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I agree with you.
The company has been very clear about their intentions as to growing the company and not selling it. The commercial agreement with MPSA guaranteed by Inmet goes a long way towards that goal.
They were very forthcoming about their five year goal at PDAC and should be attractive to long term investors. Those who cannot see the direction toward development and growth though exploration, acquisitions, and expansions are just blinded by their own ignorance and agenda.
I am not sure about the protocols in Canada, but I believe FQM will be required to make a statement after the expiration of the offer stating whether or not they have been successful. Should be an interesting week with Q3 preliminary numbers out by Friday and maybe the new Corporate Presentation and Fact Sheet up by then. LP NI 43-101 is also due soon.
You paint a dire picture...
However, I think you left out a few things. Those holding the shares @$1.00 probably sold them and captured a large tax loss. Buying back after the wash sale date, put them back in business. Secondly the sector factor is weighing heavily on the SP and I think just a return to "normality" there, puts those shareholders back in the black. So I do not think they are too much behind most of the investors. Certainly everyone who has been diligent is probably green at $0.60. As soon as this first bunch of warrants expire we should move well above that by late September, maybe even before over the summer.
There are two schools of thought. One is to push the stock and sell the company ASAP. The other is just to ignore interim, a very long interim, and grow the company feeling that eventually fundamental value and growth will win out. This is the position of management and the BOD at this time. They are busy working on the current five year plan, and not at all dismayed by the current status of things.
My guess is that you will see a little of both worlds. The share price rising in the fall to about $1.25 or so allowing most of the posters here to sell and take their long awaited profit. And the investors riding the upswing after the warrants expire and the company grows to its potential over the next few years.
Probably time to have our annual discussion about the effect on PTQ of the PDI spin out. I suggested to management that they quit putting years in the presentation and just use the seasons so that the document will be relevant every year. (Spin out set in the fall, meeting for vote in winter, spin out in spring before end of fiscal year.)
Word from PDAC is that some more large investors will come on board slowly over the next six months. These are the guys worth having as investors in the company.
Loji, here is the specific information.
3,964,000 @.65 expire May 21, 2013
846,000 @.65 expire June 4, 2013
157,000 @.60 expire December 22, 2013
23,399,402 @1.45 expire December 30, 2013
6,100,598 @1.45 expire January 7, 2014
2,500,000 @1.45 expire January 26, 2014.
THAT IS A TOTAL OF 36,967,600 WARRANTS EXPIRING.
The bulk of them are at $1.45, but I suspect we will quash about four million in the next ninety days as our share price stays below $0.65. Then as the good news comes out over the summer,(remember no filings until the audited ones August 31st), we will climb, but I suspect we will stay below $1.45 until 2014. I would certainly do nothing to encourage the stock to climb until the warrants are history. I was thinking thirty-eight million because I forgot about those few @.40. But, I will take thirty-seven million quashed as a good idea. The spin out of PDI may help keep PTQ SP down.
If FQM takes out Inmet...
everything changes. There is a good possibility that we will double the amount of aggregate that INM was going to buy. (i.e. $200MM instead of $75MM) FQM runs a much tighter ship than INM and will strive to reduce cap/ex wherever possible. Review their presentation and you will see what I am talking about. They will not buy crushers and develop quarries that they do not need just to spite PTQ.
I won't ask why you drove the northern route in the winter through Colorado. There is a road called Interstate #10!! LOL!
As another tidbit to chew on...it looks like the LP deposit is much higher grade than we anticipated....maybe 30%.
Let's hope we can stand and sing to Inmet Wednesday morning:
Nah..Nah..Na..Na....Nah...Nah..Na..Na....Yea...Yea...Ay...GOOD BYE!!!!
Look carefully at the warrants expiry.
There are a bunch of them @$0.65 around June 2013. I think it is about 3MM. Then there are 33MM at the end of the year more or less at $1.45. If the share price is below $0.65 this June and below $1.45 at the end of the year about 38MM warrants disappear. The company is very aware of this fact as are all the large investors.
Getting rid of the 38MM warrants also.
You might have noted that FQM has a much lower PE Ratio than Inmet also. Plus they have consistently returned much more value to their
shareholders. About 37% I think.
