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Thanks Anski100, here is translation.
Careful that meaning is not lost. Reopen in Spanish does not mean
put into production, but rather start operations. We have already hired the workers from two little towns close by that we his with 50% unemployment and becoming ghost towns as all the young people left because there was not work. Great news for Petaquilla and Huelva.
Petaquilla Minerals has six months to reopen the mine Lomero-Poyatos
Petaquilla Minerals has six months to reopen the mine Lomero-Poyatos
The Andalusian company granted mining rights for 15 years · The project will create 140 direct jobs and 250 indirect jobs, and generate an investment of 100 million euros
Jordi Landero / El Cerro (Huelva) | Updated 10/11/2012 - 05:02
The Ministry of Economy, Innovation, Science and Job yesterday granted the company Iberia Resources Corporation, owned by Panamanian-Canadian company Petaquilla Minerals, the mining rights of the 13 concessions that make up the old mining group Lomero and others, giving this process a new impetus to the project of reopening the mine Lomero-Poyatos, located virtually in its entirety in the municipality of El Cerro de Andévalo, in Huelva, but with some surface at the end of Cortegana serrano.
This was announced in the town andevaleña the Minister of Economy, Antonio Avila, during a ceremony attended by the presence of the local mayor, the Socialist José Pedro Romero and President of Huelva, Ignacio Caraballo.
Avila explained, this process culminates the Andalusian administrative proceedings after which the company will begin the work of operating the mine within a period not exceeding six months, during which the company will handle the relevant environmental permits , present a feasible mining project along with a restoration plan, prove their economic and financial viability, or deposit guarantees necessary for the restoration work, among other procedures.
The thirteen concessions totaling 176 hectares, where the concessionaire, Iberia Resources Corporation, plans to invest about 100 million euros and create 390 jobs (140 direct and 250 indirect).
According to the counselor said, the duration "baseline" of the concession is 15 years, "but this can be flexible depending on changes in the initial estimate of mineral resources in the reservoir due to the emergence of new technologies for their detection."
According to the economy minister said, "it is a national-scale project that will have an impact not only on the hill of Andévalo, but throughout the region," so that in his words "were taken into account three key strands to the granting of rights of these mining concessions. "
First of all the technical aspects and the economic and financial viability of it, secondly their social guarantees, and finally environmental safeguards not only during the operation of the mine, but also after its completion with a restoration plan.
As for environmental safeguards, Avila said that the whole extraction process "be linked to the existing legislation with the maximum guarantees" and that given that "all mining is finite", once the extraction process " must restore the area, which is also served by the Regional Government of Andalusia. "
A journalists' questions, the Minister of Finance wanted to make clear that the investigation carried out so far to grant mining rights to exploit Lomero-Poyatos "has nothing to do with the grant of any subsidy." In this sense, specified that "then the concessionaire, or any other company, you can always choose to invoke any helpline."
In October the Ministry of Environment granted the Unified Environmental Authorisation (AAU) to this company, step which must unite all the requirements requested by the Administration and related technical solvency or development project, among others, thoroughly analyzed by the Ministry, through the Directorate General of Industry, Energy and Mines and in reliance on the Mining Act.
For his part, Secretary General of the PSOE in Huelva, Ignacio Caraballo, applauded the announcement of the Andalusian reopen the mine Lomero-Poyatos, with particular emphasis on the "Grin Government's commitment to serious projects and guarantee the future of the mining district. "
The head of the Socialists onubenses said that "the socialist government meets the job creation commitments", while stressing that "this project will be launched with all required environmental safeguards" to the concessionaire.
Also, Caraballo emphasized that "once again is the Socialist Party which is sensitive to the problems of the mining, opening new ways to encourage job creation that directly affects wealth and sustainability of the region."
Finally, the Socialist leader qualified that the mining sector "is resurgent in Huelva by leftist politics" and insisted that the Socialists are in mining "an emerging sector again in our province."
The week that was not...
Let me get this straight, I don't understand much about this TA stuff. First of all, "ITS IMPLODING!!!", as deleted, and then we have the 'mother-of-all-signals', something called an "'islands-in-the-sky reversal" thingy that is "This is the most bearish sign a Chart can generate.". Next we have a "gap is calling, gap is calling" absolute emergency. We are going down to $0.30/share toward the end of the week. Do I have all this straight now??? But, when I look at the graph and draw one of those Loji kind of arrows,from the announcement of the hostile attack against the company and the BOD, that is "respected" by Inmet, it seems to point up about 42% to where we closed today; up and holding nicely I would say. Guess I never will understand this TA stuff, that all the really clued in guys use like a deck of Tarot Cards, to tell exactly what is happening with our company market cap. Sky is falling...gap is calling, gap is calling...whatever...
