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Land deal all finished.
Land deal was completed in November, 2012. It was all gift wrapped and tied with a bow, blessed by ANAM and ANATI and all appropriate authorities. I believe it is 2700 pages in total. You many not be aware, but there is an HT in progress to determine whom will be the developer of Cobre Panama. So at this moment we are just waiting for the buyer. Have you seen our new Corporate Presentation? It will be up on the web site by the end of next week. Hope you are taking advantage of the excellent buying opportunity. Those whom have seen the future know it is ours!!
Well over one million shares traded.
Up nicely also. Informed are accumulating, nothing 'fishy' about it. As usual no money on PTQMF. Expect news from FQM before Supreme Court hearing on the 25th.
First Quantum insists Inmet and Petaquilla goes
14 | 02 | 2013
The multinational seeks to control the two mines operating in Panama, in a transaction that would exceed 5 billion dollars. The company held directly to the shareholders of Inmet, and has made the first contact with a director of Petaquilla Minerals in Canada.
First Quantum insists Inmet and Petaquilla goes Reserving Cobre Panama has an average lifespan of over 30 years. It is considered one of the largest in the world, where the protection of biodiversity is estimated very important. (Archive)
First Quantum insists Inmet and Petaquilla goes Petaquilla is a hill that is located in the district of Donoso, Colon province, where there are deposits of copper, gold and silver. (Archive)
Previous Following
Zaira Rojas (zaira.rojas @ epasa.com) / PANAMA AMERICA
INFOGRAFIA
Download.
Costs
The cost of the total shares of Inmet is approximately 4000 to $ 800 million.
Petaquilla shares are valued at $ 1.70 each, with a market value of $ 382.5 million.
The total sales of the two companies is estimated at $ 5.182 billion.
The development of two mines approved in Panama, one of gold and one of copper, has attracted a million dance abroad. These two transactions that exceed the 5 billion dollars of concrete reached.
First Quantum, one of the largest mining companies in the world, is determined to be at any cost of Inmet Mining, whose main project is the concession for a copper mine in Panama, which is under development. This project is carried out through its local subsidiary Minera Panama.
Two weeks ago Inmet Board rejected the offer, but First Quantum returned with a hostile bid and submitted directly to the shareholders of the company that seeks to acquire.
The miner think your offer is attractive and that of convincing all shareholders of Inmet, purchase amount to more than 4000 $ 800 million, or $ 70 per share.
Parallel to the offer to purchase Inmet, First Quantum and made the first contacts in Canada to also buy Petaquilla Minerals, a company developing the mine Molejón, from which are extracted 8000 ounces of gold per month at the moment with its subsidiary Petaquilla Gold.
For this company, international analysts as the firm Zacks Investment Research argues that the purchase price would be $ 1.70 per share. This would allow the second transaction to 382.5 million dollars.
This would have a significant economic impact locally, because 30% of Petaquilla Minerals shareholders is held by Panamanians. Unknown Panamanian businessmen participation in Panama or Inmet Mining.
For buying First Quantum Minerals Petaquilla is strategic, given the acquisition of Inmet, as this company has rights to lands that are key to the development of the copper mine in Panama.
Petaquilla Minerals has won all claims submitted Inmet on a plot of land it needs to build its tailings basins and other key components for the mining project.
Sources confirmed yesterday Petaquilla Minerals approaches with First Quantum, but avoided giving further details at this time.
[B] 14 [/ B]
13
Although Inmet policy in the first instance rejected the offer to purchase, First Quantum says it can bring significant additional expertise to the project, in order to minimize the risks of project delays and cost overruns, providing a real opportunity cost savings.
According to the company, from the beginning what they have proposed is to combine the best of both companies' human capital. However, he noted that Inmet's board has refused to consider the significant benefits that would result from the combination of First Quantum's experience in the development of these projects with the familiarity and experience Inmet copper project in Panama.
The determination of the company First Quantum is such that after the rejection, despite their arguments, has sought a new alternative to buy Cobre Panama, through the "hostile takeover" mechanism that is to go directly to the shareholders of this company.
First Quantum will host a series of meetings in Toronto which has invited all shareholders of Inmet, to give them the opportunity to talk and listen to their management team.
The company said it intended to Inmet shareholders depth to meet the vision you have of a combined company, arguing that the analysis and recommendation of the board of his company were completely wrong.
According to the company, the offer made to Inmet placed a fair and substantial, and has significant commercial benefits and provides a "better future for all shareholders."
Achilles heel
The research firm Zacks Investment Research noted the offer of First Quantum and highlighted the disadvantages with Inmet copper project in Panama.
"Minera Panama still may be able to develop Cobre Panama, but with inefficiencies that require additional capital costs," noted Steven Ralston, an analyst at Zacks, in its recent report.
He said Minera Panama has the necessary permits to begin construction of the project. However, he said that for the optimum location of landfills requires the acquisition of the assets of Petaquilla Minerals or consent for access to land.
"Most likely it will be necessary to pay a substantial fee or compensation fixed by arbitration," said Ralston.
The direction of Inmet already admitted that land have this problem, although in a different context to announce the acquisition of Petaquilla Minerals eliminate a potential source of disruption to develop copper mine in Panama.
Inmet and Petaquilla Minerals tried to buy last year, but its offer of 40 cents per share was unproductive so unattractive.
"If First Quantum is successful in buying Inmet Mining, need to negotiate or acquire assets in Panama Petaquilla Minerals," said Ralston.
He also noted that the shares of Petaquilla Minerals shall not be accounted for under $ 1.70 each, to be purchase.
Data
The Cobre Panama concession is located 120 kilometers west of Panama City and 20 kilometers from the Caribbean coast, in the district of Donoso, Province of Colon, Panama. The project occupies approximately 900 hectares 5000 of 13 000 600 hectares of the concession.
According to the developers of the project, some of the benefits received by the country through the work are: the investment of $ 6 billion of capital, which can be compared with the expansion of the Canal.
It also promises the creation of 10 000 jobs during the construction of the mine, 2,000 jobs during the operation of the mine. In addition to three billion dollars in government revenue over the life of the mine, among others.
Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=32176221&l=0&r=0&s=PTQ&t=LIST#785g7jUa2fP3uBVP.99
Thank you Doctor!!
If one believes the who world is out to screw them personally, and that is the way everything has ever ended up, of course they look with bias. Several on this board actually do know each other for whatever that means. This is a social entertainment venue. Anyone who actually basis trades on information herein, and does not confirm it with DD, deserves to lose their butts.
