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La Prensa's Eismann stirs pot in Canada/USA.
Pacific Financial case could be investigated internationally
The Ontario Securities Commission, which is the regulatory agency of the Toronto Stock Exchange, could take up the case because the shares of Petaquilla Minerals are listed in the square under the symbol PTQ.
SCOTT BRONSTEIN
SPECIAL PRESS 8/1/2013
panorama@prensa.com
VISIT. The December 22, 2011, President of Petaquilla and the President of the Republic visited the power transmission line in Los Molejones in Cocle, Gold Petaquilla project developed. COURTESY / Presidency of the Republic
The charges for the alleged disclosure of inside information (insider trading) that relate to the purchase and sale of shares of Petaquilla Minerals and brokerage Panamanian Financial Pacific could be investigated internationally for Securities Commissions of the United States or Canada .
One of the jurisdictions that could lead the investigation is in Canada, where the Ontario Securities Commission (OSC, for its acronym in English) is the regulatory agency of the Toronto Stock Exchange, where the shares of Petaquilla Minerals are listed under the symbol PTQ.
"The Ontario Securities Commission administers and enforces securities law in the province of Ontario," said Carolyn Shaw-Rimmington, manager of public affairs of the Commission.
Shaw-Rimmington said that due to confidentiality restrictions could not comment on individual cases, but added that "while it is difficult to describe a typical investigation, the Commission staff reviewed news reports or analysis on the company, phone records, diaries , emails and other records in various electronic devices that contain information related to brokerage accounts, relevant statistics, banking records, and then interview potential witnesses and perpetrators. "
The OSC takes an average of seven investigations a year, but said that in some cases, an investigation may last more than a year. The Commission presented its findings to an independent administrative panel that acts as a jury. The panel has the power to impose sanctions, such as banning individuals to act in leadership roles in public companies and companies and individuals to order the payment of fines.
Because of Petaquilla Minerals corporate offices are in Vancouver, Canada, research related to the charges for the alleged exchange of information could fall under the jurisdiction of the Securities Commission of British Columbia (BCSC, for its acronym in English) .
An OSC spokesman confirmed to this newspaper that Petaquilla is an entity (public corporation) governed by this agency, however, the main regulator of brokerage activities is the BCSC. "Generally speaking, when regulated agents commit violations of securities law, the principal regulator handled research and coordinates its activities with other regulators, as appropriate," said the official, adding that both regulators, OSC and BCSC, could coordinate and exchange information.
Amir Mousavi, CEO of Bison Gold Resources, a Canadian mining company that also trades on the Toronto Stock Exchange, said that for him it is clear that Petaquilla Minerals (PTQ) should fall under the regulation of the OSC.
"Since PTQ is a company listed on the Toronto Stock Exchange, the exchange of research privileged (insider trading) is investigated by the OSC," he said. "Although the OSC's jurisdiction may be limited to sanctions abroad, is the ability to impose penalties or criminal sanctions and trade restrictions in Canada who commit these offenses."
Mousavi, who has invested in shares of Petaquilla, so you're familiar with the company, said it is the first time I heard about these allegations of illegal activities related to Petaquilla. He concluded that they knew of strong rumors about paying bribes to Panamanian government officials to start trading.(Ironically, that was during PRD times.) "Of course just about rumors / allegations until they are proven by national agencies to investigate these cases," said Mousavi.
He added that these practices are not unknown in the industry. "Though I dare not put all the countries in this group, some regions are better known than others for corruption, extortion and unethical courts," said Mousavi.
He said he knows of a case of another company, in an area of Mexico that was forced to make a contribution to the local community, but the person who organized the donation left the community a week later with the money. Of course, the company had to make a second contribution. " These situations are difficult to explain to auditors, shareholders and regulators.
"Canadian companies must prepare rigorous reports and meet strict regulatory requirements," he said. "It's very difficult to do when you have to balance with local corruption. How do you explain to an auditor that someone ran off with $ 50,000? ".
Mousavi said that this is one of the reasons why he joined Bison, a company that operates solely in Canada. "With the exception of certain protected areas and minimum internal problems, Canada is known as one of the best mining jurisdictions, friendly environment in the world," said company executive.
"Combine this with access to economic capital to fund operations and sufficient skilled labor as well as political stability and civil court that really works, gives us the ingredients for success. All that remains is geology and a little luck. "
Despite this, he said he understands that it may be difficult for the OSC to investigate every complaint of financial irregularities against a Canadian company.
"The Toronto Stock Exchange and the CSO have some of the best standards of investor protection, with strict reporting requirements and regulations," said Mousavi. "However, the fact that a 2,258 companies listed on the Toronto Stock Exchange regularly makes me think that all these companies is a challenge. It's really impressive that regulators are able to 'maintain order', as well as they do, especially with limited human resources. "
While Petaquilla Minerals in Canada and its shares are traded on the Toronto Stock Exchange in the United States these actions are marketed as an over the counter or OTC action under the symbol PTQMF.
OTC action is not traded, usually because they are eligible to be listed on that exchange.
According to the website investorwords.com, trade in these actions is monitored by the regulatory authority of the financial industry of the country in which the stock is sold.
Officials from the Securities and Exchange Commission of the United States refused to comment on whether the case would fall under the jurisdiction Petaquilla Minerals Commission. But, in the past, the Commission has imposed substantial fines in cases outside the United States.
Specifically, on July 27, 2012, the agency won a judgment for $ 13 million against merchants located in Hong Kong and Singapore, they used insider information to reap millions of dollars in profits, in a merger between a Chinese company and a company Canada.