In the hard unforgiving DD world of fundamental analysis...it would seem we had a great couple of months. We fended off a predator monopolizing ogre that was going to eat us alive, and increased our market capital 42% at the same time. The ogre may have learned a little about being a "guest" in someone's house and is now in 'anger management', but allowed to come to the negotiating table if he stays 'well-mannered'. So...our stockholders won, Panama won, and even the ogre won, although he does not yet realize how close he was to going to the glue factory. If he just behaves and does what is best for all concerned, then he can be a winner too!!! Everyone can get a trophy just like in the PC USA!!!
SO WHILE WE HOLD AT THIS +42% LEVEL, AND WAIT FOR SOME OF THE GOOD NEWS THAT IS IN THE PIPELINE, WE CAN ALL HAVE A RESTING WEEKEND AND WATCH OUR NEWLY RE-ELECTED PRESIDENT LEAD FROM BEHIND INTO THE FUTURE!!!! By the way those Iranians were shooting at us and if you believe that their version of and A-110, even if it is Russian made, can't hit a target moving slowly through the skies, you have had too much Koolaid or TA study! That Russian nuclear sub 300 miles off our coast is not on a good will mission, but we are more "flexible" now!!!
PETAQUILLA ES PANAMA!!! WEATHER'S GREAT! SURF'S UP! BEER IS COLD! GIRLS ARE HOT!! L-I-F-E I-S G-O-O-D!!! HAVE A GREAT WEEKEND!!
Different perspectives I guess.
Stock did not "IMPLODE!!!" as you panicked in your deleted post. Seem to be holding nicely at this level up 42% since HT announced. Will move up strongly with agreement. Our group has several million shares and are long term. You obviously have just a few shares and probably have sold short. We see this as a great buying opportunity for those who can yet average down. Most of us are green now, but might accumulate a little more here. Volume is down about 80% now after just a couple of days trader sell offs. We certainly do not begrudge you your short term profits. With tax implications, selling because of a short term 20% pull back after a 75% quick increase is absurd. If you really believe that we are going to $0.30 soon, then you should definitely sell. You talk a great 'newbie' game, but me thinks your knowledge of the situation and your pockets are very shallow. Seems to us that both Inmet and Petaquilla are very good places to put serious money right now.
If you know a better place...then clue us all in...
Now that the public knows about ongoing talks...
our share price should stabilize and start back up. So it seems in Germany this morning. Nice to know that Tilk respects Panama, Petaquilla, and puppies. Perhaps someone should read to him the definition of a Hostile Takeover! Even the press releases said the purpose was to replace management and the BOD because they would not bow down to the $0.48/share offer. He is forced to make these ameliorating public statements because Panamanians have told him they are ready to show Inmet the door. He must now realize that there are in fact others who have the money and will step into his place and develop the mining industry in Panama if only given the chance. China has a blank check all ready filled out, and it is probably sitting on Martinelli's desk today. Sit back, relax and watch him squirm out of this mess. PETAQUILLA ES PANAMA!!!
Definition:
HOSTILE TAKEOVER:
Acquiring a firm despite the disapproval of, or open resistance from, its board of directors. The acquirer ('raider') usually takes the takeover offer direct to the target firm's stockholders (shareholders) or seeks their approval to remove the obstructing board members,(who are trying to protect the company and their shareholders)sic.
So the beat goes on....
Do not believe anything that is said in public! Whether it is good or bad for either company. It is all being decided behind closed doors, and public statement are just made to satisfy the press and give the public something to read. I would recommend just ignoring the whole mess and relax for a couple of weeks. It does not matter if we drift up or down from here ten or fifteen percent. As long as volume stays low as it was today...all is well. When good news or an agreement is announced you will see another shot upward and the share price will probably double. Neither company is going anywhere and there will be some accommodation from both side. Hunting season is open...so take off for a couple of weeks and just ignore the BS.
acanuck, there is a big 6x6 bull out there calling your name!!! Should be some steelhead in the river also!!
Same suit filed in Panama 2010??
