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Best post of the day!!!
"Just sit back and relax, go grab a cerveza and chill."
By the way was that two or three months you were picking for $1.00??
If we stay below $1.45 for eleven more months we lose about a gazillion warrants that are hanging over our heads. I think it is something like 38,000,000!!!
Hi carlosc, Never gave it much thought...
I am looking at the stock a long, long way, down the road, and not really concerned too much about what happens at this point in time. I just feel for both of these guys who have suffered, one for just a while, and one for a very, very long time. I am just hoping for their sake that sooner rather than later they will get their self imposed targeted price and have the happiness of relief that they both so truly seek. Heck, if it were not for tax selling I would still have shares I bought at $3.33! I have always thought that anything under a dollar was a good investment and I still believe that will ultimately prove to be true.
It is the ups and downs, and ins and outs, that make life interesting. I know that the growing pains suffered over the last three three years have given my family the opportunity to hold a much larger piece of the company, than we ever originally intended.
I am very confident in Panama, the mining sector, and Petaquilla. Perhaps being so close to the situation has colored my vision. But to be honest, nothing to date has caused me much worry, and once again I can feel the swell, "under my board", as poncewaves would say. The question is? Is this the one to take and will it 'break' in such a way that it will reward the wait.
The fundamentals have never been better, but of course there are the macro events, and the irrational market...Who knows if the share price will be $1.00 by April 20th or many months later as some are firmly convinced.
I'm sure more comfortable where I am with Petaquilla, than having a big chunk of USA T-bonds, or having to depend on an unfunded pension and a bankrupt country. Time will tell who was right...in the meantime, I sleep very well.
Good Luck to you...My only advice is, "Don't sell PTQ short in the current market!", I don't think there is much downside risk ahead. I have been to Spain to see, and to Portugal. Molejon is in our backyard. I just don't see the risk others are so certain exists...perhaps I am wrong...but if I am right, I put in enough chips to make it very worth while. Everyone needs to take the time and spend the money to really dig into the due diligence weeds. Then you just assume the responsibility for your own decisions.
Some of the folks who constantly complain have never, ever posted any in-depth analysis, and by the nature of their comments make it obvious that they know little about the facts on the ground, or actually, those who run the company. So...let's all pull for a $1.00 sooner rather than later, let them make their money and happily be on their way.
You & Jal have promised to sell @$1.00
Trust me we are all rooting for you. Plenty of news out. We already told you about it several times. Not worth repeating again. Petaquilla is not for sale and there is no Hostile Takeover coming. Try another button....maybe...OMG #79 is selling the bid again!!!
Perhaps, someone is confused said politely!!!
Read the relevant press release slowly and carefully, on or about in legalize is generally interpreted by the courts to be +-10days.
Nothing is overdue at this point so why bash the company for nothing again!!
"Closing of the Loan facility, which is expected to occur on or about January 15, 2013,"...
"Closing of the Loan facility, which is expected to occur on or about January 15, 2013,"...
What has a "traunce" have to do with this anyway????
“Afterward, by the loving paines of Conradoes wife, as also her daughter Spina, Madam Beritola (being recovered from her passionate traunce, and her vitall spirits executing their Offices againe) fell once more to the embracing of her Sonne, kissing him infinite times, with teares and speeches of motherly kindnesse, he likewise expressing the same dutifull humanity to her.”
Or do you mean the modern urban definition of traunce???
1. A giant fury black beast, sometimes mistaken with a Newfoundland dog. Has a certain hate for small animals on leashes that may resemble a rodent on a string.
2. A word also used to described the action of a traunce
Petaquilla denies owing money to Jamieson
2013-01-14 13:48 ET - Street Wire
by Mike Caswell
Petaquilla Minerals Ltd. denies owing any money to a contractor that is suing the company in the Supreme Court of British Columbia over unpaid invoices. Petaquilla says it had no agreement with the contractor, Jamieson Consulting Pty. Ltd., and did not own the Molejon mine where the contractor claims to have worked. Even if there were an agreement, Jamieson did not do all the required work, according to Petaquilla.
The company is responding to a lawsuit that Jamieson filed at the Vancouver courthouse on Nov. 2, 2012. According to the suit, Jamieson performed "productivity improvement" services at Petaquilla's Molejon gold mine in Panama in 2010 or 2011. It had a budget of $1,174,500 plus travel expenses. (All figures are in U.S. dollars.)
Jamieson complained that it only received partial payment for its invoices, with $401,929 outstanding after its contract came to an end. The suit sought a $401,929 judgment, plus interest and court costs.
Petaquilla says no money owing
Petaquilla, in a response filed on Friday, Jan. 11, denies ever entering into a contract with Jamieson. The company says that any agreement was between Jamieson and another company called Petaquilla Gold SA (which is also a defendant). Alternatively, if there were a contract, then Jamieson did not perform sufficient services to entitle it to be paid all or any of the money it seeks, the response states.
Also in its response, Petaquilla says that it does not own or operate the Molejon gold mine in Panama, where Jamieson claims to have done the work. The company further denies the suit's allegation that Petaquilla Gold is a subsidiary. (The response does not say what the relationship between the companies is.)
Petaquilla Gold separately filed a brief response to the suit, also on Friday. It too asks that the claim be dismissed, arguing that the courts in B.C. have no jurisdiction. Petaquilla Gold says it does not carry out business in B.C. and is incorporated in Panama.
Vancouver lawyer Gordon Plottel of Miller Thomson LLP filed the responses on behalf of both Petaquilla Minerals and Petaquilla Gold.
