twice the amount, roughly, and with considerably less AP to deal with. I realize that that was a loan and this isn't but with the way these guys mismanage shareholder value I don't know how much help a $60MM infusion is going to give the company. And I'm not talking about SP, I'm talking about survival.
Someone you know well was preaching the sale of Petaquilla last year.
And further, his claim that no one here is following the election is, as usual, ludicrous.
Why would you accept the poster's assertions of Fifer's charitable inclinations at face value? The only existing evidence of charity is the poster's continuing insistence that Fifer 'donates more to charity than he receives in salary,' and I think by now we all know the essential value of that poster's assertions.
This time I particularly enjoyed the 'We all know.' That was a nice touch I thought.
The individual in our community who has done by my reckoning the greatest amount of personal due diligence, the most extensive travel to various company facilities (and who may be featured in the photos you reference), someone who shared and according to you was ridiculed, is, I think it's fair to say, thoroughly disgusted with management. It's funny that you elect not to mention that particular element.
Why in the world would a company with $100MM in accounts payable distribute cash to shareholders?
Hell, you could have bought 20,000 more shares with that.
There was a small earthquake today in central Panama that was noticeable throughout the province of Coclé. That is the 'earth shaking' news. Earthquakes are quite common in the western part of the country but relatively uncommon in Coclé.
I'm fine with measured, reasoned negativity. In fact it's crucial, I think, in a discussion of any stock or company. And I'm glad that we have some people here who are generally pessimistic to counter those who are eternally optimistic.
But the constant repetition of the same thing day after day after day does wear one down, no? So I took what for me is the highly unusual step of placing our friend ratherbebitching on ignore the other day and I must say that I do not regret the decision.
Progafa has been right about most everything and I do not doubt that he's on to something again. But I'm confused by the volume. Panama is a small place and if something is in the works that would bump the shares by an appreciable percentage I would think that the volume would demonstrate the possibility and that the SP would slowly be trending upwards.
carlosc, are they're any other roads being built for the exploration of our concessions? If yes, where are the roads being built to/from. I know that FQM is building a road to the port. Will we be able to use that road and develop our own roads branching off of it?
I don't know the current status of the bypass road nor do I know if any progress has been made on the road to the Caribbean. I'll try to go up to the mine some time in the next month and if I do I'll let everyone know what I discover on that front.
I know a couple of guys around here have been up more recently than I have and will know more about the status of the various road projects.
Here is some great news. Anyone who ever visited Molejon will recall that brutal very rough ride up from Penonome. Now we will have a new all weather 70 ton capacity road to run those PDI buses
on everyday! New bridges too! Seven thousand workers transported a day is not too shabby either.
There are quite a few rivers crossed on the way up and in the rainy season the water flow can be quite insistent. In the old days there were no bridges and vehicles carrying labor, food, water, diesel and everything else you might need had to ford the rivers and when impossible simply wait it out.
I have my own set of issues with management but I would think it impossible for anyone to be unimpressed with the progress that has been made over the last... I was going to say decade but really over the past three or four years.
...Fifer has not made it easy. He is under control now and things are happening behind the scenes.
This is simultaneously the best and most improbable thing I have read on this board.
If Pascall has been able to subdue Fifer to everyone else's benefit then I will move to construct a statue of Pascall on Avenida Balboa.
I'm sorry you missed the obvious sarcasm in JFF7's 'the sky is falling' post. I'm not the one who is confused; you are.
Your attempts at condescension are poorly placed.
Private bank? What? BNP is owned by the government of Panama.
Meanwhile the following important sites are up:
http://richardfifer.com/
http://richardfifer.co.uk/
http://richardfifer.tv/
http://rfifer.com/
http://richardfifer.net/
http://richardfifer.info/
http://richardgfifer.com/
http://richard-fifer.com/
http://richard-fifer.net/
http://richardfifernow.com/
http://richardgfifersite.com/
http://richardgfiferblog.com/
http://richardfifersite.com/
http://richardfifertourism.com/
http://therichardfifer.com/
http://richardfiferceo.com/
http://richardfifer.ca/
http://richardfiferonline.com/
http://richardfifertoday.com/
http://richardfifertoday.ca/
http://richardfiferblog.com/
http://fifercarles.com/
http://richardgfifer.net/
http://richardfifer-petaquilla.ca/
So we can all breathe a sigh of relief on that front.
Alarmingly richardfifer.ego seems to be down as well.
Maybe they didn't pay the bill and they took the website down?
Despite everything this is actually pretty funny.