Isn't that the same bunch who were fired and filed the suit in Panama nearly three years ago. It is contained in the Financial Reports every quarter since then. Guess they lost there and now will try in Canada. Don't think this is anything much new...but great try investor20501. Guess their "attitudinal and behavioural change." plan didn't seem to work so well and they were canned. Yeah!! This is a big deal!! We better get right on it!!! Wonder if Andrea is doing it pro-bono or on contingency?? OMG!!! I am so worried...must sell my stock today!!!
LOL!!!
Too bad...just what we needed back in the jungle...two year out of school industrial engineers with stop watches and clip boards. Those Indians over there shooting arrows at you just want some attention. Maybe we should sing to them!!! They worry you are upsetting the water god.
2012-11-07 06:14 PTQ, In the News!!
Globe says Inmet's bid for Petaquilla goes bust.
Stockwatch, the word is spreading.
Canadian approval was already granted.
If you go back and read the PR's, the PDI spin-out is waiting for a capital injection from the company that the attorneys tell us can be achieved with no tax implications. Whenever the cash is available either from the bonds or a deal with Inmet, the spin-out will occur if approved by stockholders.
." I THOUGHT WE WERE WAITING FOR THE APPROVAL FROM THE CANADIAN SIDE IN REGARDS TO ALL THE RED TAPE THAT GOES WITH THE SPIN OUT ???????????? So which is it ?"
You need to keep current on your DD so that you do not get lost.
As to Zacks...December is not over yet so the forecast is still in play. Hope Steve is wrong for the reasons germaninvestor explained to you above.
I agree with your analysis.
Here on the board you will see some question whether we will increase production with the new CIP tank system and the 4th Ball mill. Their rationalization is incredible considering we have experience running three ball mills for several years, and Ernst&Young gave us an unqualified opinion to capitalize our stockpiled gold, a good portion of which is right beside the feeders. Most people would be able to make the intellectual leap that tells you that a 33% increase in milling capacity will produce more throughput.
Three + One = Four, and Four > Three!!!! Not too much left to prove there...
The reelection of the President in the USA ensures that the dollar will be greatly devalued by the administration and the FED Chairman in the mid-term. Gold will increase in price and has already started its climb. The FTA now in effect in Panama has reduced our cap/ex costs. ANATI is firm in its resolution and Morgan&Morgan is advising Inmet to come to terms without a long painful arbitration that will ultimately go against them anyway.
We will see preliminary Q2 numbers before Christmas and they will be better than Q1. Once the PM facilities are removed the EPS will be directly affected since we are delivering finished product now and there will be no associated costs. This has indeed been a good two months for the company. Do not be discouraged by comments from those who do not understand what is happening before their eyes. They are mostly short-timers of have very small investments with no impact or significance. We will have at least 22,000oz. AuEq. to sell in Q3, and perhaps more.
It would be nice if we stayed low until the the warrants are washed away. However, I do not think that is possible. I understand we will see an increase in our reserves of over one and one-half million ounces AuEq. before the end of the Fiscal Year! All is well.....
"PETAQUILLA ES PANAMA!!"
Last post for today.
Inmet will have to come to 'terms' with Petaquilla and either purchase some land and access rights for a good sum or enter into some sort of JV deal with Petaquilla. Those who hold sway at Petaquilla will not sell the company to Inmet for anything close to what they are able and/or willing to pay. The fact is that they would have to pay something like 1.5 billion dollars! That they neither have nor would be willing to pay. All you have to do is take a discounted cash flow of what Petaquilla would be worth in five years based on what the company now knows and you get that number. So basically the For Sale sign is just not out.
Now with all of the other side issues to resolve,(i.e. mine service, contracts, aggregate, housing, roads, processing agreements, and on, and on). This is going to take some time to work out. Obviously, it is to the advantage of both parties that that be done without bringing anyone else into the equation. Inmet has a time constraint. Petaquilla does not. Inmet needs access. Petaquilla does not. Inmet is now at odds with several powerful government entities. Petaquilla is not. Until this problem is resolved for Inmet they cannot even apply for all the dozens of permits that they require and that takes time.
Somebody at Inmet did not listen to their Panamanian law firm or their management in Panama. They fired the managing director in the middle of the litigation as a scape goat. They have some crazy idea that Panamanians are not aware of what they are saying in public. The hole just gets deeper and deeper. They should just stop digging and resolve the issues. Petaquilla knows that it is in the driver's seat and therefore can be very magnanimous in their public statements. If Inmet is to maintain their position and concession, they must come to the reality that they need to put this behind them. The danger for them is that things spiral out of control in Panama and the people demand their removal. If that happens they will be gone faster than Law No. 8!!!