18% less dilution is much more of an impact than the NCIB was ever intended to be.
Looks like Monday is "D" day!!
FQM up 13% in last four days.
Volume is very strong with about three million shares today. My guess is that they feel they have the shares in hand. It will be nice to get this settled and have a company with truly deep pockets in control. This should speed up the development of Cobre Panama that has fallen behind Inmet's schedule.
Pascalls has indicated friendly arrangement.
FQM is not interested in trying to buy out PTQ. In fact they seek to develop a further working relationship, using PDI and more aggregate sales to hold down their own cap/ex expenditures. No sense in building four quarries if you have a cheap supply of aggregates right on your door step. Discussions were held and concluded prior to FQM launching their original bid for Inmet. My guess is that our aggregate sales to FQM will more than double. FQM is very efficient, and while they will do their own engineering in house, they will utilize all the local contractors they can to the fullest extent possible to hold down cap/ex. That is how I see it.
Looks like the deal will be done!!
In granting the approval the Minister concluded that "your investment is likely to be of net benefit to Canada".
FM.TO has been moving up on good volume.
Let's see if it continues.
I believe the NCIB limits them to 80,000 shares per day. If you are interested I believe the restriction is on file with SEDAR.
Only the caviar and brie set know...
Those invited to the reception probably have the inside track on news. The rest must wait. For several years I have advocated no PR's unless legally required and let the MD&A filings speak for the company. Seems that would save a lot of money and trouble and angst among smaller stockholders. Q3 preliminary numbers are due out March 15th. I suspect the bureaucrats will drag their approval for a while longer and FQM will again extend the offer. Everything else seems to be on hold. Be grateful the Red Kite loan has not closed!!
Good news always drives the price down.
Always willing to shed light, Hegotgame!
Don't waste your time with this.
Speculative fodder for hand wringing:
1. Red Kite deal is off.
2. Production was terrible Q3.
3. Heap leaching not working.
4. De-watering of galleries behind schedule.
5. Inmet cancels commercial agreement.
6. PDI spin out canceled.
7. POG falls to $1,100.00oz.
8. Exploration failing LOM only two more years.
9. Government rejects importation of ore.
10.Your daughter is pregnant and doesn't know who father is.
Close at $0.38 today on huge volume!!!!
That should give all you worry warts plenty to chew on today!!
Sorry but that's not the game, Hegotgame!!
You will see $0.35 before you see $0.55 again. You need to pay attention to the trades. Swinging through the trees beats crawling along the ground any day!!! Read post #19830 again slowly!!!
Best yet to come! 5x USA growth!!
Fri Mar 1, 2013 4:13pm EST
By Lomi Kriel
PANAMA CITY, March 1 (Reuters) - Panama's economy notched its second consecutive year of double-digit growth in 2012, driven by a $5.25 billion expansion of its canal and the development of Central America's first subway, though a slowdown is expected in 2013.
Panamanian growth reached 10.7 percent in 2012, the government statistics agency reported on Friday, compared with 10.8 percent in 2011. Growth in the fourth quarter cooled slightly to a 10 percent annual expansion rate, from 10.5 percent in the third quarter.
"We're very pleased with the economic performance in 2012 and that we are leading economic growth in Latin America despite all the turmoil the global economy is experiencing today," Finance Minister Frank De Lima told Reuters. "Our perspective for Panama in the medium- and long-term is very positive."
The finance ministry expects growth to decelerate to about 8.5 percent this year, although analysts say it is more likely to come in between 7 and 8 percent, given the strong boost to growth last year from the canal and metro construction.
The tiny Central American country's economy has largely evaded the global recession, expanding at double-digit rates for four of the past six years.
Much of the growth is credited to significant public infrastructure spending, including the ongoing construction, begun in 2007, of a third lane in Panama's trademark canal, which will more than double its capacity.
Nevertheless, the canal, which moves about 5 percent of world trade and makes up 7 percent of Panama's economic output, also felt the pinch from global weakness. Its contribution to the local economy increased just 1.7 percent in 2012, with transits and cargo dropping slightly.
Logistical and transportation services linked to the canal have grown in importance over the past six years, with port services expanding 5.4 percent in 2012. The government is expected to begin construction of a third port on the Pacific this year, drawing more investor attention.