Digi, you are wasting your time talking to PMC, we tried for the last four years.
But at the same time the quality of conversation around here is being elevated substantially and I certainly appreciate that.
Of course we were told quite cheerfully about a Red Kite deal that never materialized. So I'm with Digi, there's space to be more judicious along with the times they could be a bit more forthcoming.
It's never relentlessly boring following this company, that's for sure.
OK, now there's some volume. That was weird. No shares moved until 2:15. I guess you might say that we're thinly traded.
Have you or has anyone you know tried to buy shares OTC today? From time to time there will be literally no transactions in the US for the better part of a morning but I can't remember literally no shares changing hands into the afternoon.
Has anyone tried to buy or sell shares today and had the purchase rejected?
Cash cost for gold companies:
Excellent information, thanks.
Now if we just stay below $0.40 until mid-night tomorrow we lose another 1,080,672 warrants.
Why didn't they announce this next Monday?
I don't understand why so many of you are ready to reject Progafa's information out of hand when we know that Petaquilla has been accused of not paying its bills before:
"Petaquilla Minerals Ltd. denies owing any money to a contractor that is suing the company in the Supreme Court of British Columbia over unpaid invoices. Petaquilla says it had no agreement with the contractor, Jamieson Consulting Pty. Ltd., and did not own the Molejon mine where the contractor claims to have worked. Even if there were an agreement, Jamieson did not do all the required work, according to Petaquilla."
I have no idea who Progafa is nor do I know if what he reports about Petaquilla and UBS is in any way accurate but I am not at all willing to dismiss it. My unwillingness comes partly because of what we know about other similar instances and partly from things that I hear quietly, things that are not concrete enough to be reported publicly.
I do know from first hand experience that some of Inmet's subcontractors are very behind on some of their bills. Obviously that has nothing directly to do with Petaquilla but maybe some of those stories bleed over and unfairly taint our company. Or maybe we're not paying our bills, either. I don't know.
To me the idea that management is doing a great job is bizarre. The challenges of creating a profitable and functioning gold mine in the middle of some of the densest jungle in the hemisphere cannot be underestimated. But one of management's duties is to deliver value to the stakeholders. Our P/E is $3.5. The P/E of GDXJ is $9. $9! I understand that there are market forces (some rational, some otherwise) that no management team can subdue but if management were truly doing a great job I think that they would be delivering value to their stakeholders to the tune of a P/E that is more in line with their peers.
By the way, I am long, very long, have been for years, have no plans to sell any time soon and am generally quite comfortable with where the company is headed. I just get tired of the extreme polarization around here sometimes. There are posters who will brook no disagreement with management under any circumstances. There are other posters who ignore anything positive that the company is doing and focus exclusively on anything negative they can find or invent. It can be tiresome.
Have a good weekend, everyone.
So apparently Trader 79 took the day off.
"What I'd like to know more about is the paragraph that mentions "mineral exploration rights on land where Cobre Panama project infrastructure will be built" that PTQ has applied for. I don't understand that paragraph in that it says [1] PTQ has applied for mineral exploration rights on land where Cobre Panama infrastructure is to be built, and that [2] "If and when such concessions are granted, certain areas on which Cobre Panama infrastructure will be located shall be formally assigned to MPSA."
I wondered about that, too. My read is that we've applied for rights to a part of Inmet's concession based on the value of gold versus copper. Inmet basically concedes that we can and will win that concession but they apparently need that land for some infrastructural purpose. As a part of making nice with them we've agreed to sign the concession back to Inmet if and when we receive it.
Of course we'd all like to know exactly which piece of land this involves and what is known about its ore content.
So according to Chen "camp space" = "tailing pond." I'm trying to get my head around this. Petaquilla consents to grant Inmet the use of a piece of land to which Petaquilla unquestionably owns the rights and without which Inmet absolutely cannot advance their project in return for a promise to buy aggregate from PDI?
Who else are they going to buy aggregate from when push comes to shove?
If I'm understanding this deal correctly I must admit to being a little underwhelmed at our team's ability to maximize their leverage.
I wonder how this affects the Red Kite deal.
When they say "temporary and permanent camp space" do they mean "tailing pond" and "easement through PTQ concession to the Caribbean?"
"By the way, have a look at http://petaquillablog.com/petaquilla-web-links/official/"
Petaquilla Minelas Ltd.
Outstanding attention to detail from our interactive group.
I remember when the $210MM private placement was a done deal, too.