The spokesman for the Securities and Exchange Commission of the United States (SEC, for its acronym in English) Christina D'Amico would not say whether the Commission would have jurisdiction over the case of Petaquilla. "Each situation is different and has its own circumstances and facts," he said, adding that the companies in the case of 2012 are listed on the Stock Exchange of New York.
On its website, the agency said it has carried out a record number of investigations related to the exchange of inside information (insider trading) in the last three years.
"The exchange of privileged information remains a high priority for the Commission. The SEC conducted 58 investigations of insider information exchange in fiscal 2012 against 131 individuals and entities. In the past three years, the SEC has filed more actions (168 total) than in any three-year period in the history of the Commission ", published this website.
The agency said aggressively pursuing these cases because they undermine "the equity that is fundamental to the integrity and fair functioning of capital markets."
The SEC declined to comment on whether it has researched heads of foreign governments in the past, or have a special protocol for these cases. However, the Commission is not intimidated by investigating high profile individuals. Last year, the Agency took action against the player of baseball Hall of Famer Eddie Murray for sharing insider. Murray paid more than $ 350,000 to reconcile this case.
The OSC also declined to say whether he had ever investigated any foreign government chief. Meanwhile, Mousavi said it was the first time I heard of a case like this.
Have you ever heard that a prime minister has been accused of sharing inside information?
"Not really, you would think that would be above that kind of behavior," he reflected. "It would certainly be an interesting story, as in the case of Martha Stewart."
Panama-America bridge contract let.
The long awaited bridge over the canal on the Atlantic side will be done in 1,274 days. This will connect the new freeway down the Caribbean and ultimately intercept Petaquilla concessions on the north. With the coast road opening up access to the north, there will be a quick way to Atlantic port of Colon. If you have followed our company you know what this means for us.
ACP delivery order for a company to build bridge over the Canal
08 | 01 | 2013 By Editor / Web
The company Vinci Construction Grands Projects received by the Panama Canal Authority (ACP), the order to proceed to the construction of the bridge over the Canal on the Atlantic. This company submitted the lowest bid in a public tender that was awarded in October 2012, and where he also participated TRADECO consortia and Acciona-Odebrecht-Hyundai. The construction period of the company to perform the work is of 1,274 days. Vinci Construction Grands Projects submitted the lowest price offer and below the official budget. Documentation submitted by the winning company was analyzed by a committee made up of specialists from the Panama Canal Authority, which reviewed the technical criteria and experience, as the financial capacity of the company responsible for carrying out this work. The ACP awarded the tender for the new bridge based on Article 3 of Law 28 of July 17, 2006, which approved the construction of the third set of locks of the Panama Canal and with available building this cross vehicles in the Atlantic to communicate both sides of the Channel. The bridge design is inspired by similar work in countries such as Spain, Korea, France, China and Japan. was expected to be type double delta-shaped bracing inverted "Y" and four lanes. Its length is 4.6 kilometers including its viaducts and an elevation of 75 meters above sea level. Its construction is entirely of concrete.
First Quantum Minerals, Ltd.
Any thoughts on the twenty-five page proposition and rationalization of FQM on the proposed acquisition of Inmet?
Did anyone read their proposal? The deal should be wrapped up one way or the other, before the end of this quarter.
Volume is too overwhelming today considering there are just four more trading days until Q2 FY 2013 filings and MD&A. Comments on expansion will be included.
Red Kite deal in process of closing. Should be reported by PR as mandated anytime. Effect on SP...probably down with good news!!
Gold futures are moving up again as countries devalue.
Heap leaching status is as follows:
One 40,000 ton off/on pad was built and used to confirm on full scale tests the yields and feasibility of the system. Base on returns that were even higher that column tests, particularly Ag., a 350,000 ton off/on pad was constructed and loaded several months ago. In addition, as your friend heard, an additional 450,000 ton off/on pad has just been completely recently, and I believe it will give us a total capacity of 800,000-900,000 tons depending on how they are loaded.
The results of the full scale testing were such that our accountant Ernst&Young allowed capitalization of our ore stockpile and expenses. We should expect to obtain approximately 1,500 AuEq. per month in 2014 from heap leaching. Cost per ounce of AuEq. should be less than $500.00/oz.
No question there are followers of TA.
I think that it is sort of a lemming factor following the herd. After the horse has run from the barn you apply certain criteria to determine which way he ran to get in on the party. Sort of a jackal type deal following the lion. For it to work though, I think you need a much more widely traded stock. Our volume is just too thin. Too easy to manipulate.
If forced to speculate about this short lived shot of volume, I would give credit to Zacks and Steve Ralston. His two very recent articles, especially the one on Friday January 4, 2013, was picked up by some of the services. Yahoo, CNBC, Mining Journal, Spanish Papers, and of course their own followers. I know I received about ten phone calls from outside the country, asking if there really was a chance of us hitting $1.75 in the next twelve months. Every question was prefaced by the comment, "You know that is about 300% from here in just one year!"
There have not been so great a number of small trades, as there were during the HT hysteria. Rather, it looks like a fixed number of investors took a flyer and purchased a nice chunk of stock, in case there was some real opportunity as Steve had indicated. As soon as this relatively small group was finished the volume died. In any case, whatever the reason, it is always nice to see a little outside interest.
I am with you...the longer it stays cheap, the more I will have when the right time comes. If it stays low for another couple of years, instead of new cars we will be thinking about planes!!! Sure beats putting money in T-Bills @3%. I noted this morning they have dropped from $101 to about $94 in two months!!! Look out below!!!!
Two million shares traded today and almost no change in the price. Other days we move 5% on 100-200 shares. Share price is totally disconnected from the value of the company.