"The project of the expansion of the Panama Canal is very important for the country. But Panama is also developing into a hub - its location is very central, you see this in the airline sector," said Claus Born, senior vice president at investment manager Franklin Templeton's emerging markets group.
Air travel was up 21.4 percent in 2012, with Copa Airlines, the national airline, posting an 11 percent rise in operating revenues in 2012. The airline, which transported 10.1 million passengers last year, offers more daily flights than any Latin American airline, a spokeswoman said.
Overall, public construction projects, including the expansion of the national airport and private development of hotels, offices and apartments, grew by 29.1 percent in 2012.
Strong government spending translated into a deficit of 2.1 percent, which some analysts find worrying, given rapid growth.
But Domingo Latorraca, a consultant at Deloitte and former economic vice minister, said if Panama wants to grow into a logistical hub for Latin America, now is the time to bolster its infrastructure.
International companies, including Maersk, the world's largest container ship operator, continue moving their Latin American headquarters to Panama, drawn by the dollarized economy, connections to South and Central America and Panama's strong financial sector.
High spending and Panama's dollarized economy have also fanned inflationary pressures, with consumer price gains hovering around 6 percent for much of 2012, even though prices declined in recent months.
Don't waste your time with this.
Speculative fodder for hand wringing:
1. Red Kite deal is off.
2. Production was terrible Q3.
3. Heap leaching not working.
4. De-watering of galleries behind schedule.
5. Inmet cancels commercial agreement.
6. PDI spin out canceled.
7. POG falls to $1,100.00oz.
8. Exploration failing LOM only two more years.
9. Government rejects importation of ore.
10.Your daughter is pregnant and doesn't know who father is.
Close at $0.38 today on huge volume!!!!
That should give all you worry warts plenty to chew on today!!
Hi gabbs! I think there are two reasons.
1. There is a rumor going around that Red Kite pulled out of the loan deal. I don't think that is so, but once the lemmings start running, away they go.
2. A lot of traders bought in anticipating a buy out. Now that it has finally sunk in that this will not happen, they are moving on down the road.
I am sure I would know if there were any fundamental problems. Wish I could tell you when the stock will be back over $1.00. But then that would make things too easy for the quick and flip guys. I can tell you the company is fundamentally stronger now than when you sold. Take care and good luck....
Momentum is down..
be ready for big 'buying opportunity' as we move to the low forties!
Get your bids in from $0.39 to $0.41!!! Should be a nice trade as stock drifts lower all during March. Look for bounce back around mid April. The more good news...the lower the price!!!
Could drag on until end of March!
On February 25, 2013, First Quantum received written notification from the Deputy Director of Investments of Industry Canada that the period for the Minister's consideration of First Quantum's application for review of the Offer under the Investment Canada Act was being extended for a further period of 30 days. A decision by the Minister to approve the Offer may be made at any time during the extended 30-day period. - See more at: www.first-quantum.com/Media-Centre/Press-Releases/Press-Release-Details/2013/First-Quantum-Minerals-Announces-Extension-of-Offer-for-Inmet-Common-Shares/default.aspx#sthash.wpTkLrFw.dpuf
For those who 'trade' the stock...
there are never too many buying opportunities. For those accumulating a dip in share price just means more shares.
The one to laugh at is the one who does not trade, does not accumulate, does not sell out, but just sits there banging his head against the wall month after month, after month doing nothing and understanding nothing.
More good news coming before PDAC this weekend. Get ready for the share price drop on the good news!!!
With so much more good news coming soon...
we may be trading at $0.35 by the middle of March!!! This stock definitely does not take good news well. LOL!!!
90 days after Red Kite closes.
I guess you did very little DD.
Cobre Panama is owned 100% by the Panamanian Government. Richard Fifer is a co-founder with President Martinelli of the ruling Cambio Democratico party. How could you have missed that!!! You should sell tomorrow!!! and yes...Petaquilla es Panama!! LOL!!!
C'mon Loji, you do understand.