"It just cements my opinion that NOTHING you hear on a message board can be interpreted as the truth."
Maybe if some just follow their own advice life will be less painful. As John Wayne said, "Life is Tough! It is even Tougher
if you are Stupid!!!"
I find it hard to believe that anyone could conceive a YES vote to this convoluted proposal. It just tells me they know nothing about the rules, the laws, the markets, and business. Guys...you really should let a third party handle your money LOL!!!!
Loji, hey I gave it a shot.
I think I did better with the one about the over topping,mine has shut down, and Crazy Investor was seen running naked through the streets screaming!! That is why they are called lemmings....
I boosted your post count on a very slow Sunday. I really thought that someone would come back with an alien landing at Molejon, or something of that like. The sharper tools nailed it instantly and my e-mail in box lit up like the 4th of July. Just too funny!!!
You are so lost its actually funny
Peta buddy, I'm not lost at all...Did get all the doggies woofing on a slow day.... Buenas Noches. LOL!
Sent e-mail.
GOOD MONEY---LOW RISK.
"Why in the hell would we need them when they tried to screw us the first time."
We will move to mid tier as a subsidiary.
Inmet's stock will probably stay up fairly well with the Panamanian issues resolved. Look at their two year historical chart. A solid 26-28% increase per year is not chopped liver. Caravan moving along nice and steady and now may have 50yr.life!! Cobre Panama is huge!!
All shareholders getting the same deal, why do you complain? If you don't like it vote NO, but the majority will obviously vote YES!!!!
Do you really think Inmet will be trading for $50.00 in 2016??? $150.00 is more like it!! Ironic that PTQ may, after all, save Inmet's butt!!
All of our people keep their jobs and Petaquilla moves forward to mid-tier. It will be easier too since more access to Inmet deposits.
Explain, who is getting a bad deal???? The estimate is that about 95% of our investors make money at the worst case, and may do much better with little risk.And Richard gets a seat on Inmet's BOD to look after things. VOTE YES!!!!
While some don't take this serious.
It is a pretty good offer. $0.15 per share immediately to play with. Then a nice chunk of Inmet in 2016 when things take off.
Seems like very low risk and about 26% appreciation per year until the distribution. Hopefully by then Inmet stock will be much higher than $100.00 so that makes it even better of a deal. At $75.00 per share that is about $0.90 for each Petaquilla when you add back in the $0.15. I have been told there are some big tax benefits also. At $100.00/share Inmet, that is $1.15 for PTQ and at $150.00/share, which is quite possible by July 2016, that would be $1.75 a share value and one would participate in Cobre Panama for 50 yrs. Doesn't look like much risk to me. I definitely would vote, YES.
What's not to like??? Sure beats T-Bills and the S&P!! We can put this baby on the back burner and do more fishing!!
Some news to really chew on...
Petaquilla's new adviser recommends that the company accept the Inmet off to purchase PTQ for $0.15 cash per share immediate payout and one share of Inmet common stock for each 100 shares of PTQ to be distributed July 1016 at start up of Cobre Panama. Petaquilla will continue to exist as a subsidiary of Inmet and Richard Fifer will join Inmet BOD. Management reports that they have contacted all major stockholders and are certain the friendly offer will be approved by a majority. This has huge tax implications for major stockholders and allows them to participate in the development of Cobre Panama with its 50 yr. life.
JFF pretending you don't know the difference
between a loan and a bond sale!! Did you bother to
read any of the conditioned materials, or are you
just bored? LOL!!
This is good news, Anski!
The Red Kite loan, that is obviously going to be closed, is a much better deal than the bonds that apparently would have necessitated some convertibility and carried a high interest rate. Moody's was hired to rate the bonds, and only the bonds, by the company when we were looking in that direction. (Read the initial explanation of Moody's when they published the rating.) Now this is a required formality since we are not doing the bonds. The title of the article is very misleading as it implies a withdrawal of some broad company wide ratings, when in fact it just applied to the bonds that will no longer be necessitated and will not exist. Sorry you are sad JFF, you just don't understand that the loan is a much better deal from all aspects. Just a formality, not really any news value.
OK, whatever he wants to say.
So far I have not heard any new information not in old PR's.
I noticed that people still talk about heap leaching. The cycle with silver included is about 90 days. You could not capitalize the stockpile and recover those expenses if it was not working as intended. Ores are always blended and there is chemical analysis used to guide the effort. If people would just read,"Off/On Heap Leaching for Dummies" they might understand. Ore from Spain comes in beginning in June on time and on schedule. You can read about it in the Huelva papers. Fourth ball mill came on stream right on schedule as forecast in presentations for almost a year. Under budget too. Inmet hates our guts!!! But then that is their culture, they hate everyone!! News from FQM coming nest week. Panama shutting down the entire country for Carnivales!!! Maybe people will come back to the city and work in a couple of weeks. Now it is party time out in the interior!!!
Too bad he did not invest several million dollars, that would have been welcome new blood. If this is his fifth largest personal investment,and, as he says, it is significant, he must have millions invested somewhere. If he is able to move us 1000% by his involvement, as he is committed, I am in favor of however he accomplishes it.
He posted he is now fifth largest stockholder.
What with all the foundations etc. in Panama, it is hard to put a number on that accurately, My guess is that he has invested three or four million dollars in the company over the last few months. That is way above my investment pay grade here so I will differ. I don't want that much risk.
He must have been totally impressed with the "buying opportunity"the company has presented in 2012!! Nice to have my analysis validated by someone who has done real DD and came to the same conclusion. He must love the potential and our management team obviously impressed him. I take issue with some of the things he has said, but I will not mess with someone who is investing millions of dollars in our company and in an area where he says he has no expertise.
This guy has got real guts: "All of that to say that I am committed to PTQ. I now have a significant position (5th largest) and intend to increase it a lot more.
Read more at www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=32080480&l=0&r=0&s=PTQ&t=LIST#Ex6wCJTJ2jbpVQQ0.99
WITH THAT KIND OF CLOUT, I WONDER WHY HE DID NOT STAND FOR THE BOD???
Sorry JFF, to shallow a report.
I know that there were some visits to the mine. I have talked to some who were there. To me it sounds like to much of a dog and pony response. If he is the real deal then so be it. I am not buying yet. Martinelli is in Davos, so he did not lunch with him. I don't really need any information from him and if he returned to Albrook from the mine in ten minutes I want one of those helicopters!!