Factual post deleted.
Post will obvious factual misinformation left standing. Now that is really going to help those seeking the truth!!! LOL!!
REMINDERS OK PER MODERATOR!!
THIS WAS OK WHEN IT WAS POSTED!!!!
investor20501
Tuesday, December 11, 2012 10:32:10 AM
Re: investor20501 post# 18368
Post # of 19343
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!
THIS WAS OK WHEN IT WAS POSTED!!!!
investor20501
Tuesday, December 11, 2012 10:32:10 AM
Re: investor20501 post# 18368
Post # of 19343
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!
Probably forward selling hedge.
Futures were up quite high for a while. They may have hedged their future sales if that is possible and legal.
LOL!!! That makes two of us!!
Let the couch potatoes get up and do a little DD. I already did too much analysis and interpretation for them today. I am waiting for them to start bitching about the EPS and current debts, forgetting the cost of expansion and exploration. The Source and Use of Funds Statement shows a lot of fine management expertise and that the priorities are correctly placed. We are currently running and an annual rate above 25,000oz. per quarter and the grades over at LP are really exceptional. I also noted that our stockpile is holding steady! Too much good news!!! SP will gap down today with an island reversal thingy!!!
NICE TO SEE PDI ASSET VALUATION WENT UP 17% IN THE LAST SIX MONTHS!
Yes, valued at $19,000,000.00 in Statements.
85,000oz.FY 2013, 130,000oz.FY 2014!
Now that is some very inspiring guidance. With so much good news the share price is sure to drop like a rock!!! Petaquilla does not trade on fundamentals, but only Guru TA!! Sell at the open!!!
Operating Profit up 41%! Earnings from Operations up 135%!!! EBITDA UP 69%!!!!!!!!!!!
Who will be the first ankle biter to blame Richard Fifer?? Stoopid fool knows nothing, Zack's are idiots too, bad luck for monthes!!
Almost unbelievable cost/oz.
NUMBERS ARE POSTED ON SEDAR.
All that stockpiling effort and heap leaching must be paying off. I hope this is not an error in the numbers. That must be the lowest in the industry or close to it. That is a gross profit of $1,236.00/oz. at this mornings prices. That extrapolates to about twenty-seven million dollars gross profit coming in Q3!! Have not yet read the MD&A. Perhaps there are some clues as to how this was achieved.
Saludos.
Very low volume considering Q2 tonight.
Should be numbers available from Europe any time. Hope there is an update on loan closing in tonight's press release. Will be up on SEDAR Wednesday morning.
It is explained fully in the public record.
Petaquilla maintains rights to all gold on Inmet's concessions while Inmet maintains rights to all copper on Petaquilla's? Is that correct?
NO INMET HAS NO RIGHTS TO PETAQUILLA COPPER.
Petaquilla maintains rights to all gold on Inmet's concessions while Inmet maintains rights to all copper on Petaquilla's? Is that correct?
NO PETAQUILLA DOES NOT HAVE RIGHTS TO ALL GOLD ON INMET CONCESSIONS.
All of this has been explained in previous posts over the last couple of years. There is no confusion between any of the three companies, INM, PTQ, FQM. Lata will be the next deposit to be taken under ownership determinations for Petaquilla on Inmet concessions. Current plans are to ship copper ore via Panama City to China. That could change depending on who develops Cobre Panama's Inmet portions.
A VERY LARGE AREA OF DISPUTE AND FUTURE LITIGATION SURROUNDS THE QUALITY AND QUANTITY OF DRILLING TO DETERMINE VALUE OF DEPOSITS ON INMET'S CONCESSION. THIS HAS ALREADY BEEN BROUGHT UP IN COURT AND PETAQUILLA SEEMED TO HAVE WON THE FIRST ROUND ALTHOUGH IT WAS TANGENTIAL TO THE ACTUAL ISSUE LITIGATED. Inmet's saying we dug a couple of shallow holes and found nothing of value is not going to fly!!!
Inmet is going door-to-door!
Jan 14 (Reuters) - The following are the top stories from selected Canadian newspapers.
* Leading shareholders of Inmet Mining Corp said the company is shopping a significant but minority stake in Cobre Panama, the $6.2 billion copper project it is developing in Central America, as it works to fend off a hostile takeover from rival First Quantum Minerals Ltd. ()
News is making the rounds.
IMN.TO: First Quantum Tells Inmet Any Stake Sale Is Inappropriate - at Bloomberg
IMN.TO: Tensions mount in First Quantum bid for Inmet - at Reuters
IMN.TO: Inmet Comments on First Quantum Letter - Marketwire
IMN.TO: Inmet Comments on First Quantum Letter - Marketwire
Inmet has just ten days left legally to respond to FQM. With such a small shareholder base this will be over one way or another very quickly.
Gold & Mining By Peter Koven -
Inmet Mining Corp.’s efforts to develop the massive Cobre Panama project have come at a “real cost” to shareholders, says the chief executive of First Quantum Minerals Ltd. He said that things would be different if First Quantum was in charge.
First Quantum started the clock ticking on its $5.1-billion hostile bid for Inmet on Wednesday by mailing its offer to Inmet shareholders. Toronto-based Inmet has 15 days to respond and the offer is open until Feb. 14, though the timeline could be extended.
Throughout the takeover battle, First Quantum has stated it can build Cobre Panama for significantly less than the US$6.2-billion cost Inmet is targeting. Now, First Quantum has looked at the steps Inmet has taken to de-risk the project and declared they were harmful for investors.