A certain segment on this board never, ever, ever, reads the PR's or actually takes the time to digest the information that is public. It is much easier to just throw out statements based on a particular bias or emotional feeling. I would be what is left of my life that some of your more frequent posters have never read 10% of the public record or done any actual analysis themselves.
I am curious how all of this will actually impact the Q4 bottom line inasmuch as that is where the impact should be. The cash payments and the royalty A/P issue may give a good boost to EPS. Where are they going to let the profits fall in the aggregate deal? Petaquilla will be selling to PDI, who will then sell to MPSA. How is the increased capacity actually impacting the bottom line? When will we begin to see some of the high grade ore from under the aggregate? Will we increase mining rate now that we have the deal for the sale of the by-product?
There is plenty to think about and discuss, but one has to be engaged.
Still no one understands.
Your statement is true, but it is a cultural thing.
PETAQUILLA MINERALS, LTD. IS NOT FOR SALE!
FQM has been in touch with Petaquilla long before the HT was launched. Under Panamanian law they could not come in as an outsider an purchase the "rights" that you refer to concerning use and access. "PETAQUILLA ES PANAMA!" is not just a slogan, and the company is NOT FOR SALE!
So much for the "friendly" deal!
Inmet Mining Corp. (IMN), the developer of the Cobre Panama copper project, reiterated its rejection of a C$5.1 billion ($5 billion) offer from First Quantum Minerals Ltd. (FM) for being too low.
Inmet granted First Quantum full access to carry out due diligence, the Toronto-based company said today in a statement. Inmet said it will continue to seek a sale of a minority stake in Cobre Panama.
To contact the reporter on this story: Sonja Elmquist in New York at selmquist1@bloomberg.net
TORONTO, CANADA--(Marketwire - Feb. 26, 2013) - Inmet Mining Corporation (TSX:IMN) ("Inmet") today provided the following update with respect to the First Quantum offer:
As of February 17, 2013, Inmet provided First Quantum with full due diligence access, including a Cobre Panama project site tour and access to key personnel. Despite its communication to Inmet shareholders stressing the link between due diligence and its ability to increase the offer, First Quantum has not increased its offer to date.
The implied value of the First Quantum offer has deteriorated from the initial offer price of $72 (assuming consideration comprising 50 percent cash and 50 percent First Quantum stock) to $66.35 per share at yesterday's closing price.
The Inmet Board reiterates its recommendation that Inmet shareholders reject the First Quantum offer and do not tender their shares.
Inmet will continue with its efforts to advance the sale of a minority stake in the Cobre Panama project, as such transaction is expected to support a higher valuation than what is implied through the First Quantum offer and would further mitigate the capital risk of Cobre Panama. Any such sale will be structured so as not to impede the access of Inmet shareholders to the First Quantum offer.
How To Withdraw Your Shares from the First Quantum Offer
Shareholders who have already tendered their shares and wish to withdraw those shares should contact their broker as soon as possible. Shareholders who have questions or require any assistance are asked to contact Inmet's information agent, Laurel Hill Advisory Group at 1-877-452-7184 or assistance@laurelhillag.com.
Did anyone listen to Q&A in Miami??
FQM is probably going to extend offer to finish up regulatory requirement prior to taking over Inmet. Are you guys that far behind the curve???
* First Quantum says some regulatory hurdles remain
* Inmet, First Quantum shares move higher
Feb 26 (Reuters) - First Quantum Minerals Ltd may extend its hostile C$5.1 billion ($4.97 billion) bid for rival base metal miner Inmet Mining Corp by a few days, President Clive Newall said on Tuesday.
"There are a number of regulatory hurdles to go over, and we hope they'll all be done by tomorrow, but we may need to extend slightly," Newall said while addressing investors at the BMO Metals & Mining conference in Hollywood, Florida.
The C$72-a-share bid is set to expire on Wednesday at 1700 EST (2200 GMT). The offer, announced in mid-December, tops First Quantum's earlier bids of C$62.50 and C$70 per share.
Last month, Inmet asked its shareholders to reject First Quantum's offer, calling it inadequate. The company said it was in talks with third parties for alternative deals.
The bid, however, already has the support of Inmet's largest shareholder Leucadia National Corp, which according to the latest Thomson Reuters data has a stake of roughly 16 percent.