My ranch borders Lake Gatun and it is a lot more than ten minutes to Molejon even from here. Whatever...I'll have another beer, (my meds.) and stay off his case.
Well now that everyone but the clueless...
knows when the Red Kite deal is closing and how the monies are applied. The next thing to look for is the filing of the Record Date, Beneficial Date, and Shareholder's Meeting Date for PDI on SEDAR. I guess that will be the next 'big event'. As long as we have been waiting for the planets to align I am sure they will get the votes. Hope everyone is stocking up during this little opportunity to make some easy money over the next six weeks or so.
Long term guys don't pay much attention, but you traders must be salivating!!!
Red Kite closed, PDI spin-out, Record rate of Production, FQM and Inmet in round two, new NI 43-101 coming out. Russia, China, Germany, Vietnam, all hoarding gold. China going to gold backed currency soon...what's not to like???
POG technical, PTQ news leaked.
Only guy selling was 'ole' #79 CIBC. Now he is confused and seems to be buying and selling. LOL!
14:32:18 T 0.56 2,000 79 CIBC 79 CIBC K
14:32:18 T 0.56 2,000 79 CIBC 79 CIBC K
14:32:18 T 0.56 2,000 79 CIBC 79 CIBC K
Inmet dog and pony show starts at Trump's in one minute. Tilk already presented this morning. No comments posted from anyone???
Chief Executive Officer of Inmet Mining Corporation (TSX:IMN), will be speaking on Thursday, January 24, 2013 at 9:10 a.m. Pacific Time at the CIBC Whistler 2013 Institutional Investor Conference being held in Whistler, British Columbia at The Fairmont Chateau Whistler. Slides of the presentation will be available on Inmet's website prior to the presentation. You are cordially invited to listen to the audiocast at https://webcasts.welcome2theshow.com/cibc2013whistler. Please note the webcast URL will be activated on January 24, 2013.
On Thursday, January 24, Mr. Fernando Martinez-Caro, Vice-President Engineering and Infrastructure of Inmet Mining Corporation, and Mr. Steve Botts, President and Chief Executive Officer of Minera Panama S.A., will be speaking at 3:30 p.m. EST at the Panama Capital Projects & Infrastructure Summit 2013 being held in Panama City at the Trump Ocean Club.
I am confused, but that is normal.
I do not see why CIBC due diligence would require a call, and I certainly would not discuss anything, with anyone unknown over the phone. My statement was more of a guess based on another posters declaration and speculation. No one I know has ever received such
a contact. What did they ask? How could they expect you to answer anything off the cuff to an unknown entity? Very interesting development, but to what end or purpose I have no idea. Very unusual investigatory action.
From the New York Times:
NOTE THAT CIBC, WHO IS ADVISING INMET, IS WHERE THAT OLD 'SELL ON THE BID' DEVIL #79 I EMANATING FROM. MUST BE A HUGE ILLEGAL CONSPIRACY!! YOU THINK?? OMG!!!!! SCOTIA IS THE OTHER SELLER!!!
BY MICHAEL J. DE LA MERCED for the NY Times - The Inmet Mining Corporation of Canada said on Tuesday that it had rejected a $5.2 billion takeover bid by a rival, First Quantum Minerals, arguing that the offer was too low.
The response, more than a month after First Quantum announced its latest cash-and-stock offer, may set off a race for Inmet, one of the world’s major copper miners.
Inmet said in its statement that it was considering “strategic alternatives,” usually code for a sale or joint venture. The company said it had approached a number of unnamed third parties about possible transactions.
In the meantime, Inmet is urging shareholders to reject First Quantum’s tender offer, which is scheduled to expire at 5 p.m. on Feb. 14. The bid was valued at about $72.87 last month.
The mining sector is playing host to a round of consolidation, as companies seek greater scale to take advantage of a boom in the production of metals and minerals. Last year, Glencore agreed to buy Xstrata in a $32 billion deal.
By merging with Inmet, First Quantum would be aiming to become one of the world’s biggest copper producers, producing about 1.3 million metric tons of the metal annually by 2018. Inmet Mining’s chairman, David Beatty, said the First Quantum bid undervalued the company. The Inmet board said in its statement on Tuesday that First Quantum’s offer failed to take into account the expected yields at its Cobre Panama site in Latin America. The 13,600-hectare site, located west of Panama City, is one of the biggest untapped copper deposits left in the world, and Inmet expects the site to increase its production by 176 percent in about five years’ time.
The company added that a merger could yield significant risks to its shareholders. In part, Inmet cited First Quantum’s poorer development record and lack of experience in Latin America.
“The Inmet Board has concluded that the First Quantum offer fails to adequately compensate shareholders for Inmet’s low risk asset base and its strong prospects for growth and value creation at Cobre Panama,” David R. Beatty, Inmet’s chairman, said in a statement.
“The board is engaged in a thorough and rigorous process aimed at investigating all potential strategic alternatives to maximize shareholder value,” he added.
Inmet is being advised by the Canadian Imperial Bank of Commerce and the law firm Torys, while a special committee of its board has retained Scotia Capital.
Inmet updates and January Gallery
ON THE INMET WEB SITE:
Chairman's letter to Inmet shareholders (English) (French)
Directors' Circular (English) (French)
Conference call presentation slides
Photo Gallery
Cobre Panama Update January 2013
With the good news now leaking...
it would appear that there is some effort to manipulate the stock to maximize a short term buying opportunity. IMO and gut I think we might be up 20% in the next couple of weeks as there is more news than most people expect.($0.66-$0.67). Traders like those kind of opportunities.
Good News out! OMG #79 manipulating!
He must have the news and setting things up for a killing!!!
12:14:44 T 0.56 -0.01 500 9 BMO Nesbitt 79 CIBC K
12:14:44 T 0.56 -0.01 2,000 9 BMO Nesbitt 79 CIBC K
11:54:38 T 0.55 -0.02 500 1 Anonymous 79 CIBC K
11:54:29 T 0.55 -0.02 1,500 1 Anonymous 79 CIBC K
11:52:55 T 0.55 -0.02 500 1 Anonymous 79 CIBC K
11:52:55 T 0.56 -0.01 3,000 33 Canaccord 79 CIBC K
11:52:55 T 0.56 -0.01 2,000 33 Canaccord 89 Raymond James K
11:52:47 T 0.55 -0.02 500 1 Anonymous 79 CIBC K
11:52:38 T 0.55 -0.02 1,000 9 BMO Nesbitt 79 CIBC K
11:52:31 T 0.55 -0.02 5,000 9 BMO Nesbitt 79 CIBC K
First Quantum Minerals PR.