Lojiko, If you recall...
This guy has been doing this to the stock for years. Depending on the volume he either uses 100 share increments, or 500 share increments. Back in 2010 we used to joke about the "green" man always coming in at the end of the day trade making us "green".
The system is played both ways to sort of ameliorate movements. To what end, who can say? It does not seem to matter much either way. The HT offer last time was so absurd Inmet attracted almost no interest. Even after they raised the price it was a joke to most. If they had listened to those in Panama and their own attorneys Morgan&Morgan, and offered a couple of bucks, they might have been more successful. Now we are on the cusp of another big jump in reserves, production, and profits so it is a whole different ball game for most. Maybe we will finish above $0.65 this month and close that Gappy Thingy forever. Our island seems to be reversing, or something like that....God knows it can't be just because our fundamentals are improving...that makes too much sense.
Somebody peaked at December production...
News is starting to trickle. $36,000,000.00, Revenue budgeted for Q3 FY 2013. With all the things that are constant that should mean, (using the I-Box), about a 100% increase the quarterly EPS over last year. Will it have any effect on the share price?? I have no idea, but it just might. Somebody is buying today...doesn't look like implosion driven selling to me.
No gaping...gasping...or napping...just steady fundamental progress.
Happy camper here.
I understand that Germany, Netherlands, Vietnam...
and several other countries are demanding repatriation of their gold reserves in USA and UK. USA said they could not guarantee safe transport...Germans have responded, "We will come and get it!". I smell the ghost of Billie Sol Estes!! I doubt very much that there is now physical gold sufficient to back up all these fund/storage outfits and the sovereign holdings that countries have stored overseas. I suspect they have been collateralized several times over. Just like your bank balance...unless you have the Franklin's in your hand, or the Krugerrands on the table...it is just a number on a piece of paper. USA may soon suck up those bank accounts and issue you a "bond" that no one will accept.
You are right. But definitely no implosion!!
Hot off the wire this morning....
“China plans to double gold consumption in three years, how high will gold prices go now?
China’s Ministry of Industry and Information Technology announced that it expected Gold consumption in the country would be running at more than double national gold production by the end of 2015, more than double Chinese gold consumption forecast for 2012.
According to the MIIT statement, domestic demand is set to surpass 1000 tons by the end of 2015. It said this would ‘widen the fundamental market shortage’ and noted that the shortage of supply will persist in the coming few years as domestic gold supply ‘might only reach 450 tons by that time.’
Official gold policy:
The ministry promised: ‘In order to strengthen the gold industry the government will increase gold mine investment, speed up industry consolidation and international cooperation. It also said it would ‘develop gold trading platforms and investment variety (presumably meaning ETFs).
‘With regard to acceleration of industry consolidation, the government aims to lower the number of gold producers in the country to 600 companies by the end of 2015 from the current 700. And, the top 10 gold producers could be responsible for 260 tons of total output, up from 100 tons, by the end of 2015.’…”
CHINESE ARE IN PANAMA AND HAVE BEEN FOR A LONG TIME SEEKING TO STRENGTHEN THEIR METAL RESERVES. PETAQUILLA IS PLANNING TO TRUCK OUR COPPER ORE TO PANAMA CITY AND SEND IT CHINA FOR SMELTING. CHINESE HAVE VERY DEEP POCKETS, AND EXCELLENT RELATIONS WITH PANAMA.
AHEM!!! Gold actually went up +$25.00/oz.
"Gold is imploding. Next Target $ 1550.
Where is the third partie offer, where is the buyout, where is the money for the land?
Gold imploding."
TA GURU...YOU HAVE YOUR CHART UPSIDE DOWN!! LOL!!!
Seems that target was $1,650.00 not $1,550.00.
Beats me???
Moaning and groaning ankle biters have been clamoring for us to sell out at about 5-10% of our real worth so that they can make a couple of bucks, or at least break even. I really can't imagine a reason to sell. Where would you put the money? Taxes would kill you!
You would be killing the goose after she laid just one gold egg!
Petaquilla and PDI will expand and grow for many years. I still have the idea in the back of my mind that someday we will get our hands on Cerro Colorado! Evolution will overtake those idiots on the Comarca.
Panama-America 5/1/13.
WORLD'S GOVERNMENTS WEAKEN CURRENCIES.
This will drive up the price of copper, gold, and silver.
Record profits for Petaquilla Minerals Ltd., Panama's largest exporter, in 2013!!
World's rich economies try to weaken currencies Effect. Developed countries fear that their products more expensive coins. (Bloomberg)
Emma Charlton / BLOOMBERG
"The authorities will consider a number of different parities cross and that could lead them to continue a verbal campaign. Very few central banks that currently carry on an active campaign. " "Some countries take steps to weaken their currencies," said David Blanchflower, a former senior official of the Bank of England.
The world's developed countries intensify efforts to weaken their currencies in search of success of Switzerland regarding the appreciation of the franc block to protect its economy.
Elected Prime Minister of Japan, Shinzo Abe, upped the ante in the fourth quarter of 2012, while his proposal that the central bank will take strong measures to boost growth and inflation triggered a 10% drop in the yen against the dollar. An index compiled Royal Bank of Canada shows that the level of "verbal intervention" in the G-10 has quadrupled since June 2010.
The rhetoric adds a new dimension to the exchange called wars that began when emerging market countries criticized Western monetary policy.
The governor of the Bank of England, Mervyn King, and his Canadian colleague Mark Carney spoke of fear that officials can use to manage exchange rates.
Finance Minister of Japan, Taro Aso, said countries "have no right to preach" to Japan for its currency policy.