"This vision of creating the new global company is certainly shared by their largest shareholder," Newall said. "And what we're seeking here, and have been for the last few weeks, is to try and persuade all Inmet shareholders to share this vision."
If First Quantum succeeds with its bid, the company would gain control of the Cobre Panama project. The massive project in the Central American Republic of Panama has one of the world's largest undeveloped copper deposits, which would ease the company's dependence on sites in Africa and particularly Zambia.
In response to a question, Newall said First Quantum has engaged with the Inmet board throughout the process, but he declined to provide any details on where things stand.
Inmet shares were up 1.1 percent at C$66.30 in morning trading on the Toronto Stock Exchange, while First Quantum rose 1.3 percent to C$18.65.
Here.
House Positions for C:PTQ from 20130225 to 20130225
House Bought $Val Ave Sold $Val Ave Net $Net
85 Scotia 384,862 204,345 0.531 65,000 34,600 0.532 319,862 -169,745
2 RBC 245,000 132,720 0.542 41,400 22,285 0.538 203,600 -110,435
9 BMO Nesbitt 188,700 98,324 0.521 0 188,700 -98,324
15 UBS 126,000 66,780 0.53 0 126,000 -66,780
80 National Bank 57,400 31,199 0.544 0 57,400 -31,199
13 Instinet 186,500 98,981 0.531 133,500 70,590 0.529 53,000 -28,391
57 Interactive 42,490 22,777 0.536 0 42,490 -22,777
143 Pershing 30,000 16,800 0.56 0 30,000 -16,800
79 CIBC 311,730 166,903 0.535 283,800 149,137 0.526 27,930 -17,766
19 Desjardins 36,500 19,340 0.53 9,000 4,950 0.55 27,500 -14,390
99 Jitney 26,500 13,840 0.522 0 26,500 -13,840
33 Canaccord 33,495 17,602 0.526 20,000 10,400 0.52 13,495 -7,202
27 Dundee 5,000 2,600 0.52 0 5,000 -2,600
58 Qtrade 2,135 1,110 0.52 0 2,135 -1,110
28 BBS 10,000 5,600 0.56 8,500 4,760 0.56 1,500 -840
81 HSBC 6,000 3,180 0.53 6,000 3,240 0.54 0 60
89 Raymond James 16,980 9,056 0.533 25,712 14,151 0.55 -8,732 5,095
88 Credential 2,500 1,300 0.52 12,550 7,151 0.57 -10,050 5,851
7 TD Sec 142,000 76,450 0.538 159,130 83,809 0.527 -17,130 7,359
124 Questrade 1,000 550 0.55 30,000 15,885 0.53 -29,000 15,335
102 Lakeshore 0 38,000 20,085 0.529 -38,000 20,085
39 Merrill Lynch 22,000 11,505 0.523 181,000 95,445 0.527 -159,000 83,940
14 ITG 14,800 7,815 0.528 194,500 104,835 0.539 -179,700 97,020
1 Anonymous 618,000 328,676 0.532 823,000 445,610 0.541 -205,000 116,934
29 Casimir 0 478,500 250,520 0.524 -478,500 250,520
TOTAL 2,509,592 1,337,453 0.533 2,509,592 1,337,453 0.533 0 0
Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=32232498&l=0&r=0&s=PTQ&t=LIST#dDfWKuvy1CQpyS8U.99
I have heard that number also.
Eventual port access to bring our ore from Spain should also be a benefit. I have seen some engineering work that is preparing the development of our copper holdings that are substantial.
It is about an hour until the web cast from Miami. It will be interesting to see if there is any new information. The FQM presentation was pretty positive.
Whether any of this impacts the share price is another question. With the sell off by Casimir yesterday perhaps there will be some positive movement today.
It is in their DNA!
That is a guaranteed minimum on the aggregate. Actually we will probably sell them much more since our price cannot be beaten and it will be readily available. Then you have the cash flow from the access rent, the use of the roads by Petaquilla, a good slug of immediate cash outside of the the aggregate, guarantee of contracts for PDI, commitment of cooperation, and the royalty forgiveness in millions of dollars off the P&L A/P now, and in the future. They complain because the are unable to understand.