Hope that this helps you understand just what seems to be happening.
Good Luck.
Loji, the only thing I am still hearing...
is that Inmet has a large exposure in their copper holdings, wherein if the price of gold goes parabolic while copper actually drops due to the re-election of President Obama today, then they could lose a lot of their holdings. Right now Lata seems to be the next one to fall. There is a lot of discussion about who is drilling what where, and at what intervals and depths. The last thing Minera-Panama wants to do is stumble onto some more gold deposits on their concession.
Time is definitely at a premium for Inmet and I do not see them coming with another offer after this fiasco. More likely there will be an agreement, perhaps before the end of the quarter November 30th. Everyday that passes Petaquilla gets stronger and Inmet bleeds. They are still saying they can go forward without any agreement. This is true for now, but the time will come when the must have land and access or they are in very serious trouble. They are completely walled in by Petaquilla. Their problem is that in a couple of years Petaquilla will be much stronger and harder to deal with then. The must make and agreement very soon is what I understand.
There were two schools of thought at Petaquilla. Some thought it best to sell and get the highest dollar possible for the stockholders. The other side realized that in a few years this was a ten dollar stock and it would be a disservice to stockholder to sell at 20% or so of that future value. The larger more prudent side that included all the major investors won the day. Again it goes back to the good old April 15th we have been talking about for two years! Q3 numbers should be awesome with increased production, and the PM facilities gone. $0.10 EPS is very possible. That should impact the market since it will stay at that level for the foreseeable future. A good agreement with Inmet that included some aggregate sales could push that number even higher.
Sorry it was the other dude who said...
that he lost $50,000.00 selling out right after the open.
It was Investor20501, I hit the wrong button. That's why I was surprised that you bought right back into the stock. I assume he just sold out and went away then to await the wash sale deadline. I think it will cost him more to get back in later. His post was # 18383, wherein he said he just lost $50,000.00. #18391 was the "island reversal" thingy that he put up.
Bottom line: Inmet moved us from $0.35 to $0.4993 or 42% so we can thank them for their efforts. If they screw around some more maybe we get another 42% that would bring us to about $0.71.
Have a good evening...
Sorry to hear you sold 340,000 shares!!
To have lost $50,000.00 that is how many you would have had to have sold, at least. I thought that it would take about 30 million shares to settle all of the traders that have no long term interest. Buying back in this afternoon would give you a personal 680,000 shares trading in one day! That is a lot of shares for one person, even on TSX let alone PTQMF in the states. The stock may go lower until some more significant news is published.
I believe you, or someone, said the there was a technical island, or something like that, that was a huge signal that the share price would drop soon into the low thirties. When would you take another loss on the shares that you bought back today?? I am very sorry you completely lost all of your captured 'tax loss' by the wash sale rules. Perhaps you should have waited the sixty days before buying back and at least banked that extra money.
I am still confident our price will hold and that we will finish the month above $0.64. But, we all win or lose based on our knowledge of the markets and the rules. If I did not believe that the stock would increase very soon, I certainly would not have jumped back in and thrown away $50,000.00 of tax loss, that was a definite bird in the hand! In any case, it is nice to see that you support my view that the price will go back up very soon.
So wonderful it bears repeating...
So, let's all send a "Thank You Note." to Inmet and Mr. Tilk. You quickly moved our share price up about 40%, got us lots of free publicity, provided us a vehicle to reconfirm our rights in Panama, allowed ANATI to set parameters for dealing with us in the future. It has been a thrilling, but very good month for us. Mr. Tilk, you bring a tear of gratitude to my old eyes. We wish you continued success and want you to make a lot of money with MPSA S.A. so that you can afford to pay us through the nose, now that the whole world knows you cannot fulfill your obligations under Ley Petaquilla No.9 without our agreement!!!
See you at negotiations next week...
It would seem that management has listened...
and fully understands the value of the company. They have rejected the group that pushed for a sell out at a couple of dollars a share and decided to move forward as originally planned. There will be some sort of deal worked out now with Inmet that will benefit all three parties, Panama, Inmet, and Petaquilla. There is a great future here and things will steadily improve as the caravan moves along. The little sell-sell dogs did not get their way and that is a very good thing for the rest of us. Soon, (six months), this will all be just a vague history in the rear view mirror. Show is over...time to look at USA politics.