"If you look at the extent to which central banks parities mentioned, it is clear that something is going to integrate the agenda, at least on a verbal level," said Adam Cole, global head of FX strategy at RBC London, Jan. 2 interview.
"There are strong indications that the parities play an important role in the decisions of central banks." RBC is Canada's largest bank by assets.
Developed countries fear that their products more expensive hard currency and affect exporters at a time when global growth to slow again.
The International Monetary Fund cut its forecast for 2013 on the world economy to its lowest level since 2009, while the Organization for Economic Cooperation and Development has warned of the risk of a "great" recession.
"There are many coins that are still at very high levels," said Neil Mellor, a currency strategist at Bank of New York Mellon Corp. in London.
FACTS ON FEBRUARY GOLD FUTURES, PTQ IS FINE.
Gold and Silver Miners Receive Support After Unemployment Report
By Eric McWhinnie
January 04, 2013
On Friday, gold (NYSEARCA:GLD) futures for February delivery, the most active contract, fell $25.70 to settle at $1,648.90 per ounce, while silver (NYSEARCA:SLV) futures for March dropped 77 cents to close at $29.95.
Both precious metals declined, but finished the day above their lows as the recent unemployment report builds a case for more monetary easing from the Federal Reserve. Nonfarm payrolls increased by 155,000 workers last month, according to the Labor Department. The figure was mostly in line with expectations, as the median estimate of 82 economists surveyed by Bloomberg called for a gain of 152,000. Meanwhile, economists surveyed by Dow Jones Newswires expected an increase of 160,000.
Over the course of 2012, the economy added an average of 153,000 jobs per month. However, this is roughly the amount needed just to maintain the current high unemployment rate. In December, the headline unemployment rate was 7.8 percent, unchanged from the prior month since November was revised higher from 7.7 percent to 7.8 percent. The U6 unemployment rate, which includes job seekers and those stuck in part-time jobs, is still above 14 percent.
By the end of the day, the SPDR Gold Trust (NYSEARCA:GLD) finished about 0.50 percent lower, while the iShares Silver Trust (NYSEARCA:SLV) edged 0.20 percent higher. Gold miners (NYSEARCA:GDX) such as Barrick Gold (NYSE:ABX) and Yamana Gold (NYSE:AUY) also ticked slightly higher. Meanwhile, Endeavour Silver (NYSE:EXK) and First Majestic Silver (NYSE:AG) increased 0.76 percent and 1.49 percent, respectively.
BOTTOM LINE: (USING THE I-BOX!) FEBRUARY FUTURES SHOW GOLD PRICE TO BE HIGHER THAN PETAQUILLA HAS EVER HAD SINCE THE START OF PRODUCTION NINE QUARTERS AGO AND Q3, THAT WILL BE FILED IN APRIL, WILL REFLECT THE HIGHEST REALIZED PRICE THAT WE HAVE EVER RECEIVED AS WE MOVE INTO ANOTHER HIGHLY PROFITABLE QUARTER.
GURU MADE A FOOL ONCE AGAIN!!!
GOLD DOWN 0.42% IN 24 HRS. @$1656.80!!
"Gold is imploding. Next Target $ 1550.
Where is the third partie offer, where is the buyout, where is the money for the land?
Gold imploding."
GOLD UP 1.7% IN LAST EIGHT HOURS OF TRADING!!! OMG, WHAT AN IMPLOSION THAT WAS!!!! GURU RULES!!! ISLAND REVERSAL!!! GAP HIT US AGAIN!!! NOW GO BACK IN YOUR BOX!!! BAD DOGGIE!!!!
PETAQUILLA IS NOT FOR SALE. PERIOD!
Where is the third partie offer, where is the buyout, where is the money for the land?
1. FQ IS THIRD PARTY AND IS AFTER INMET WITH MAILING NEXT WEEK.
2. PETAQUILLA IS NOT FOR SALE!
3. MONEY DEAL FOR LAND ACCESS AND USE OF SOME PORTIONS, ALONG WITH REDEFINITION OF CU. AU. AG. OWNERSHIP, WILL BE NEGOTIATED AT THE APPROPRIATE TIME WITH WHOMEVER ENDS UP ACTUALLY DEVELOPING COBRE PANAMA. NO HURRY. NO WORRIES.
Read 1.,2.,3., over and over and over until you understand the facts as everyone else does. Your inability to understand even the minimum protocols of simple business relationshipS and the stated position of the company are pathetic. We take what you say at face value and are sorry you have lost your investment. Take personal responsibility for your actions or in-actions. We already have our quota of clueless filled, Thank you.
GOLD IMPLODED 1.7% OVER THE LAST 72 HRS.!!!!
"Gold is imploding. Next Target $ 1550.
Where is the third partie offer, where is the buyout, where is the money for the land?
Gold imploding."
THANKS FOR THE WARNING! I'M SURE YOU SAVED US ALL A LOT OF MONEY WITH YOUR VERY TIMELY ANALYSIS!! IT IS COMFORTING TO KNOW THAT WE HAVE AN EXPERT LOOKING OUT FOR US. DO YOU THINK RED KITE WILL NOW WITHDRAW AND REFUSE TO CLOSE ON THE 15TH BECAUSE OF YOU VERY TIMELY WARNING??? ROFLMAO!!!!!!
JUST BECAUSE YOU LOST YOUR SHIRT OVER THE LAST SIX MONTHS...REMEMBER ALL THE STUPID PEOPLE ON THE OTHER SIDE OF YOUR TRADES MADE MONEY!!!!! WE ALL KNOW YOU HAVE MORE ACCESS THAN ANYONE ON THE BOARDS AND BETTER DUE DILIGENCE THAN RED KITE. THANK YOU SO MUCH FOR GUIDING US.