Both parties value the deal at $150,000,000.00 as do the analysts that have reviewed it. In essence 134% of what our market cap was when Inmet made their HT attempt. All for two roads, that we need just as much as they do for development, that they will build, pay for and maintain using PDI, and use of about 12,000 hectares out of our 462 square kilometer property. As an side, casting in stone and validating, from a legal standpoint, our claims that were recently up held by the supreme court covering hundreds of thousands of hectares.
CONGRATULATIONS TO OUR BOD!! JOB WELL DONE!!
Hi Peta,
I do not see us leaving Panama. FQM, if they succeed with the HT, will have plenty on their plate for awhile. Ultimately they will do a friendly deal with PTQ if there are some additional matters that need to be resolved. I think PTQ will be a part of Panama for many years. Currently we are working on a five year plan assuming FQM prevails.
Glass half empty or half full??
About 5,000,000 shares DUMPED across the markets today by those who realize this company is dead.
About 5,000,000 shares ACCUMULATED across the markets today by those who realize this company has a great future.
Effect on share price...nothing as usual with good news.
Don't forget the 8:30AM web cast by FQM from Miami tomorrow.
Thank you for a sane post.
It is nice to see someone who actually understands investing and has taken the time to actually study the history of the company. There was a time three years ago where we did not have enough money to continue operations for sixty days. We tried to borrow 20MM and could only get 12MM on poor terms. Ernst&Young had qualifications for two years on whether we could continue as an ongoing operation.
Fortunately that is all behind us now, and we are stronger and more profitable every quarter into the future. There is a lot more news coming this week and some important updates. Steady growth is the name of the game.
No, I do believe you!
My point is that 250,000 shares is only about $125,000.00 dollars.
My girl just checked Orbitz for a two week package to Europe from Panama for wife, kids, nanny,and the best price for flights, hotels, driver, etc. was about $63,000.00. So you are having a cow because you are down maybe a few thousand dollars with a stock whose fundamentals are sound. Cry somewhere else....
LOL!! Thought you were a serious investor!!
"Still owning more than 250k of this pos."
Now it all makes more sense...You can't even take the family for a couple of weeks to Portillo if you sell all of your "HOLDINGS"!!
Just put you shares on the back shelf for a couple of years and you will be fine. You should have bought more back in the day when it was $0.03-$0.04 per share and you would not be so up tight.
Petaquilla always down on good news!!
Why should this surprise anyone? Of course the question is how this will be reflected in the ongoing HT. We will really know nothing until that fails or comes to fruition. If FQM wins, are they bound by a binding term sheet with the previous target? How will the term sheet be reflected in the details with the final agreement? If Inmet wins, do you really trust Tilk to complete the deal?
The point here is that the slow and steady progress and improvement in the fundamental strength of the company will continue. There will be more good news over the week and a lot of stuff will be updated. Remember, this is a long term investment.
Hope you were short!!!
FQM's Final Push 2/26/13 Miami.
Presentation
View on web site.
I have been very ill.
But...I did not die as some posters surmised or hoped. It will still be a long road back. PDAC will be the initiation of a major move toward the broker and institutional sector. Look for a lot of information to flow over the next two or three weeks. Remember, Petaquilla moves forward without any input or agreements with either FQM or INM.
The current share price is a real bargain if the retail market reacts at all to the great changes in fundamentals that will come out before the middle of April. Put the land deal on the side as "gravy", I believe you refer to such things. It could be as long as a year before the HT winner actually comes to the table.
You may have noted in the media over the last 48 hours Inmet has acknowledged that MPSA is behind schedule. They are in financial trouble and had to borrow money in December.
Red Kite will be done, PDI will be spun, production and reserves will be up, ore is coming from Spain. There are a lot of small private meetings scheduled at PDAC and those invited have received their invitations. You will see IR much more active over the next few months. Share price?? Maybe it goes to $0.40???
I did not miss the other dude, because he does no analysis and only makes unsupported trite comments. Sort of a Savlo lite. I do miss Savlo.
For those who remember...
Seeing Octavio Choy's name again brought back the memories.
Justice has come!! The legal system is slow, but now Okke Ornstein
has been sentenced to 20 months in La Joya for his libelous and slanderous attacks. He is now a fugitive from Panama who posts on SH still throwing the same old rocks over and over, while hiding outside the country.