First Quantum Minerals Announces 2012 Production and 2013 Outlook
01/22/2013
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2013) - First Quantum Minerals Ltd. (TSX:FM)(LSE:FQM) ("First Quantum") today announced increases in copper production of 26% for the fourth quarter and 16% for the year ended December 31, 2012. The Company also provided its outlook for the full year 2013.
Fourth Quarter 2012 Highlights
Total copper production increased 26% to 84,918 tonnes over Q4 2011
Higher sulphide grades processed and higher throughput as a result of the continued expansion of the oxide circuit at Kansanshi
Increased production as a result of higher throughput at Guelb Moghrein
The first full quarter of commercial operations at Kevitsa with the contribution of 3,448 tonnes
Total nickel production of 10,096 tonnes
Steady operations at Ravensthorpe in its first full year of commercial operations
Contribution of 1,870 tonnes from Kevitsa
Total gold production of 64,383 ounces was 48% higher than Q4 2011
Higher as a result of improved grade and recovery rates at Kansanshi
Contribution of 2,172 ounces from Kevitsa
Addition of platinum and palladium to the production base
Total platinum production of 6,123 ounces and total palladium production of 5,419 ounces from Kevitsa
Just threw-up on keyboard reading PR.
"Despite its claims of unrivaled engineering expertise, it has never developed a project of the scale, complexity or capital intensity of Cobre Panama, nor has it operated in Panama or earned the social license to operate there." Tilk should wash his mouth out with soap!
The big difference is that FQM only needs about six or seven shareholders to tender their shares and they will have all they need to takeover the company. We just need to get this out of the way so that things progress in the development of Cobre Panama. Either company will be bound by all the rulings of the Panamanian Court so it means little to Petaquilla's intrinsic value.
Anski, raised a good point about December production. However we only need to exceed 20,000oz. to have a new record. I was looking for 24,000oz. Q2, perhaps that should be lowered to 21,000oz.
Did they leave the door open????
"The Board of Directors recommends that Inmet shareholders not take any action until closer to the expiry date to ensure that Inmet shareholders are able to consider all of the options available to them."
BOD: NO! NO! NUNCA! NEIN! NYET!!!
TORONTO, ONTARIO--(Marketwire - Jan. 22, 2013) - Inmet Mining Corporation ("Inmet") (IMN.TO) announced today that its Board of Directors, on the recommendation of its Special Committee of independent directors and with input from its and the Special Committee's financial and legal advisors, recommends that Inmet shareholders reject the unsolicited offer by First Quantum Minerals Ltd. (the "First Quantum Offer" or the "Offer") to acquire Inmet for consideration of (a) cash, (b) First Quantum shares, or (c) a combination of cash and shares, and not tender their shares to the First Quantum Offer.
The basis for the Inmet Board's recommendation with respect to the First Quantum Offer is contained in a Directors' Circular filed today with Canadian securities regulators. A copy of the Directors' Circular is available online at www.inmetmining.com and www.sedar.com. The Directors' Circular will also be mailed to Inmet shareholders.
David R. Beatty, O.B.E., Chairman of the Inmet Board, said, "The Inmet Board has concluded that the First Quantum Offer fails to adequately compensate shareholders for Inmet's low risk asset base and its strong prospects for growth and value creation at Cobre Panama, which has the potential to become one of the world's largest copper mines. Cobre Panama is expected to drive a 176% increase in Inmet's copper production by 2018 and, as it moves closer to production, we believe our shareholders will benefit substantially from the commensurate increase in the company's valuation. The First Quantum Offer is timed to deprive them of that opportunity without fair compensation, all while adding considerable execution, financing and geopolitical risk to the proposed combined company. We believe our shareholders can do significantly better and we urge them to reject First Quantum's offer."
"The Board is engaged in a thorough and rigorous process aimed at investigating all potential strategic alternatives to maximize shareholder value," added Mr. Beatty.
Reasons to Reject the First Quantum Offer
The Inmet Board concluded that the First Quantum Offer is financially inadequate, significantly undervalues Inmet, is subject to significant risks and is not in the best interests of Inmet and its shareholders. The Board cited a number of reasons for its recommendation to reject the First Quantum Offer, including, but not limited to, the following:
The First Quantum Offer significantly undervalues Inmet's low risk asset base and its world-class Cobre Panama project. Inmet has an attractive portfolio of mature low-cost operations in politically stable jurisdictions that underpin the significant growth and upside potential of its world-class Cobre Panama deposit.
The timing of the First Quantum Offer deprives Inmet shareholders of the full value of bringing Cobre Panama into production. The First Quantum Offer is trying to deprive shareholders of the full value of Inmet's world-class Cobre Panama project, which has not yet been fully reflected in Inmet's share price. Cobre Panama is expected to drive a 176% increase in Inmet's copper production by 2018.
The First Quantum Offer is below precedent transactions and does not reflect an adequate premium for control of Inmet. The Board of Directors believes, based on a review of comparable transactions and advice from its financial advisors, that the First Quantum Offer represents a significant discount to the price / NAV ratio and total acquisition cost paid in other recent mining transactions.
First Quantum has no experience developing projects the size of Cobre Panama and no relevant experience in Latin America.
First Quantum has a track record of repeatedly underestimating development costs and overestimating production expectations.
The First Quantum Offer does not compensate Inmet shareholders for the inherent risks in First Quantum shares. Inmet shareholders will be exposed to increased geopolitical risk and development risk from First Quantum's development projects as well as increased cash costs and reduced copper exposure.
Inmet continues to evaluate alternatives to maximize shareholder value. Tendering to the First Quantum Offer before the Inmet Board and its advisors have had the opportunity to fully explore all available alternatives to maximize shareholder value may preclude the emergence of a financially superior alternative transaction.
The full reasons for the Inmet Board's recommendation that shareholders reject the First Quantum Offer are detailed in the Directors' Circular. The Board's recommendation is supported by inadequacy opinions received from CIBC World Markets and Scotia Capital. Inmet encourages shareholders to read the Directors' Circular in its entirety, to join our open conference call and webcast (details below) and to reject the First Quantum Offer by not tendering their shares to the First Quantum Offer.