Recognition, Friendship, Appreciation...
are not direct benefits. LOL!! You need to go back and study some philosophy!!! You must be very, very, busy in your new job.
All of the potential investors that look at you new I-BOX and are impressed enough to go out and buy stock will drive the share price higher than you ever hoped in you wildest dream!!! Have confidence in you abilities to manipulate and educate the unwashed!!!
I guess we have no choice than to wait for the EOM unveiling!!
Jal, you forget the 'gift' to PDI.
Cash flowing there too, with no strings on it after spin-out. Check out the Management Proxy Information Circular when you receive it.
Sort of like hitting a paper bag!!
Half full of hot air and not much accomplished, but a little exercise. At least our old friend Savlo was entertaining; this guy just takes clueless to a new level. Not even sharp enough to weed a garden. Perfect example of why people should buy mutual funds and let someone else handle their money.
I don't know if Steve has the right take on the situation, but from what Zacks published, I understand the PP bonds are a dead issue, and they might have been convertible also. This loan facility is looking better and better. It would be great if expanded production could fund additional LP requirements as they are needed. I am very anxious to know the grade of the ore that will be coming from LP. I am not sure if it will go through milling or into heap leaching. Also, I am curious about building crushers in Spain to heap leach ore there. That would seem to be a pretty cheap cap/ex and might serve us well. High grade stuff could always be shipped to Panama for milling.
I hope that the share price does no exceed $1.45 over the next eleven months so that we washout the 38,000,000 or so warrants.
A movement up to $1.25 would probably make most investors happy at this point and still get rid of all that potential dilution.
Your I-box update seems to be on the same track as the PTQ web site improvement! Or, am I missing something?
PTQMF down 3.3% on 100 shares!!! OMG!!!
SKY IS DEFINITELY FALLING!!! $46.10 DROPPED US 3.3% TULIP MANIA!!! NO BUYERS!!! JUST LIKE 1637 IN AMSTERDAM!!! DROPPING 99% IN 24 HRS.!!! SELL QUICKLY LIKE THE ORPHANS DID!!!! GURU RULES!!! WE ARE IMPLODING!!! OH!!! THE HORROR OF IT ALL!!!!
LOL! Gold down 2.6% in 24 Hrs.
From an investor's log: Sold gold at $1750.00 bought PTQMF. Sold 1/2 PTQMF at $0.64 and banked $100,000.00. Holding 1/2 PTQMF at $0.465 up 40% in four months from $0.34 buying opportunity. Memo to self: Must immediately sell all PTQMF because it may go up by end of fiscal year and I'll make so much money it will be embarrassing.
Must sell all gold today!!! GURU ALERT!!!! GOLD IS IMPLODING!!!! IT MAY FALL TO ZERO!!!!
Of course PTQ doesn't invest in gold...it digs it up and sells it!!!
PTQ has Gross Profit at $600.00 gold. OMG it may drop below that tomorrow!!! Buy dollars and Euros they are the only safe investment!!! SELL ALL GOLD AND SILVER!!!!
GURU RULES!!!!!!
Sorry, I thought you implied that...
there was something new to see, rather than just a bunch of old out dated data and pictures. I know that they are aware of the situation, and they will tell you that they are working on it. In my opinion they just do not care about attracting small retail investors and they talk one-on-one with significant investors and regularly take them on a tour. A friend of mine from Germany was there a short time ago and said he was treated very well and spent a whole day with management. Of course he actually had real money to invest. What I am unable to understand is why they spend money on all these shows, yet the web site, "face-of-the-company", is what it is??? Doesn't make much sense to me.
Loji, what are you talking about???
All of the gallery pictures are very, very, old. The first ones you see are from January 2012! The latest ones are from way last May 2012 when we made payments locally. Two months ago I received an e-mail from IR that they would be updating the entire web site and corporate presentations. Still waiting for that to come about.
THERE IS ABSOLUTELY NOTHING THERE IN THE WAY OF PICTURES OF MOLEJON LATER THAN JANUARY 2012!!!
Petaquilla Gallery - Paid Royalties
May 16, 2012
Petaquilla Gallery - APEX
February 13, 2012
Petaquilla Gallery
January 1, 2012
You must be kidding or looking at some other web site and photo galleries!!!
ENTIRE WEB SITE IS A TOTAL DISASTER, INCLUDING THE OLD JUNE 28, 2012 CORPORATE PRESENTATION. THE FINANCIAL MODEL HAS BEEN DOWN FOR A YEAR. THE FACT SHEET ALSO HAS BEEN DOWN ABOUT THAT LONG. I THINK THE WEB SITE IS VERY LOW PRIORITY FOR THE COMPANY. I KNOW THAT SEVERAL PEOPLE HAVE CALLED ITS SHORT FALL TO MANAGEMENT'S ATTENTION. THEY ARE JUST NOT CONCERNED WITH SMALL RETAIL INVESTORS.
As a further explanation of previous post.
Most of you were probably not aware that during the HT effort by Inmet, Petaquilla received a "Without Prejudice" 'offer/demand' letter from CMR on October 29, 2012, IMO interjecting themselves into the melee at an inappropriate time. While I cannot reveal the answer they promptly received from all interested parties, I can assure you that the sun does not regularly shine upon it. Those of you who bought into their position, and legal actions, and purchased bonds offered for the development of Lomero-Poyatos, feel free to use them as wall paper or for hygienic purposes in your out-house. That is where they will have the most value. Those out of the loop that have no idea what I am talking about: FUGETABOUTIT!!! IT IS OF NO CONCERN.