For example, CEO Philip Pascall noted Inmet has raised US$2-billion of high-yield debt, much of which is not needed until at least 2014. While this has reduced the financial risk of Cobre Panama, it adds US$170-million to the project’s costs every year, he wrote in a letter to Inmet shareholders. He also criticized the US$1-billion gold stream financing on Cobre Panama that Inmet announced last summer, which provides immediate capital but removes upside from the project.
On the operations side, Mr. Pascall criticized Inmet for what he called “the unfettered use of costly outside consultants and project sub-contractors.” First Quantum is confident it can save money by using its in-house team.
Inmet is only a $5-billion company, so it had to raise such financing early on to convince investors it could build such a massive mine. But Mr. Pascall said it would not have been necessary for First Quantum given its larger size, strong technical expertise and conservative balance sheet.
“A combination between First Quantum and Inmet will substantially de-risk Cobre Panama for the benefit of all shareholders,” he wrote.
While First Quantum has taken its bid directly to Inmet shareholders, the company has also made clear that it would welcome friendly negotiations. It has avoided the “best and final” language that is often a sign that an offer will not be increased
Inmet and financial advisor CIBC World Markets are studying every potential opportunity to wring more value out of the company. But sources close to the takeover battle believe that finding a friendly bidder will be extremely tough.
Senior mining companies are conserving capital and halting their high-cost projects, while the world’s biggest publicly-traded copper company, Freeport-McMoRan Copper & Gold Inc., is busy trying to break into the oil and gas sector. Teck Resources Ltd. used to be involved in Cobre Panama, but the miner sold its stake in 2008 and maintains a more conservative balance sheet today.
First Quantum president Clive Newall noted in an interview that there are scarcely any rumors of white knight bidders, which is highly unusual in a contest like this. He said First Quantum’s “unique ability” to build Cobre Panama at a reduced cost cannot be matched by any other company.
First Quantum maintains that Inmet’s key shareholders support the proposed merger. While it is not naming names, Inmet has a tight shareholder structure and two investors — Leucadia National Corp. and Temasek Holdings Ltd. — control 27% of the company.
TWO CANS AND A STRING!!
With Petaquilla Headquarters at 777 Hornby Street and First Quantum Minerals at 543 Granville Street, I wonder if they are communicating with two cans and a string. I put them about 200 yards apart. Seems like that would put Inmet at a disadvantage since they are 2750 miles away in Toronto, Ontario. Does anyone seriously believe that FQM and PTQ don't talk to each other, know each other, and eat lunch at the same places right in the neighborhood? Belong to the same clubs and golf courses. Kids go to the same schools. Hell, they probably car-pool some days.
Acanuk, maybe you should hang out at the little Italian restaurant between them and get the news before its published!!
Yeah the internet and phones are great, but when you can walk two minutes and have a meeting face to face that makes life much easier.
Funny thing also, the Minera-Panama people locally would favor FQM also. Inmet has created a lot of ill will in its own backyard.
Q2 Numbers will be out in Europe in less than 24 hours. Who will post them first?? What about the closing of the loan?? Remember that will fund PDI.
Seven sitting at a table...
Inmet, Chinese, Singaporeans, Petaquilla, FQM, Koreans, Slim.
Who will side with whom? Is there another in the anteroom? Don't forget the role of the Government of Panama...January has lots of news...and now February looks to be interesting too.
First Quantum Minerals Delivers Letter to Inmet Warning Against Improper Defensive Tactics
01/12/2013
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 12, 2013) - First Quantum Minerals Ltd. ("First Quantum") (TSX:FM) (LSE:FQM) today announced that it has delivered the following letter to David Beatty, Chairman of the Board of Inmet Mining Corporation, in response to reports received by First Quantum regarding a proposed sale of a further minority interest in the Cobre Panama project:
"Dear David,
First Quantum published details on 9 January 2012 of its previously announced proposal to create a new force in mining, with a globally significant position in copper, through a merger with Inmet. First Quantum is pleased that Inmet's largest single shareholder, and one with representation on the Inmet Board, has already expressed public support for our proposal. We have also noted Inmet's response to our offer for the Inmet shares (the "Offer"), including the establishment of a Special Committee to examine its merits.
First Quantum has been approached, directly and indirectly through its financial advisors, by a number of shareholders of Inmet who have expressed concern that Inmet is proposing to complete a sale of a further minority interest in the Cobre Panama project. These concerns are apparently based upon discussions with a senior executive officer of Inmet.
As you know, it is a condition of First Quantum's Offer that Inmet and its subsidiaries not take any action which might have the effect of materially diminishing the economic value to First Quantum of the acquisition of Inmet shares or make it inadvisable for First Quantum to proceed with the Offer. We are therefore very concerned that the Special Committee could be contemplating steps which could deprive Inmet shareholders the opportunity to consider our Offer.
You have stated that the Special Committee will advise on the potential risks of receiving First Quantum shares as consideration. It is not obvious how any such risks could be properly evaluated without talking to us. We have offered on numerous occasions to have an open discussion and exchange of information, including through mutual site visits. We submit that such a constructive engagement is the only sensible way to be able to provide the advice you seek to provide to your shareholders.
You have also stated that the Special Committee and its financial advisors will conduct a process to investigate all potential strategic alternatives that may enhance shareholder value, some of which pre-date our Offer. We are troubled that this statement may relate to the sale of an additional minority interest in Cobre Panama, as suggested by the concerns raised with us by your shareholders. First Quantum believes that shareholders of Inmet should be given a real opportunity to decide between our offer and any such "strategic alternative". Indeed, we consider that any attempt to complete such a transaction during the currency of our Offer would be inappropriate in the circumstances and constitute an improper short term defensive tactic in response to our long term strategic proposal. It risks being value destroying, further reducing the flexibility of developing Cobre Panama without in any way diminishing the execution risk.