Additional Details: First Quantum's Track Record and Lack of Relevant Experience
As part of its evaluation of the First Quantum Offer, the Inmet Board, the Special Committee and its advisors performed a thorough analysis of First Quantum's development and production track record and noted that, among other things, First Quantum has repeatedly underestimated capital costs of its larger projects. For example, capital expenditures at First Quantum's Ravensthorpe project in Western Australia and its Kevitsa project in Finland exceeded estimates by 109% and 18%, respectively. First Quantum has also overestimated its anticipated copper production: the company's 2011 production targets for 2013 and 2014 were revised downwards in December 2012 by 27% and 52%, respectively.
Additionally, the Inmet Board noted that the average size of First Quantum's past projects has been significantly smaller, with the majority having a capital cost of less than US$500 million and a material difference in scale and complexity compared to Cobre Panama. First Quantum's only project in Latin America, Haquira, is experiencing permitting delays and First Quantum has not been able to advance the project as it intended when it acquired it in 2010.
The existing capital cost estimates for Cobre Panama have been developed with the assistance of leading global engineering firms who conducted substantial due diligence during an exclusive and competitive procurement process. Sophisticated industry participants and investors, including Franco-Nevada, KORES (a consortium member in KPMC) and LS-Nikko (a consortium member in KPMC), have committed to invest approximately US$2.4 billion into the project on the basis of their respective due diligence and confidence in the quality of the development plan and the resulting cost estimates.
In all, this track record represents unnecessary risk to the development of Cobre Panama and undermines any claims on First Quantum's part of being able to deliver substantial cost savings at Cobre Panama.
Jochen Tilk, President and CEO of Inmet, said, "First Quantum says its track record speaks for itself, but the reality is that its track record raises more questions than it answers. Despite its claims of unrivalled engineering expertise, it has never developed a project of the scale, complexity or capital intensity of Cobre Panama, nor has it operated in Panama or earned the social license to operate there. First Quantum's opportunistic offer introduces additional risk without adequate compensation while depriving our shareholders of the value they would receive by retaining their control over this extraordinary asset."
Exploration of Strategic Alternatives
The Board of Directors, through its Special Committee and with the assistance of their respective financial and legal advisors, together with Inmet's management, is actively engaged in evaluating a range of additional strategic alternatives aimed at enhancing shareholder value. Inmet has approached a number of third parties who have expressed an interest in considering alternative transactions involving Inmet or its assets. Inmet has entered into confidentiality and standstill agreements with a number of interested parties, several of which are examining confidential financial, operating and other relevant information. Discussions are ongoing with several of these third parties and others in order to generate value-enhancing alternatives.
Tendering Inmet Shares into the First Quantum Offer before the Board of Directors and its advisors have had the opportunity to fully explore all available alternatives to maximize shareholder value may preclude the emergence of a financially superior alternative transaction.
The First Quantum Offer is scheduled to expire at 5:00 pm ET on February 14, 2013 and is subject to a number of conditions that have yet to be satisfied. The Board of Directors recommends that Inmet shareholders not take any action until closer to the expiry date to ensure that Inmet shareholders are able to consider all of the options available to them.
Conference Call and Webcast Information
Not surprised by Franco-Nevada position.
FQM comes in their stream of PM's goes away. FQM cannot give numbers until they get a look at existing contracts. However, they have a history of doing a better job than Inmet for the reasons they listed in their offer. I don't care who wins as long as Petaquilla holds the high ground. Historically, FQM has been easier to deal with and their environmental record is very good. Inmet has been in trouble everywhere and has no good plan 'B' as their other investments are at the end of their lives.
Perhaps you are right.
I was also making the assumption that the PM facilities would be paid out in cash and that more gold would be available for sale. I think we will see a record for sales none the less. An increase in production has a very big impact on the bottom line and many costs are constants. Share price? That is another question.
Friday, 25th closes the +-10 loan window.
That means we should expect a PR on the status of the Red Kite deal. This will be a busy albeit short week. If we ever get to $0.70 that should bring the TA's running. There is no way this quarter will be less than $0.04/share and maybe a little more.
Might be a nice spring....$0.16/share for calendar 2013, you think would spark some interest. Although good news usually drives down the price!?!?!???
Nice to see gold at $1,690.00 after the weekend. Someone said a short time ago it was IMPLODING!!! Target was $1,550.00!!! I guess we missed the target!!
FQM HT addressed? 1/24 is deadline for BOD!
On Thursday, January 24, Mr. Fernando Martinez-Caro, Vice-President Engineering and Infrastructure of Inmet Mining Corporation, and Mr. Steve Botts, President and Chief Executive Officer of Minera Panama S.A., will be speaking at 3:30 p.m. EST at the Panama Capital Projects & Infrastructure Summit 2013 being held in Panama City at the Trump Ocean Club.
Mr. Tilk will also be speaking on Tuesday, January 29, 2013 at 10:45 a.m. EST at the 2013 TD Securities Mining Conference being held in Toronto at the Ritz Carlton Hotel. Slides of the presentation will be available on Inmet's website prior to the presentation.
Note Inmet still claiming BABr.
Seems sort of silly since we have ownership of these deposits that have recently been reaffirmed by Panamanian Courts. Maybe their law firm has not told them yet?
NEW DETAILS
Inmet Mining Announces Results of Cobre Panama Economic Pit Price Sensitivity Analysis
TORONTO, CANADA--(Marketwire - Jan. 21, 2013) -
Note: all amounts in this press release are shown in US dollars unless otherwise noted.
Inmet Mining Corporation (Inmet) (TSX:IMN) is pleased to announce the results of an economic pit price sensitivity analysis. The current Cobre Panama mineral reserve estimate (see Table 3) is based on a conservative copper price of $2.25/lb. In order to assess the sensitivity of mineral resources contained within economic pit shells to the $3.00/lb copper price now more commonly used in the industry, the economic pit limits were analyzed at $0.25/lb increments up to $3.50/lb. Results are presented in Table 1. At a copper price of $3.00/lb the estimated mineral resources contained within economic pit shells increase by 25% to 4,260 Mt and contain an additional 4.0 billion pounds of copper, 1.3 million ounces of gold, 26 million ounces of silver and 67 million pounds of molybdenum.
Frank Balint, Vice-President Corporate Development of Inmet commented, "This pit price sensitivity analysis further illustrates the inherent option value of a deposit the size and quality of Cobre Panama."