FROM THE CMR ANNUAL GENERAL MEETING, LONDON!
New Chairman speaking...
...Before the vote on the financial reports is taken, I want to bring you up to date with the current position, insofar as I am able. You will all be aware that the mining concession at Lomero Poyatos, once held by Recursos Metalicos, is now lost, and has in fact been awarded to another company. Since the Annual Report was issued it has transpired that there is currently no realistic prospect of recovering it, and our efforts are focused on pursuing other prospects, on behalf of CMR in Andalucía, where we believe there are considerable new opportunities, and also that CMR’s historic presence and technical knowledge means that we may have some good chances of successfully acquiring other concessions....
HOPE THIS PUTS THIS MATTER TO REST ONCE AND FOR ALL!! SOME ARE STILL INSISTING THAT CMR ACTUALLY OWNS LOMERO-POYATOS AS THEY STATE ON THEIR WEB SITE. Y'ALL MUST REMEMBER ALL THE BS POSTS HERE TRYING TO MAKE THE CASE THAT WE DID NOT OWN LP. I've noticed the ankle biters haven't brought that up lately, for a while back then that was all they wanted to talk about.
A brilliant post from SH! LOL!!
Moaners and groaners talk about mine life. LOM. Yet all of our P&P reserves, that we have recorded with NI 43-101's, come from our generous neighbor Inmet's Cobre Panama consession. In fact, we have dozens of targets within our own extensive concessions, (Is that eleven or thirteen concessions?), that will be explored and brought to production for many years. In the interim we can just sit and pick up the low hanging fruit thanks to Inmet's generosity. I think 500,000 ounces from Lata will be the next in line. Anyone who has bothered to either do the DD from the UN reports, peruse the 47,000 pages of records in the public archive, or actually hire someone competent to do it for them, is well aware of all that gold just waiting out there on the concession to be brought to market. Since we are running at full capacity even with the recent expansion, there really is no reason to pour more money than needed into Panama exploration. We already know what we will find.
Inasmuch as there are very strict government deadlines for bringing ore out of LP and then bringing the mine into full operation, our efforts are more efficiently put to use there. Soon we will have 500 employees on our payroll, up from the current 300 and all working diligently to bring at least two million ounces to market. Quicker and more efficient than pushing forward in Panama,
At some point in time the concessionaires of Cobre Panama operating under the Ley Petaquilla, whomever it may finally be, will come to the table to settle once and for all the complicated ownership of PM's on Cobre Panama, and of course the use of needed lands. As the value of gold vs. copper continues to separate new explorations fall more and more toward Petaquilla's side of the ledger. And then of course there is all of the copper that Petaquilla has outright in its own reserves. I guess the important thing is to know what you have and make sure you get appropriate value over the long term. First Quantum and Philip Pascall will be much easier to work with than Inmet ever will be. Perhaps they will succeed in their HT and be our future partner.
Don't you love it when a plan comes together!!!
Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=31972272&l=0&r=0&s=PTQ&t=LIST#yg0uD6xjCEpVluJ0.99
I-Box review...
1. Like the PDI generic statement on spin-out. It gets new life and renews itself every January 1st!! Hope you may be able to delete it by the end of this Fiscal Year.
2. Suggest using some maps from Inmet and Minera-Panama that are more detailed and more accurate.
3. BENCHMARK TIMELINE SECTION:
A. Delete the 2010 and 2011 stuff that has been achieved or OBE.(Overcome By Events for non-veterans).
B. Add some new Benchmarks. (i.e. Ore from LP to Panama. Onsite production at LP. Heap leaching contribution deadlines. 30% Molejon Expansion numbers. PDI specific dates. NI 43-101 LP. NI 43-101 ODN. I'm sure you can think of others.)
4. Delete the rest of the stuff form the old Corp. Presentations and the Behre Dolbear Report.
5. Add new pictures of company including one with leach pads and expansion addition including 4th ball mill.
6. Make disclaimer statement print much larger, especially the part about taking responsibility and doing DD. Add a ban on whining for whining's sake with no analysis, thought, or DD.
SERIOUSLY, THE I-BOX IS A VERY VALUABLE TOOL FOR PROSPECTIVE INVESTORS AS WELL AS THOSE WHO HOLD THE STOCK. I USE IT FREQUENTLY. MUCHAS GRACIAS POR SU AYUDA!!
Saludos,
PS: Grand daughter tells me that Gap discussion goes away when we close above $0.50. Seems as though anyone from Panama is always subject of cheap shots when we just try to inform. Wish more would just put us on ignore so we only serve the interested parties.
FWIW...On line TA book says...
If we close above $0.50 in the next few days, then the Gap is forever banished and need never to be spoken of or studied again.
Hey, Guru!!! Is that true?...I paid $9.95 USD for this TA course and I don't want to make a 100,000 share buy or sell decision, without some expert back-up. My grand daughter wants to be a trader and she is playing with about 100,000 shares...give us some help!!! I say just buy and forget it, but she keeps talking about moving averages, volumes, gaps, islands, and a bunch of crap to me. She said that pure technical analysis works better if you know nothing about the company and just read the charts!!! If she blows this, that will be a couple of years allowance!!
Gap closing!! P7Z @0.37!!!
WHOOPS!!! THAT IS IN EUROS...SELL, SELL, SELL, TODAY!!
Someone questioned PDI loan guarantee position.