Inmet has already sold a 20% minority interest in Cobre Panama as well as most of its anticipated precious metals stream. We believe strongly that the net effect of these actions has either been to divert value from Inmet shareholders to others or to reduce Inmet's operational flexibility. In our view, it would be regrettable to contemplate any further initiatives during the currency of our Offer that might have a similar effect.
Now is not the time to take such a step. Even assuming that there is merit in such a strategic alternative, we see no reason that it cannot be deferred until after shareholders have had a proper chance to make their own determination in respect of First Quantum's proposal.
First Quantum encourages the Board of Inmet to embrace the vision that underpins First Quantum's proposal and recognize, as Inmet's largest shareholder has, that it is a very serious "strategic alternative" already available to Inmet. Short term maneuvers are not the right answer. In our view, the correct way forward is to engage in a constructive dialogue with us and to understand the value our proposal has for all shareholders.
We ask that these matters be given appropriate consideration by the Board of Inmet in discharging its fiduciary duties and that the Board publicly confirm that it will not take any such steps which could have the effect of our Offer being withdrawn.
I would be pleased to discuss this or other matters, including First Quantum's continuing desire to work together on a friendly basis with Inmet's management team and directors in an effort to turn First Quantum's vision for a combined entity into a reality, with you at your convenience. In any event, as First Quantum believes that this is a matter of general concern to Inmet's shareholders, a copy of this letter will be publicly disseminated by way of press release.
Yours truly,
(Signed) "Philip Pascall"
Philip Pascall, Chairman and Chief Executive Officer
First Quantum Minerals Ltd."
Commenting upon the letter, Philip Pascall, CEO and Chairman of First Quantum, said:
"Any sale of a further minority interest in the Cobre Panama project during the currency of our Offer would, in First Quantum's view, be unnecessaryand could deprive Inmet's shareholders of the chance to participate in the exciting opportunity represented by our Offer. In the circumstances, First Quantum thought it important to put its views on such a sale on record with the Inmet Board and to encourage the Inmet Board not to proceed with such a sale without first giving Inmet shareholders a full opportunity to make their own determination regarding the merits of our Offer."
About First Quantum
I don need no friggin chart....
ta tell me Richard Fifer be messin' up my life fo' monthes fo' no gud raisin!! FM goin' cum in an tak all dat money dat shuda be fo'
me rait now!! It be BOD falt n yu cain fix dat!!! Da ainh't no hope wid dis stuped companey!! And dats da facs!!!!! Ainh't no gold, ainh't no heap leechin', ain't nuthin but liers!!! Hate dis fool companey!!! Just shuddaup an fix da damn chart I doin care!!! I be watchin ya!!!! Yo! Ya mama say hi!
OMG! Maybe that has mostly to do with Fifer.
FQM is not an unknown entity.
Inmet is the devil that we know. Either one can be dealt with as appropriate, but FQM has a history of a non-adversarial management style, while Inmet tried every dirt trick in the book to cause us problems in Panama, knowing full well that they were lying with every Press Release. In either case it is something that we cannot control and will just have to adapt to the circumstances. The good thing about all of this is that it brings attention to the mining sector potential in Panama.
In the meantime the things we can control will greatly enhance our fundamental value, reduce our forward PE Ratio, increase our production, move us forward in Spain, and improve our FCF. If the GDXJ ever recovers to its previous level, we should be above the median based on true value and a proven record. One more trading day before mandatory news is published. If we hit $0.06 for Q3 in April filings it will be hard to keep us down at this level. The immediate question is whether we were able to maintain our unbroken string of profitable quarters while bringing the expansion on line.
Denial about what? I don't understand.
Please post the source of your China article. Other than the fact that I don't like Tilk's management style and have the understanding that FQM is much more expert, (something that is recognized all over the industry), I really don't care which one ultimately develops Cobre Panama. As long as it goes forward we will do very well as we hold all the trump cards with regard to our status. Please post the article or the source of the Chinese view that FQM will have trouble getting 66%. Everything I have heard says just the opposite, but they might be wrong.
JFF, Unable to locate article you referenced.
Please provide a link to it. Word on the street is that FQM has already locked up a higher percentage of Inmet stock that Inmet was able to secure Petaquilla's even when they increased offer. If most of Inmet's large holders commit within the next 13 days, the BOD on Inmet will recommend that the offer be accepted just to try and save themselves. It is rumored that Tilk was seen in his office reviewing his resume....Pascall is very interested in working out an agreement with our company that will benefit all parties. His general approach to management is that there is always opportunity for everyone. That is one of the reasons he was rated number one in the survey that was deleted here IH for no good reason.
Personally, I think this will a take a lot longer to complete than most people realize, and that it will be booked results that will perhaps move our share price, rather than some impending deal with the ultimate developer of Cobre Panama. There is an large amount
of materials to sort out in the interim. We may make a couple of big announcements unrelated to FQM or Inmet, at any moment.
It would seem that as copper prices increase...
FQ would stand a better chance of getting the 66%. Particularly with the stock option and their proven ability to bring in large projects on time and under budget. They are far more experienced and expert than Inmet. China may just be hoping since they also have their eyes on Panama's copper reserves. Please post article if you are able. Was it a stock research group in Hong Kong or a Xinhua government mandated article?