Table 1: Economic Pit Price Sensitivity Analysis (combined results from all deposits)
Metal
Price Contained Mineral Resources1
(>= Variable Internal Cutoffs) Strip Incremental Contained
Metal From $2.25 Case
Cu
$/lb Mt Cu
% Mo
% Au
gpt Ag
gpt Ratio Cu
(B lb) Mo
(M lb) Au
(M Oz) Ag
(M Oz)
3.50 4,613 0.33 0.005 0.06 1.20 0.74 5.3 89 1.7 35
3.25 4,464 0.33 0.006 0.06 1.21 0.72 4.8 90 1.5 31
3.00 4,260 0.34 0.006 0.07 1.23 0.70 4.0 67 1.3 26
2.75 4,040 0.35 0.006 0.07 1.25 0.68 3.1 44 1.0 20
2.50 3,740 0.36 0.006 0.07 1.28 0.61 1.7 38 0.5 11
2.25 3,408 0.37 0.006 0.07 1.30 0.56 - - - -
2.00 3,016 0.39 0.006 0.07 1.33 0.52 -2.1 -46 -0.6 -14
1. Measured and Indicated. Excludes saprolite and inferred mineral resources, which are treated as waste in this tabulation.
A combination of floating cone (FC) and Lerchs-Grossmann (LG) analyses were conducted to determine the above referenced economic pit limits for six mineral deposits in the Cobre Panama project concession: Botija, Colina, Valle Grande (VG), Medio, Botija Abajo/Brazo (BABr), and Balboa. Prior to computing block values in the deposit models, metallurgical recoveries were computed and used to estimate recoverable grades for each block. Price sensitivities were evaluated in $0.25/lb Cu increments up to $3.50/lb, with a base case of $2.25/lb Cu, $13.50/lb Mo, $1000/oz Au, and $16.00/oz Ag. Prices for Mo, Au, and Ag were varied proportionately in all cases.
The estimates presented in Table 1 should not be confused with mineral reserves, which are based on open pit designs that incorporate access, operating, geotechnical and other criteria in addition to economic constraints. The results of the pit price sensitivity analyses presented here should not be relied upon, but do provide an indication of potential mineral reserves that must still be validated by fully engineered designs. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Qualified Persons and Quality Assurance
The mineral reserve and resource estimates are prepared in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by CIM Council on November 27, 2010, and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 23, 2003. You will find the definitions and guidelines at www.cim.org.
Mineral resources as at August, 2012, were estimated by Robert Sim, P. Geo., of SIM Geological Inc., a qualified person under National Instrument 43-101. Mineral reserves as at December, 2012 were estimated and the economic pit price sensitivity analysis was prepared by William Rose, P.E., of WLR Consulting, Inc., a qualified person under National Instrument 43-101.
Reserve estimates are based on the following assumptions:
copper price: $2.25 per pound
gold price: $1,000 per ounce
silver price: $16 per ounce
molybdenum price: $13.50 per pound
Mining costs: $1.66 per tonne of ore mined, $1.96 per tonne of waste mined and
Milling and general and administration cost: $5.27 per tonne of ore milled, average life of mine metallurgical recoveries: 89 percent for copper, 55 percent for gold, 44 percent for silver and 53 percent for molybdenum.
Mineral resources include mineral reserves.
Resource grades are estimated using ordinary kriging with a nominal block size of 25 metres by 25 metres by 15 metres. Resources are limited inside a pit shell defined by a copper price of $2.60 per pound, $1.75 per tonne mining cost and $7.02 per tonne total site operating cost, and are tabulated at a cut-off grade of 0.15 percent copper.
Table 2: Mineral Resources by classification December 2012
Classification
of Resources Quantity Grade Contained Metal
Mt Cu
% Mo
% Au
gpt Ag
gpt Cu
B lb Mo
M lb Au
k Oz Ag
M Oz
Measured 262 0.56 0.009 0.13 1.5 3.3 54 1,118 13
Indicated 3,941 0.34 0.005 0.06 1.2 29.4 472 7,888 157
Total 4,203 0.35 0.006 0.07 1.3 32.7 526 9,006 170
Inferred 3,686 0.23 0.004 0.04 1.0 18.3 345 4,396 115
Note: Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.
Table 3: Mineral Reserves by classification December 2012
Classification
of Reserves Quantity Grade Contained Metal
Mt Cu
% Mo
% Au
gpt Ag
gpt Cu
B lb Mo
M lb Au
k Oz Ag
M Oz
Proven 258 0.57 0.010 0.14 1.6 3.3 54 1,118 13
Probable 2,800 0.37 0.006 0.07 1.3 22.7 361 6,170 118
Total Proven & Probable 3,058 0.38 0.006 0.07 1.3 25.9 416 7,300 131
Note: Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.
Forward looking information
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains forward-looking information. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, and believe or other similar words. Capital and operating cost estimates are forward-looking statements, and are based on assumptions that we believe to be reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our respective business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements.
About Inmet
Inmet is a Canadian-based global mining company that produces copper and zinc. We have three mining operations: Çayeli (Turkey), Las Cruces (Spain) and Pyhäsalmi (Finland), and own 80% of the Cobre Panama project, currently in construction. This press release is also available at www.inmetmining.com.
For Additional Information, Please Contact:
Inmet Mining Corporation
Flora Wood
Director, Investor Relations
+1 416 361 4808
www.inmetmining.com
Laurel Hill Advisory Group, LLC
Penny Rice
+1 877 452 7184 or + 1 416 304 0211
assistance@laurelhill.com
Media:
Longview Communications
David Ryan
+1 416 649 8007
Cobre Panama news.
Inmet Mining Corporation (Inmet) (TSX:IMN) is pleased to announce the results of an economic pit price sensitivity analysis. The current Cobre Panama mineral reserve estimate (see Table 3) is based on a conservative copper price of $2.25/lb. In order to assess the sensitivity of mineral resources contained within economic pit shells to the $3.00/lb copper price now more commonly used in the industry, the economic pit limits were analyzed at $0.25/lb increments up to $3.50/lb. Results are presented in Table 1. At a copper price of $3.00/lb the estimated mineral resources contained within economic pit shells increase by 25% to 4,260 Mt and contain an additional 4.0 billion pounds of copper, 1.3 million ounces of gold, 26 million ounces of silver and 67 million pounds of molybdenum.
Frank Balint, Vice-President Corporate Development of Inmet commented, "This pit price sensitivity analysis further illustrates the inherent option value of a deposit the size and quality of Cobre Panama."