The answer was in the PR: "PDI will be included as a guarantor until it is spun-off by Petaquilla.". Thus PDI receives a nice chunk of working capital and no strings attached. PDI will be listed and openly traded in about two years from now. By that time it will be on very solid ground. The current financial details of PDI will be spelled out in great detail in the Management Proxy Information Circular mailed to stockholders once all the ducks are in a line and the Notice of Meeting and Record Date and Beneficial Date are filed with SEC and SEDAR. You will have plenty of time to understand all you need to know about the company before the vote.
No point in clueless speculation when the facts are come to you shortly within sixty days.
PTQ does not trade on fundamentals.
However, unless you have good fundamentals you have no future. Sorry that you cannot see the future. Generally after it appears in financial statements, particularly audited ones each August, it is way too late to book passage. The ship has long gone. I have no idea what the impact of a doubling of EPS will have on the share price short term. I do fully understand the impact on the company and that is what is important to me. I'm not selling, so there is no risk in the interim share price; macro events make it highly irrelevant to the value of the company from my perspective. From you perspective I would sell and move on...
I understand your points and agree.
The important thing is that you do look ahead and base your decisions on forward news whether the time line is medium or long term. Many people are always looking in the rear view mirror and generally miss out on opportunities. Good luck in the new year!!!
I think there are two schools of thought. 1. Don't put all you investment dollars in one basket. 2. Put all you investment dollars in one basket, and then hold the basket. Number one is the safe way to go, number two yields a higher return, but also carries much more risk.
You can always have confidence in governments to never do anything as well or efficiently as the private sector. All the credit cards are blown up and they must print or default! I wish I owned the paper and ink outfit!!
Already accounted for the interest payment if any.
As for those that are counting the additional profits from the elimination of PM deals, don't you also have to account for the interest you need to pay for the loan you used to pay off the PM deals? I don't see anywhere in the NR that says they are not paying interest over that first 18 month period where they are not required to payback any principal. Won't those interest payments bite into that additional profit you are already counting on?
My analysis gives the $0.012/share per month profit to the bottom line with interest already take out at 10%. ALL MY NUMBERS WERE NET OF INTEREST ALTHOUGH I AM NOT SURE ANY MONEY HAS TO BE PAID FOR THE FIRST 18 MONTHS AND INTEREST MAY JUST ACCRUE. If that turns out to be true you pick up another $0.003/share per month.
Check the calculations yourself. 10.3% interest. $1,675.20/oz. gold, 1485oz./mo sold. Discounted present value @2.6%/yr. I took the more conservative approach assuming we would pay interest. If not, that is $0.18 increase or 125% over last year instead of the 80% that I calculated with the more conservative approach. Soooo the numbers I gave you in my post already had the $0.003/month/share taken out.
I have no idea what you mean by a full load, partial load, or good money.
I see very little risk that POG will decline in 2013. I have complete faith in western governments in EU and USA to continue to screw things up.
I understand that you are not familiar with Panamanian rules and commerce. PDI's margins will continue to be excellent no matter what the case turns out to be with Inmet, et al. The majority of infrastructure spending is to the west of Panama City, in our direction. We could sell three times as much aggregate if we had it. Don't forget there is some very nice ore under the aggregate also.
That is the difference!
Traders see only profit when they sell and of course incur taxes. Investors see "profit" in a different sense. It is the building and accumulation of wealth through diverse building blocks. Let me try to explain...
Just for the sake of example, you buy PTQ stock and over time accumulate a large amount. The company grows over a long time and so does the value of the investment. You never sell your shares, but perhaps from time to time pledge some of them as collateral for additional monies used in other endeavors such as farming, real estate purchases, etc.. You just keep slowly building wealth in many directions based on solid investment. No taxes, no publication of worth, just more assets.
A PTQ example: If you recall I tried to raise some interest here in real estate on the Caribbean side of Donoso. It was derided and no one sought interest. Yet some in Panama who had bought stock in PTQ @$0.035 to $0.040 a few years earlier we able to privately pledge the stock against the money to pick up the land. If you recall I posted when the land was sold for development, and there was a 2,200% profit in three years!! Same thing was done with a hotel, and now there is interest in oil exploration.
As long as those taking the PTQ pledged security were as convinced as the owner, the potential of the company allowed for the other more short term investments and a huge profit. Some Panamanians invested in our company believe that the future is much greater than even anyone here has ever speculated.
There are even those who firmly believe that at some point in time the infamous Cerro Colorado copper deposit will fall into PTQ hands, because of the work done over the years to lift up the peasant population. Their relatives on the Comarca are well aware of the five fold increase in their standard of living, trucks, schools, hospitals, roads, electricity. The Catholic Church is deeply involved in this evolution.
The mining sector is just beginning to be developed in Panama. It will be fifteen to twenty years before it grows to the size it can, given the reserves available. Those in Panama, of all political stripes, are making sure that their families will have a large part of the pie in this, and other sectors, as the country grows in wealth. That is the big difference between trading and long term investing. My comments are not intended to dismiss one in favor of the other. The perception of the company and its future are just diametrically opposed. The large stockholders in Panama are looking at a very long term horizon and a large wealth appreciation. The traders are looking for a quick ROI as they jump in an out.
Finally getting over the hump with this loan means very much to the long term potential and validates sticking with the company for all these years. I have no idea what the share price will be a year from now, but as the ability to borrow more than our market cap privately demonstrates, there are those who see and respect fundamental value. The share price might go up or down 20% on just a couple of million shares traded. Some days it has moved 5% on less than 500 shares. That means absolutely nothing good or bad.
As to PDI future, the country has committed $19B dollars to infrastructure over the next four years. Most of it is within seventy five miles of our deposit of aggregate. Our cost per cu. yd. is about 1/5th that of anyone else. The executive branch spends the money in Panama. No worries!!