Even if there was really no interest today and very little volume, we finally killed the GAP monster. Lot's of news coming over the next couple of trading days.
Now #79 is buyer and seller!!!
What could it mean???
13:19:32 T 0.49 0.005 500 79 CIBC 79 CIBC K
13:19:21 T 0.49 0.005 500 79 CIBC 79 CIBC K
13:19:10 T 0.49 0.005 3,500 79 CIBC 79 CIBC K
OMG we are crashing! Close below $0.50?
What could this mean? Stockholders are abandoning the company! $24,000.00 has been traded! The end is near! Terrible Q2 news coming out Monday! Insiders are reported to be jumping out of buildings....problem is offices are on first floor! All have abandoned hope! The stock is doomed! It is imploding! Sell both your shares before it is too late!!! Or...just pass me another beer...and ignore the market until Q3 reports are filed!!
Pretty much non-event.
Very, very, low volume...not much interest...#79, whomever he is, is playing with $250.00 chips...sort of a joke...maybe he is selling because he is stuck for lunch and dinner today at Trump's!! My $9.95 On Line TA course says that if we close above $0.50 today even on this ridiculous volume your enormous island reversal, biggest bear signal in the TA world, has been shot stealing donuts, and the huge gap closing down to $0.35 is OFFICIALLY CLOSED!!! Trying to get my $9.95 back and will rely on fundamental value again!!!
PLEASE OH GURU!!!! TELL US ARE WE IMPLODING, OR EXPLODING, OR BASICALLY JUST SITTING HERE ON THE BEACH WITH A BEER AND IGNORING THE STUPIDITY THAT SEEMS TO FLOW SO EASILY FROM THE CLUELESS ONES!!
It takes a strong risk tolerance.
And a very long horizon is a big help too.
I still thing we will see a new ATH down the road in a year or so. That would be 600% from here and 8100% for the guys who have stuck it out for ten years.
With the programs of the government and the macro events I think you could use a dart board on the GDXJ from here on out and make money.
Come back and visit sometime!
Saludos,
Press Release draft ready...
Watch for the news!
Should trade above $0.50 today.
Did you notice?
Both of these companies have ties to and with Panama and Cobre Panama going back some time. It would be my guess that the 'powers-that-be' have grown tired of Inmet's BOD and Tilk's attitude, that has actually made it more difficult to move things along. Two and three year lawsuits that were ultimately lost in Panamanian Courts, internal disruptions, credibility of Press Releases, etc., etc..
Most of their problems in Panama could have been avoided by a more experienced company. Then of course the shoe fell on them in Spain, where their environmental ex-VP and CEO are convicted and now fugitives over a major environmental problem. Maybe it got to be just to much BS and baggage. Inmet rushed all these big contracts recently to try to shove the project further and are suffering from cash flow problems and project cost inflation. FQM is in much better position to carry things forward for all concerned. Time for a new GM and coach to move the team forward. IMO FQM has made the deal and must now just go through the protocols. No question that FQM will be better for Panama.
The question is whether Petaquilla will be absorbed or become a junior partner of some sort. Either way it will be very profitable for stockholders. My guess is that Pascall is smart enough to see there is no point in throwing away the brand "Petaquilla", since it is a very big deal both in Panama and Andalucia. Once things move...they will move very fast, and so will our share price. The actual float is much smaller than most believe. Absorption would not be a bad deal either since there might be some tax advantages to just trading stock. It would be nice to see a seat on FQM board with Richard Fifer's name on it.
As long as we received an adequate number of shares, most would be happy, and that would make things much simpler for all concerned.
Thank you Inmet. +38% 9/5-1/9!!
Now go away and let the big boy build Cobre Panama.
Guess it was a buying opportunity after all.....is anyone selling us short today now that FQM the third party guy has taken the field?
Anyone see FQM's term sheets for PTQ? Anyone have a clue about the meetings? Not too much in the way of posts today.
One trading day left before Q2 numbers are out and PR announcing closing of Red Kit deal. Anyone projecting imminent implosion of our share price?? Any guesses on Q2 or Q3 EPS???
Those interested, available FQM web site.
Offer to Inmet Shareholders (112 Pages.)
Offer Chairman’s Letter Letter of Transmittal
Notice of Guaranteed Delivery
Press Release Details
First Quantum Minerals Mails Offer to Inmet Shareholders
01/09/2013
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2013) -
Highlights
Financial
Inmet shareholders offered consideration of C$72.00 per Inmet share with the opportunity of electing First Quantum shares, cash or a combination thereof resulting in an aggregate consideration mix of approximately 50% in First Quantum shares and 50% in cash, allowing for the opportunity to realize immediate cash return while retaining exposure to a major international and widely owned copper mining company with strong growth prospects.
Offer values Inmet at approximately C$5.1 billion and represents a premium of 65% to Inmet's underlying equity value, excluding net cash of C$1.9 billion, as of 23 November, 2012, the last trading day prior to First Quantum's submission of its most recent proposal to Inmet's Board.
Strategic
Creation of a new industry leading, globally diversified base metals company with a balanced portfolio of seven producing mines and four world class development projects in eight countries across all continents with a projected industry leading growth profile in copper.
First Quantum's demonstrated project execution, reflecting its in house engineering project management and construction expertise, gives it the confidence that it can bring significant improvements to Inmet's major project, Cobre Panama, for the benefit of all shareholders in the enlarged group.