A combination of floating cone (FC) and Lerchs-Grossmann (LG) analyses were conducted to determine the above referenced economic pit limits for six mineral deposits in the Cobre Panama project concession: Botija, Colina, Valle Grande (VG), Medio, Botija Abajo/Brazo (BABr), and Balboa. Prior to computing block values in the deposit models, metallurgical recoveries were computed and used to estimate recoverable grades for each block. Price sensitivities were evaluated in $0.25/lb Cu increments up to $3.50/lb, with a base case of $2.25/lb Cu, $13.50/lb Mo, $1000/oz Au, and $16.00/oz Ag. Prices for Mo, Au, and Ag were varied proportionately in all cases.
The estimates presented in Table 1 should not be confused with mineral reserves, which are based on open pit designs that incorporate access, operating, geotechnical and other criteria in addition to economic constraints. The results of the pit price sensitivity analyses presented here should not be relied upon, but do provide an indication of potential mineral reserves that must still be validated by fully engineered designs. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Qualified Persons and Quality Assurance
The mineral reserve and resource estimates are prepared in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by CIM Council on November 27, 2010, and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 23, 2003. You will find the definitions and guidelines at www.cim.org.
Mineral resources as at August, 2012, were estimated by Robert Sim, P. Geo., of SIM Geological Inc., a qualified person under National Instrument 43-101. Mineral reserves as at December, 2012 were estimated and the economic pit price sensitivity analysis was prepared by William Rose, P.E., of WLR Consulting, Inc., a qualified person under National Instrument 43-101.
Reserve estimates are based on the following assumptions:
•copper price: $2.25 per pound
•gold price: $1,000 per ounce
•silver price: $16 per ounce
•molybdenum price: $13.50 per pound
•Mining costs: $1.66 per tonne of ore mined, $1.96 per tonne of waste mined and
•Milling and general and administration cost: $5.27 per tonne of ore milled, average life of mine metallurgical recoveries: 89 percent for copper, 55 percent for gold, 44 percent for silver and 53 percent for molybdenum.
Mineral resources include mineral reserves.
Resource grades are estimated using ordinary kriging with a nominal block size of 25 metres by 25 metres by 15 metres. Resources are limited inside a pit shell defined by a copper price of $2.60 per pound, $1.75 per tonne mining cost and $7.02 per tonne total site operating cost, and are tabulated at a cut-off grade of 0.15 percent copper.
Table 2: Mineral Resources by classification December 2012
Classification
of Resources
Quantity
Grade
Contained Metal
Mt
Cu
%
Mo
%
Au
gpt
Ag
gpt
Cu
B lb
Mo
M lb
Au
k Oz
Ag
M Oz
Measured
262
0.56
0.009
0.13
1.5
3.3
54
1,118
13
Indicated
3,941
0.34
0.005
0.06
1.2
29.4
472
7,888
157
Total
4,203
0.35
0.006
0.07
1.3
32.7
526
9,006
170
Inferred
3,686
0.23
0.004
0.04
1.0
18.3
345
4,396
115
Note: Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.
Table 3: Mineral Reserves by classification December 2012
Classification
of Reserves
Quantity
Grade
Contained Metal
Mt
Cu
%
Mo
%
Au
gpt
Ag
gpt
Cu
B lb
Mo
M lb
Au
k Oz
Ag
M Oz
Proven
258
0.57
0.010
0.14
1.6
3.3
54
1,118
13
Probable
2,800
0.37
0.006
0.07
1.3
22.7
361
6,170
118
Total Proven & Probable
3,058
0.38
0.006
0.07
1.3
25.9
416
7,300
131
Note: Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.
Reminding the guidance/courtesy/accuracy!
"investor20501
Monday, November 12, 2012 2:54:09 PM
Its just normal. Stock tradet in mid 30ties before takeover bid. Takeover failed, management dealt wrong without white knight. It will drop even lower from day to day without a news from imnet/ptq re land rights deal.
Reffering to mkiii we all should mark our calender for his month. I bet nothing will happen this month. And the SP will keep dropping.
Hope im wrong, but the market is always right.
viva petaquilla
investor20501
Thursday, November 15, 2012 10:30:35 AM
Dropping lower and lower... day to day... gap is calling. 15 days left.
investor20501
Monday, November 19, 2012 9:50:11 AM
GAP is comming closer and closer.
But hey, nice buying opportunity, right?
investor20501
Tuesday, December 04, 2012 11:33:18 AM
.45 and dropping lower.
Im sure the guys did their money here, right Max?
what a shame
investor20501
Tuesday, December 11, 2012 10:32:10 AM
Gap is calling, lower and lower. As i told everyone. Nothing will happen with this POS! Inmet can purchase PTQ now for .45 Cents and i bet every investor will sell the shares this time after the last desaster!"
AND SO WE CLOSE THE BOOK ON THE GAP AS WE REACH ONCE AGAIN THE LEVEL WHERE INMET WAS KIND ENOUGH TO OFFER TO BUY OUR ENTIRE OPERATION IN PANAMA. WE MUST REMEMBER TO THANK INMET FOR BRINGING US TO THE ATTENTION OF MANY NEW FANS! NOT ONLY THAT, THEY BROUGHT ENOUGH ATTENTION TO THE PANAMA MINING SECTOR TO INTEREST FQM AND OTHERS IN BEING INVOLVED IN OUR FUTURE!!
THE POSTS ABOVE REQUIRE NO EXPLANATION, THEY SPEAK FOR THEMSELVES.
INDEED IT WAS WHAT APPEARS TO BE A GREAT BUYING OPPORTUNITY ONCE AGAIN. PERHAPS ON APRIL 15TH WE WILL REALLY SEE THAT OPPORTUNITY COME TO FRUITION. I KNOW NOT WHERE THE SHARE PRICE GOES, BUT I DO KNOW WHERE THE FUNDAMENTALS ARE POINTING TODAY!!!
Perhaps, but some held just for sale.
The last time we called warrants some were not even exercised at a good profit. They are still out there and for sale now. We will see what happens. I expect no effort to pump the shares just to call the warrants. Most of the posters, who are self proclaimed experts, say the share price will never go above $0.65 since all those who missed the HT, will immediately sell the price back down. You can go back and read the sentiment on here or SH. It was there all last summer and this recent December. I am planning one more big buy at $0.35!!!
The future.
6,105,315 soon. Nice!
32,215,933 soon after that. Priceless!
Growth from the mining sector.