Back to football!!
Bdgt. Clndr. 2013 EPS $0.26,PE Frwd. 1.77
Write it down and call back in 2014. Share price end of calendar 2013??????? SH says $0.65 at most. Gapper says we will be going to $0.35. Number of people who care? Zero around here!! $0.35 will be another "Buying Opportunity", don't miss it again! Quantum may raise their offer with mailing! Oranges are looking really nice!!
The P-O-T-E-N-T-I-A-L is there for increased revenue (there's that word again)when POG starts to rise.
Potential??? 1485 oz./month immediately starting in January with the price of gold at $1,675.20 that is $0.012 per month, per share, immediately to the bottom line. Not a damn thing potential about that! All the costs are constant since they have been absorbed as they have been carrying their burden amongst the other ounces of production. So...in the simplest of terms that is $0.012 per share per month effectively immediately!!! That is $0.072/per share to the bottom line impacting the rest of FY 2013, and $0.0144/per share per calendar year 2013.
That is just the effect of the release from the gold facility, not counting the silver facility, expansion, heap leaching or anything else. With no payments due for 18 months that is a firm, factual $0.072/share added to FY 2013!!! That is independent of production volumes, costs, or anything else, just using the POG at today's price. How can you say having 4,455 more ounces of gold to sell per quarter with no additional costs is just P-O-T-E-N-T-I-A-L??? DON'T YOU EVEN UNDERSTAND THE PR???? If the POG does not rise one penny over the next six months we have an increase in this FY EPS contribution of $0.072/share, over just six months, and an increase in the calendar year contribution of $0.144/share or and increase contribution of 80% over our last Fiscal Year!! THAT IS JUST FROM THE RELEASE OF THE GOLD FACILITY!!!
Will the share price increase??? Probably not since PTQ does not trade on fundamentals. Will the PE RATIO drop dramatically, absolutely sure!!
Tough to complain, but you are trying!!
10% interest on the $90MM from January 15th. We save 7.2% of that just by getting out of the gold facility alone each year! Not Peta's fault that you don't know what is happening!! I wonder why he wastes his time even posting information for those who never have contributed anything of substance. Land deal will come in time, maybe another two years. Depends first of all who exactly is going to own the Cobre Panama copper concession. Quantum says their mailing to shareholders will be out in less than ten working days.
First entry in stupid post of the year:
How can taking on this much debt add value?
Even the slowest of the slow should be able to read the PR and understand this was a good thing. For months y'all have been complaining that nothing was resulting from the bond sale offer. Then it was speculative criticism about all the warrants and dilution that would come with it. Now that the way is clear, and all the money needed is coming, with no warrants and no dilution, you complain about that. Give it a rest!!! Even the children are asking if people can really be that dense!!
In the meantime our EPS will at least double over the next four quarters due to expansion and debt relief. Will that be reflected in the share price? Who knows?? Is a company earning $0.16/share instead of $0.08/share, with reduced current debt, and 30% increase in stockholders equity fundamentally more valuable???
Most would probably say, "YES!!". But trust our ankle biters to deny it! GOOD GRIEF!!! Try to say" M A C R O---E V E N T S. That might help.
Reading TA for dummies after the party.
You need a well lubricated mind to understand this stuff!! We have danger in our past due to an "island reversal" caused "open gap"!!
This is the most fearsome and dangerous bear out there!! Worse than panda, black, or grizzly!!! Almost as bad as a vindictive ex-spouse!!! No one will be safe until our share price drops to at least $0.35 and closes the mouth of the bear forever. Until then we are all in danger and should not buy a single share of stock. The "gap" rules and must not be challenged; at your own peril if you do. Even if we earn $0.20 per share in calendar 2013 the "gap" will follow us as it takes its power from the "island reversal" the greatest power on the TA earth!! Our PE Ratio can drop to 1.00 and it means nothing...because of the all powerful "island reversal" created "gap"!!!
Glad I got this cleared up....think I'll have another beer....Buenas Noches!!
Makes perfect sense to me!!
Oranges for all soon. Don't worry. If you sit on a mountain of gold coins, but cannot buy a shovel to dig them up, they are of no value to you. But if someone lends you money to buy the shovel, suddenly your little project has great value and potential. Inmet came and offered five dollars for the mountain of gold as if we would take the money to buy candy and sell it to them. Red Kite is lending us the money to buy that shovel!! Jff understands perfectly. He just wants some quick candy and has no interest in gold coins, oil, lands, hotels, buses, houses, roads, or oranges. LOL!!
Just give me my quick bag of skittles or M&M's and I will skip down the road.....Bottom line....the deal is soon closed and we will have the money for one thousand shovels!!! I want one of those new white Petaquilla emblazoned jackets that everyone wears!!! That gold crest looks cool!!!! Just like the embossing on those leather chairs!!!
I think I smell more delays in the PDI spin out.
Much more difficult to handle things another way from an IFRS position. Don't worry your shares are coming. Interesting that the loan is for about $0.67 per share when Inmet wanted to buy the whole company for $0.48 originally. Didn't make much sense then and even less now.
I wondered why they wanted to get the news out by the close of business in 2012. It would seem it would have been just as useful to make a closing announcement concurrent with the Q2 filing January 15th. There still must be more going on that we are not privileged to hear. Quantum mails their HT offer directly to shareholders this week. Perhaps that has something to do with it.
Sure would be nice if they put the December production numbers in the Q2 MD&A Subsequent Events Section. I believe it is a new record.
84 Degrees F. in Panama City this evening. Nice time for a beach barbeque and some fireworks!!