The trip down memory lane and the big lie from Okke:
Will the Stock Market Sink Panama's Petaquilla Mine?
Posted by Okke Ornstein - July 17, 2008 at 12:54 am
Large scale gold mining has nothing to do with romantic images of people sifting through river beds, panning sediments for gold dust. It is about massive excavations, cyanide to dissolve gold residues, exploitation of workers.
Case in point is Petaquilla Mining, a Canadian/Panamanian outfit that owns a concession in the Panamanian province of Coclé. If you read their website, it’s all about building roads and helping local communities.
These local communities, however, hold different views about Petaquilla’s endeavors.
Early August last year, representatives of no less than 21 such communities filed criminal complaints against Petaquilla and Panama’s environmental authority (ANAM) for (allowing) ecological crimes.
Some of the petitioners had walked for three days to travel to the capital and be present at the filing of the complaints and a forum held at the Lawyers Association. Ironically, protesters also came from Coclesito, a village that was formerly home to a campesinos pet project during the dictatorship of Omar Torrijos. His son, President Martin Torrijos, supports the Petaquilla mine enthusiastically.
Instead of building roads, Petaquilla is chasing people away. According to activists and people living in the area, hundreds of hectares have been destroyed as Petaquilla is illegally diverting rivers, slashing down forest and contaminating the water which people depend on. That, in its turn, is causing an increased number of illnesses, lack of food and social upheaval. Without any previous warning, Petaquilla is setting off heavy explosives near the homes of local residents.
The company does not even have the required permits nor have any environmental impact studies (obligatory in Panama) been done about its activities. However, Panama's environmental authority ANAM does nothing to stop the onslaught. Those who protest are threatened, and the mining robber barons employ their own paramilitary thug squad to suppress dissent.
The only ones to benefit from its activities are (foreign) stock holders and local politicians/officials on the take. In fact, one such politician, Richard Fifer, was appointed president of Petaquilla. Fifer is a former governor of the Coclé province under indictment for embezzlement of public funds. President Martin Torrijos, a friend of Fifer, has ordered the prosecution to be stalled.
Former Cocle Governor Richard Fifer (l), Fifer's publicist Octavio Choy (r) and President Martín Torrijos (center), at a Cabinet Room meeting in 2006 in which Torrijos promoted Fifer's company to gullible investors abroad. This meeting took place despite embezzlement charges then and now pending against Fifer.
Former Cocle Governor Richard Fifer (l), Fifer's publicist Octavio Choy (r) and President Martín Torrijos (center), at a Cabinet Room meeting in 2006 in which Torrijos promoted Fifer's company to gullible investors abroad. This meeting took place despite embezzlement charges then and now pending against Fifer.
While evidently nothing much is to be be expected from Panama's authorities to protect its own citizens, market mechanisms and internet publicity may come to the rescue.
First, Canadian mining giant Teck Cominco last April pulled out of a deal with Petaquilla to develop a copper mine in Panama next to the gold mine. Its share in the project was taken over by another Canadian company, Inmet. Both Inmet and Petaquilla shares plunged when the news came out.
Subsequently Inmet, which holds 48% of the venture, has now made an offer to buy Petaquilla Copper out altogether. Although it's not being stated officially, it is widely assumed that Richard Fifer's tainted reputation is an important reason for these moves, and with elections due for May next year, investors may want to wait and see if Fifer has as much influence with the next president and his government as he has with the current one to move things ahead regardless of laws and regulations. Or human rights.
Something similar may be happening on the stock market with the gold digging department of Petaquilla. Since September last year, the Petaquilla Minerals stock price has steadily declined from $3.33 to today's closing of just $1.36, despite the stock being actively pumped on internet fora and despite gold prices being at an all-time high.
So will the stock market, for a change, come to the rescue of the indigenous population and the environment in Panama's Cocle province? It might be too early to tell, but the case certainly shows the importance for local activists against such projects to get their message out in the arena where it really hurts, that is, where the money comes from. Food for thought. And for the Yahoo Finance message boards.
YOUR CELL IS WAITING OKKE BABY!!!!!!