I have to say, Lojiko, I am deeply disappointed by your response to this. I realized immediately that the post in question was nonsense for reasons that extended beyond the simple identity of its author. I went directly to the TOS and was astounded to discover that among the myriad things one may not do here perpetrating a hoax, no matter how crude and implausible, is explicitly not one of them.
Be that as it may you as a moderator and more importantly a respected, long-time contributor to the board had an opportunity to influence the tone of the board and to attempt to elevate the quality of the conversation here by denouncing patent foolishness from someone craving negative attention.
It's disappointing. The signal to noise ratio in here is not ideal but there are many posters here with first-hand knowledge, estimable experience and valuable perspectives that will have their input marginalized or may simply decide to provide it elsewhere if silliness is effectively celebrated by the board's leadership.
Thanks for all you do, thanks for all your work in the iBox, and thanks for listening to my thoughts.
"...if he returned to Albrook from the mine in ten minutes I want one of those helicopters!!"
I took it to mean that the helicopter took him from the mine to the office in between La Pintada and Penonome. He mentioned that it took an hour to drive up (from La Pintada) which is about right. I would think that the helicopter ride back would be just minutes.
And it's really not all that difficult to get to the mine. All you have to do is ask politely.
Do you really think it would be less annoying to listen to people who are out of the stock complain as the shares rise from $1.00 to, say, $1.50 than it is to listen to people who are in the stock complain as it goes from $.30 to $1.00?
For me it's at best a wash.
Reading Pascall's scolding of Inmet for their deal with Franco-Nevada reminds me that I'd like to better recall the situation between Petaquilla and Inmet. Petaquilla maintains rights to all gold on Inmet's concessions while Inmet maintains rights to all copper on Petaquilla's? Is that correct?
I do know that Petaquilla can mine any concession where the value of gold is greater than the value of copper (Molejon, por ejemplo). And I do know that the precious metals that Inmet sold to Franco-Nevada are a by-product of their copper production. But does Petaquilla technically have the rights to all the gold on all of the concessions?
"Who says we are selling?"
No one. Don MJ Kuixote loves to fight windmills if you haven't noticed.
It's because the financial system in Panama is created in a manner that encourages ownership of assets through corporations or foundations. It's easy, it's inexpensive and there are tangible benefits to doing so.
If you're some goon like me and you own a property that you rent you'd likely want to structure the ownership to where it's corporate rather than individual. You'd want to do this for exactly the same reasons you'd want to do it in North America or anywhere else - liability. (Another consideration is that in many cases it's easier and cleaner to sell a property held by a corporation than one held by an individual.)
If you're the president of the country or his brother in law or his best friend or chief of staff or whatever you may wish to structure things that way in the interest of privacy.
There are also some real tax advantages in Panama when making transactions as corporation or a foundation but I'll leave the explanation of those advantages to others more qualified than I to give them.
I was wondering where you were getting first class tickets to Europe from Panama for $3,000 each. I was hoping you'd introduce me to your travel agent.
For me the issue isn't whether there should be disclosure and transparency and so on. Perhaps there should. But in Panama there isn't and there will not be. For some investors this will be a deal-breaker. I do not begrudge them that.
Today in La Estrella there was a small piece with information from Petaquilla saying that Martinelli is not and never has been a shareholder:
http://laestrella.com.pa/online/impreso/2012/12/30/petaquilla-intenta-huir-de-financial.asp
I don't doubt that Martinelli has never personally held shares but as we've been over again and again it would be deeply unusual for a high net worth individual in Panama to own any sort of asset personally rather than through a corporation or a foundation.
"and I am a little confused by "ownership directly" in the context. Certainly there is no necessity to run anything through Panamanian brokerages, and I really can't see any advantages."
I'm curious about how much of Petaquilla is owned by Panamanian individuals and interests. One way to get a bead on this I think is to have a sense of how much of the float was bought through Panamanian brokerages. I would think that the majority of business Panamanian brokerages do is with Panamanian citizens, residents, corporations and foundations. Obviously a Panamanian citizen or corporation could certainly open a brokerage account in Canada, the US or most anywhere else but I don't know why a Panamanian citizen or corporation would want to expose itself to additional tax liability.
What you mention is consistent with my own observations. Panamanians of all political stripes are invested in the company and invested in its success. I think that Navarro has a much better chance at winning than you've allowed but I also think that it won't matter very much to the future of the company whether it's Navarro or whoever becomes the CD candidate. I assume that the CD will nominate someone reasonably sane which will mean we'll have a choice between two sane people which is better than we had last time around.