First Quantum Minerals Ltd. ("First Quantum") (TSX:FM)(LSE:FQM) today announced that it has formally commenced its offer (the "Offer") to acquire all of the outstanding shares of Inmet Mining Corporation ("Inmet", TSX Symbol "IMN") for total consideration of approximately C$5.1 billion by mailing the takeover bid circular and related documents required to be sent to Inmet shareholders under applicable Canadian securities laws and filing such documents with Canadian securities regulators.
Under the terms of the Offer, each Inmet shareholder will have the option to elect to receive consideration per Inmet share of (i) C$72.00 in cash or (ii) 3.2967 First Quantum shares, or (iii) a mix of C$36.00 in cash plus 1.6484 First Quantum shares, subject to a maximum aggregate cash consideration of approximately C$2.5 billion and a maximum aggregate number of First Quantum shares issued of approximately 115.9 million, representing an overall mix of approximately 50% First Quantum shares and 50% cash.
The share exchange ratio and total consideration value have been calculated based on First Quantum's closing share price as of 23 November 2012, the last trading day prior to First Quantum's submission of its most recent proposal to Inmet's Board.
Philip Pascall, CEO and Chairman of First Quantum, said:
"I believe this combination creates a uniquely attractive, large, liquid and high growth copper focused company. First Quantum and Inmet are very complementary in terms of their copper focus. I see the combination of the two companies creating not only a new global leader in copper, but also one of the most exciting, 'must - own' companies in the global mining sector.
We are taking the significant step of making this proposal directly to Inmet shareholders and requesting their support for what, together, we know can be achieved. We invite Inmet shareholders to participate in this vision and to become shareholders in this most exciting new venture."
Benefits of the Offer:
A significant premium of:
65 percent to Inmet's underlying equity value (adjusted for net cash balance of C$1.9 billion on Inmet's balance sheet, or C$26 per Inmet Share) as of November 23, 2012, the last trading day prior to First Quantum's submission of its most recent proposal to Inmet's Board; and
35 percent to the 30-day VWAP and 33 percent to the closing share price, of the Inmet shares on the TSX on November 23, 2012
Creation of a premier, globally diversified base metals company with:
A geographically diversified operating platform comprised of seven producing mines and four world-class development projects
Enhanced scale, liquidity and industry presence through its rapidly expanding copper production footprint with the capacity to deliver, according to third party research analyst estimates, in excess of 1.3 million tonnes of copper production per annum by 2018, which would make the combined entity a top five copper producer
Enhanced financial profile with greater liquidity, greater free cash flow generation ability and enhanced flexibility to raise capital when necessary at a lower long term cost of capital
Creation of a new global leader focused on copper with industry leading copper production growth, based upon third party research analyst projections, of over 24 percent, compounded annually, from 2012 to 2018, driven by a strong pipeline of low capital intensity development projects and low cost expansions of existing operating assets.
Opportunity to benefit from the implementation of First Quantum's unique and proven approach to project construction at the Cobre Panama Project, in respect of which Mr. Pascall commented:
"Our in-house expertise and technical competencies have translated into a real competitive advantage. These unique technical capabilities have allowed us to construct projects at a fraction of the cost achieved by our peers. We deliver on our promises to meet budget, to be on time, to attain rapid commissioning to commercial production and to achieve absolute production targets. Our commitment is to apply these skills to Cobre Panama, creating an opportunity for all shareholders to benefit substantially."
Commenting further on the Offer, Mr. Pascall said:
"First Quantum's Board of Directors believes that a combination of the two companies would be an industry defining event and one of the most exciting opportunities in copper for many years. We hope that you share our enthusiasm and respectfully request your support and urge you to tender your Inmet shares in acceptance of our offer."
Funding
The cash component of the Offer will be financed through a combination of First Quantum's existing cash resources, existing undrawn unconditional financing facilities of US$1.25 billion and a US$2.5 billion acquisition facility provided by Standard Chartered Bank, which has been arranged specifically to implement the Offer.
About the Offer
The Offer will be open for acceptance until 5:00 p.m. (Toronto time) on February 14, 2013, unless extended or withdrawn.
The Offer is subject to certain customary conditions, including confirmation to the satisfaction of First Quantum that the recently-adopted Inmet shareholder rights plan will not adversely affect the Offer. Other conditions include acceptance of the Offer by Inmet shareholders owning not less than 66-2/3 percent of Inmet's outstanding shares on a fully-diluted basis, receipt of all necessary regulatory approvals, no material adverse change in Inmet and other conditions customary for transactions of this nature. The Offer is not subject to any financing condition or First Quantum shareholder approval.
Details regarding these and other terms of the Offer are set out in the takeover bid circular, which has been filed by First Quantum with the Canadian provincial securities regulators and will be available for review on the Company's website at www.first-quantum.com and on the Canadian SEDAR website at www.sedar.com. Inmet shareholders are urged to read the takeover bid circular carefully and in its entirety since it contains additional important information concerning the Offer.
First Quantum has also filed with the U.S. Securities and Exchange Commission (the "SEC") a Registration Statement on Form F-80 which will include the takeover bid circular and certain other Offer documents filed by First Quantum on SEDAR at with the SEC at the SEC's website at www.sec.gov.
Copies of the takeover bid circular and any other Offer documents referred to above may also be obtained free of charge upon request made to the corporate secretary of First Quantum at 8th Floor, 543 Granville Street, Vancouver, British Columbia, V6C 1X8.
Advisors and Information Agent
First Quantum has engaged Jefferies International, Goldman, Sachs & Co., and RBC Capital Markets to act as its financial advisors in connection with the Offer.