Here is land that was only worth about $300.00 and acre not too many years ago. This is they type of benefit that the mining sector development is bringing. Rest assured Cobre Panama will move forward. There is just too much money to be made by all concerned.
For Sale By Owner - 175 Hectares Titled Property - La Pintada
Real EstateBy DON WINNER for Panama-Guide.com - For sale by owner, 175 hectares of fully titled land near the town of La Pintada, to the Northwest of Penonome, in Panama's province of Coclé. This beautiful property is bordered on both the Northern and Southern side by rivers that flow all year long. The property features stunning mountain views, swimming holes, and fruit trees. It is located close to the small town of La Pintada and the larger regional city of Penonome for easy access to services and shopping. Beaches are a 25 minute drive away. The property enjoys a "micro climate" produced by the local mountains - bringing cooler temperatures and lower relative humidity. This property was formerly part of a training facility owned and operated by Panama's Asociación Nacional para la Conservación de la Naturaleza (ANCON) (National Association For the Conservation Of Nature). ANCON planted approximately 25 hectares of the property with Acacia (Koa) hardwood trees more than 20 years ago. They also planted some teak in a different area, and all of these trees are now fully mature and ready for harvesting for the lumber, if desired. There are also fruit trees of various varieties planted throughout the property. Some parts are fully mature forest that has never been cleared. Some areas were cleared many years ago for cattle, but has since grown back over with secondary growth.
Possibly the most attractive feature of this property for the potential investor is it's location relative to the Minera Panama copper mine project, which is being built in the mountains well to the North of this location. Minera Panama will be spending more than $6 billion dollars on infrastructure to build this new copper mine, and right now they are facing a critical housing shortage. The original development plan for this property called for it to be subdivided into lots and sold as home sites for expatriates. An enterprising investor could potentially build smaller and more economical homes for mid and upper level mining executives and engineers, which could be quickly sold or rented to people working for the mining company. The Minera Panama mine is expected to be operational for 50 years or more.
Asking Price: $1.1 Million Dollars (62 cents per square meter.) The current owner is an investor who had to leave Panama for personal reasons, and is motivated to sell.
Additional Details: The property measures a total of 175 hectares in four parcels. All four parcels are held by the same Panamanian corporation. All of the land is fully titled, since at least 2006 or before. There are no problems with the title - no liens, mortgages, sequesters, embargoes, nor is it legally hindered in any way.
Year Around Water And Swimming Holes: The rivers that border this land are full-blown rivers - not just little local drainage streams that only flow after a rainstorm. They have water flowing through them all year.
Position Relative To Minera Panama: This parcel of land is located about 40 kilometers (or about 25 miles) to the Southeast of Inmet's massive $6 billion dollar copper mine project. It's important to note there are two ridges between the copper mine project and this land, so the rivers and the local drainage basin will be totally unaffected by the mining project. However, it's going to take Inmet many years to first build the copper mine, which is expected to start production in 2016. Then, the mine will be operating for 50 years or more. They are already facing a critical housing shortage. When mining engineers show up, they are assigned to a sort of "mining tent camp" facility - and they abruptly quit. Inmet knows they already have a critical housing shortage problem, and this parcel of land is ideally suited as a potential solution.
Potential Value In Reforestation Hardwoods: This photo shows a part of the property that was planted with teak more than 20 years ago. More than 25 hectares in another area was planted with Acacia (Koa) hardwood trees. One estimate conducted several years ago indicates this lumber could potentially have a value of $250,000 dollars or more if cut and sold as logs - but that needs to be verified and updated. It does not appear that these reforestation plantations have been professionally managed and cared for, so the value of the lumber is probably marginal. But no matter what, the trees exist, so there could possibly be some intrinsic value to offset the initial purchase price.
Contact Information: Serious inquiries only. Potential investors will be vetted. The owner has contracted me to represent his interests in Panama for this property. The sale will be done directly as a "for sale by owner" contract between the seller's and buyer's respective lawyers. I am currently the only person authorized by the owner to promote or advertise this property, so if you see it listed on another website they probably do not have the owner's authorization, so be aware. For additional information about this property contact me, Don Winner, at my cell phone number in Panama, (507) 6614-0451. Via email at don@panama-guide.com. The best way to talk to people in the United States is via Skype and my account is don.winner - but please send me an email first, because I don't accept random requests to add contacts (unless I know who the person is first.)
I have also seen this property and it is very nice. You just need to be sure that your D&B is up to date before you bother Don. He has very little tolerance for BS, and wannabees! For someone who just wants a "gentleman's" farm, this finca could be very self sustaining and with some solar power completely off the grid. Petaquilla's PDI would probably cut you a very nice deal and could build whatever you want.
If those warrants expire in eleven months,
that will save us from about a 16% dilution. I would love to see us at about $1.25-$1.30 at the end of this year just to get rid of them. But, if we go to $2.00-$3.00 I am sure they will be exercised. Just as long as the steady progress continues I am content.
Inmet seems to be going all out to save their company. Very busy week ahead for them with the BOD response required, the Cambridge show, their web cast, and the dog and pony show in Panama. We can be sure that FQM is also pulling all the stops to wrap up their offer. We should also hear some more news from Petaquilla this week on closing the Red Kite deal. That is really the most important thing, and will bring immediate results for Petaquilla.
We are back in the $0.60 range now so I guess all those who said our climb to this point could only be achieved through a HT are proved wrong again. So many bitter people around who will complain even when things are going well. I think some of them are not even investors and just use the boards to vent toward the world. Kind of cheap entertainment actually.
I need to put a few more on ignore when it is obvious they know very little about the company or our investments. Pretty pathetic life posting on a public board with no skin in the game. Recipe for total bitterness when things keep moving along and they are left behind once again, or miss the opportunity to improve their status. All those that bought heavily last summer are happy campers.
From the I-Box and Yahoo.
UP 35.7% from December 10th to January 18th!!! Thought the resident self proclaimed expert said we would drop like a dead duck starting December 11th! I think he called us a POS and now we are slowly climbing back into the HT run-up median. Wonder if we will have some news posted over the three day weekend while the markets in the States are closed?? Happened once before, I believe.
Yes Loji, I think it might be a trend and the start of your long forecast-ed and awaited storm.
I would never buy shares in a company that I did not like, or in one that I did not investigate thoroughly, seems illogical, but you are the Phd. in that area. What makes people like that click? Is that what they call a masochistic tendency? Or is that attributable to one who is stupid enough to pay attention to them?
Ouch!!!