Georgeson Shareholder Communications Canada, Inc. has been retained as information agent for the Offer. Shareholders may contact Georgeson at:
Toll Free (North America): 1-866-656-4120
Outside North America Call Collect: 1-781-575-2421
Email: askus@georgeson.com
About First Quantum
First Quantum is a leading international mining company with a global portfolio of copper and nickel assets located in Africa, Australia, South America and Europe. For the twelve months ended 30 September 2012, First Quantum generated revenue and adjusted EBITDA of US$2,743 million and US$1,014 million respectively and produced 290 kt of copper, 32 kt of nickel and 181 koz of gold. A diverse portfolio of profitable operating assets and quality growth projects makes First Quantum one of the fastest-growing mining companies in the word. First Quantum produced well over 300,000 mt of copper metal, more than 36,000 mt of nickel and 200,000 ozs of gold in 2012. First Quantum is listed on the Toronto, London and Lusaka Stock Exchanges, with a market capitalization of approximately US$10.5 billion.
First Quantum has earned a strong reputation as an industry leading developer of high-quality base metals projects globally. Although a significant copper producer currently, First Quantum is itself in a phase of transformational growth, with an anticipated tripling of copper production by the end of 2018. To achieve this growth, the First Quantum team is building on its significant experience in project development, with a proven record of successfully developing resource assets. The capital intensity of our Kansanshi and Sentinel developments, for example, at approximately US$5,000 / tonne and US$6,000 / tonne, respectively, are among the lowest in the industry. Importantly, First Quantum has consistently delivered superior shareholder returns, averaging 32 percent per annum over the period 2000 to 2011.
Forward Looking Information
Certain statements and information in this press release, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the anticipated completion of the proposed Offer and the anticipated strategic and operational benefits of the Offer. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "projects", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
With respect to forward-looking statements and information contained in this press release, First Quantum has made numerous assumptions including, among other things, assumptions about the price of copper, gold, cobalt, nickel, PGE, and sulphuric acid, and other anticipated costs and expenditures. Although management of First Quantum believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that any forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These risks, uncertainties and other factors include, but are not limited to, uncertainties surrounding the ability to realize operational synergies following completion of the Offer, reliance on Inmet's publicly available information which may not fully identify all risks related to its performance, success in integrating the retail distribution systems, and the integration of supply chain management processes, future production volumes and costs, costs for inputs such as oil, power and sulphur, political stability in Zambia, Peru, Mauritania, Finland, Turkey, Spain, Panama and Australia, adverse weather conditions in any of the foregoing countries, labour disruptions, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations, and the production of off-spec material.
See First Quantum's annual information form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors, many of which are beyond the control of First Quantum, that might cause actual results, performances, achievements or events to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
While First Quantum may elect to update the forward-looking statements at any time, First Quantum does not undertake to update them at any particular time or in response to any particular event, other than as may be required by applicable securities laws. Investors and others should not assume that any forward-looking statement in this press release represent management's estimate as of any date other than the date of this press release.
For further information visit our web site at www.first-quantum.com.
Contact Information:
First Quantum Minerals Ltd. - North American Contact
Sharon Loung
Director, Investor Relations
(647) 346-3934 or Toll Free: 1 (888) 688-6577
(604) 688-3818 (FAX)
sharon.loung@fqml.com
First Quantum Minerals Ltd. - United Kingdom Contact
Clive Newall
President
+44 140 327 3484
+44 140 327 3494 (FAX)
clive.newall@fqml.com
www.first-quantum.com
Jefferies International
Peter Bacchus
Managing Director
+44 778 994 3482
Harmony Communications
Brian Cattell
Senior Partner
+44 20 7016 9155 or +44 7786 241 145
This makes no sense at all.
"Yes, no doubt about it, but if they are proceeding with the HT that would imply to me they may not have all of the big shareholder votes lined up yet."
By its very definition a hostile takeover occurs when a suitor cannot reach any sort of agreement with the target BOD and Management. That is when they go directly to the shareholders with whom they expect to have a friendly discussion, and that those shareholders will overrule the Chairman and BOD. Clueless again.
FQM people have been to Molejon, understand all of the details and legal rulings and the laws of Panama. Inmet also did the same, but their arrogance has proved to be their undoing. FQM may well wrap this up before the end of this month. They are much, much more qualified to develop the Cobre Panama project, and Inmet's team will rue the day that they would not even meet and inter into positive discussion with all those involved. This is all very good news for Petaquilla and PDI for that matter.
That is a yes. FQM consulted with PTQ in DD.
BY PETER KOVEN, FINANCIAL POST - With First Quantum Minerals Ltd. expected to file its takeover circular imminently, the pressure will be on Inmet chief executive Jochen Tilk to explain why the $5.1-billion hostile offer for his company is inadequate. Inmet shares have jumped nearly 40% since news of a bid surfaced in November, and are trading roughly in line with the offer price of $72 a share.
It is understood Inmet hired CIBC World Markets as a financial advisor, and the Toronto-based miner is likely to argue the bid is far below fair value for Cobre Panama, one of the world’s largest copper deposits.
Analysts and investors generally agree the offer is low. However, they said Mr. Tilk could have a tough time fighting off First Quantum.
The central issue boils down to a question: Which company is better suited to build Cobre Panama? First Quantum has an outstanding track record of building large projects at lower cost than competitors, and has claimed it can do the same with this one. Mr. Tilk will try to prove Inmet can build the US$6.2-billion mine just as quickly and efficiently, and with no more of the cost inflation that has plagued this project and many others.
“I think it’s going to be a tough sell for Inmet, given that First Quantum has such a proven history of project development,” said John Hughes, an analyst at Desjardins Securities. John Stephenson, senior vice-president of First Asset Investment Management, praised Inmet’s management, but said it would be “virtually impossible” to argue Inmet’s project team is better than First Quantum’s.
Inmet will likely point out that has been involved with Cobre Panama for more than two decades, and has successfully moved it through permitting and into construction, proving itself to be a good custodian.
Inmet has locked in contracts worth US$4.1-billion related to Cobre Panama development, which shields the company from future cost inflation. And it has provided extensive disclosure to investors to prove the project is on time and on budget.
At the same time, Mr. Tilk can point out that First Quantum has been very vague about its plans to lower capital costs at Cobre Panama.
Part of that is Inmet’s doing, as it denied First Quantum’s request to look at contracts that have been signed. Without seeing them, First Quantum has no way to know what contracts can be altered or scrapped.
Another issue for Inmet is that the takeover bid has highlighted the risks of Cobre Panama in addition to the value. Even after the recent run-up of Inmet’s stock, the capital cost of Cobre Panama (US$6.2-billion) is well above Inmet’s market value ($5-billion).
It is an enormous project for a company of Inmet’s size to take on, and Mr. Tilk is going to have to convince investors it is worth the risk, even though he could negotiate with First Quantum instead and potentially fetch a higher bid.
“Cobre Panama is such a big mouthful for these guys,” Mr. Stephenson said.
While analysts believe a rival offer is possible, they have noted that there are few logical bidders that would be eager to do a deal at this point in time. They also doubt that First Quantum would make a monster offer above $80 a share. (canada.com)
Thanks for the information.
It would appear to me from that reading, that if Inmet had acquired less than the 66%,(they were aiming at 50.1%), it would indeed have left may PTQ shareholders in limbo for a very long time and they would have had no assurance that they would ever get anything close to the last offering. Glad we had enough sensible people to reject Inmet.
I wonder if this is going to put PDI back on the warming tray until the matter between FQM and IMN is resolved. It would seem prudent to hold off until we know the results.
This board has no comment except one???
I can't believe that no one here even relates to all the big news that broke Monday. No interest at all in the HT of FQ that will have huge impact on Petaquilla?? No one other than Redflame even seems to be aware of what has happened.
I noted that Quantum is seeking 66% instead of 50.1% as Inmet did with their HT. I assume that is to allow them to take more direct action quickly against the BOD and hold outs. Perhaps someone familiar with Canadian law can explain the reason for this big difference. Hopefully this will not take until February 14th to wrap up. It will be nice to deal with Philip Pascall. Hopefully, when information about him is posted here it will not be deleted again!
La Prensa forced to retract.
Again La Prensa caught in illegal manipulation of a news story. Over the next eighteen months you will see this sort of thing leading up to the election. All reports in press on either side of an issue should be taken with a grain of salt.
Writing (nacion.pa @ epasa.com) / PANAMA AMERICA
Posing on President Edwin Alvarez
The Apostle said: "I prefer that builds active crazy and do things for the country, a passive that does nothing".
The evangelical leader also said that the act was not done by a president "who has been attacked by the media to boost your morale or anyone, but for a country that does not believe in corruption or immorality."
The cult of anointing was organized by the Hosanna Church and is held every year in early January.
A statement from the presidency described as false and manipulative a story published Tuesday by the newspaper "La Prensa", which is attributed to President Ricardo Martinelli statements ever issued.
"The report published on Tuesday in the print edition of the newspaper" La Prensa ", where falsely reported that President Ricardo Martinelli had said yesterday during the anointing ceremony organized by the Hosanna Apostolic Community that:" I forgive those Pharisees who complain about everything, they do not want progress Panama "is another example of how the media manipulates the information in an effort to maintain an improper role of opposition to the national government," the press release Presidency.
Presidency's report highlights that while participating in the ceremony organized by evangelicals on Monday January 7, President Martinelli made no reference to criticism, nor used the word Pharisees.
In the statement even transcribed verbatim what the president said, noting that: "Through prayer, we can change Panama and better makes us all, as Panamanians we all want the best for our country, we all want the same thing, and much better if everything is accompanied by prayer to God. As I said, I am not a perfect man, I have made mistakes, I learned retract when necessary, to the person who has offended you I apologize, I think one should be man enough to admit that when one has done wrong, one has be corrected. "
The note of the Palace of the Herons that Martinelli reiterated that "we must all pray, opposition parties, people of all denominations. We must pray for a better country. "
"I think it's important to pray for Panama because Panamanians have to thank God for all he has given us in this world. I think that's the most important thing, "he concluded.
The National Government regretted that "the newspaper" La Prensa "persists in the reprehensible practice of manipulating information. On Thursday December 27, 2012, President Ricardo Martinelli said the manipulation of information is a violation of human rights citizens in general and especially those directly affected by the manipulation of information. "
Admission of error.
In the afternoon on their website and saw an erratum by the newspaper.
"The information published by this newspaper on the cover of the print edition of today, January 8, entitled" Martinelli: 'I forgive those Pharisees who complain about everything, "contained an error built into the process of drafting the President expressions used for a similar-religious act of anointing the day-at the Rommel Fernandez Stadium in January 2012.
Obaldía Lourdes, editor of the newspaper, said: "We regret the inadvertent error incurred and apologize to President Ricardo Martinelli, and the readers of the newspaper La Prensa".