So, let's all send a "Thank You Note." to Inmet and Mr. Tilk. You quickly moved our share price up about 40%, got us lots of free publicity, provided us a vehicle to reconfirm our rights in Panama, allowed ANATI to set parameters for dealing with us in the future. It has been a thrilling, but very good month for us. Mr. Tilk, you bring a tear of gratitude to my old eyes. We wish you continued success and want you to make a lot of money with MPSA S.A. so that you can afford to pay us through the nose, now that the whole world knows you cannot fulfill your obligations under Ley Petaquilla No.9 without our agreement!!!
See you at negotiations next week...
Yes! Yes! Yes! Yes!!!!
I think that was the bottom, but time will tell. A lot of guys were shooting for around $0.45 so I am sure some were filled. Can't believe all the whining and crying on the board. Inmet failing to steal the company was great news for all of us. All the pontification from these same idiots saying they would not sell for less that $1.00-$1.50 and that the company was worth $XX.XX per share, then they panic and sell, running like lemmings over the cliff!!!
God Bless them all for giving us these great opportunities!!!
We need these guys to weed our gardens, fix our cars, and cut our grass. It is our obligation to provide them the opportunity to earn a living by working for us, since they cannot do it on their own.
By the way...did you ever get that job???
Well you must have sold...
Second large shareholder is back buying heavily at $0.52. I really thought it would take thirty million shares to form a good bottom, but I guess there were fewer traders than I thought, or maybe just smarter ones than I gave them credit.
You complain about losing $50,000.00 dollars today??? Can't even buy a good car for that, or take a couple of weeks vacation in Iberia with the family if you go first class!!! Maybe you should have bought when it was at $0.43 on TSX and you would be happy now at $0.52!!! Don't cry and try to blame others for your decisions. If you are unable to make money here, that is your fault. GO BACK TO POST 18367 AND READ IT A THIRD TIME!!
Large shareholders buying heavily.
Particularly Global. One day you like Richard Fifer, the next day you ridicule him. Funny thing...the future of your investment is in his hands and he really doesn't care what you think or say. He will take care of you anyway along with the other more humble people.
Based on the volume over the last sixty days or so, it will take about thirty million shares to wash out all the traders. Plenty of capital available to suck up these shares. Company may even file a new NCIB since the great volumes will allow them greater participation on a daily basis. No worries here...steady progress with fundamentals is what we seek. Interim markets just give us another shot at increasing our stake. Most of us are still green at $0.48 so it needs to go lower to allow any averaging down. But, it is still a good time to accumulate.
Here is our response:
2012-11-06 09:40 ET - News Release
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 11/06/12
Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) acknowledged today the announcement by Inmet Mining Corporation ("Inmet") of its decision to permit its offer for all of the issued and outstanding shares of the Company to expire in accordance with the offer's terms.
Petaquilla remains committed to engaging in discussions with Inmet, and other interested parties, to ensure that the value of Petaquilla is maximized. In addition, as part of this strategic review process, Petaquilla will continue to implement its business plan, including the spin-out of its infrastructure business to shareholders, the development of its Lomero-Poyatos gold mine in Spain and its previously announced high-yield note offering.
Shareholders should contact CST Phoenix Advisors, the information agent retained by Petaquilla, with any questions or requests for assistance by telephone at 1-800-332-6309 (North American Toll Free Number) or 1-201-806-2222 or by email at inquiries@phoenixadvisorscst.com. Further, Petaquilla shareholders are encouraged to regularly visit the Company's website for current information at www.petaquilla.com.
About Petaquilla Minerals Ltd. - Petaquilla is a growing, diversified gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates a surface gold processing plant at its Molejon Gold Project, located in the south central area of Panama - a region known historically for gold content. In addition, the Company has exploration operations at its wholly-owned Lomero-Poyatos project located in the northeast part of the Spanish/Portuguese (Iberian) Pyrite Belt and several other exploration licenses in Iberia.
On behalf of the Board of Directors of PETAQUILLA MINERALS LTD.
Joao C. Manuel, Chief Executive Officer
NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
Contacts:
Petaquilla Minerals Ltd.
Joao C. Manuel
Chief Executive Officer
(604) 694-0021 or Toll free: 1-877-694-0021
(604) 694-0063 (FAX)
www.petaquilla.com
CST Phoenix Advisors
North American Toll Free: 1-800-332-6309
Banks, brokers and collect calls: 201-806-2222
Toll Free Facsimile: 1-888-509-5907
inquiries@phoenixadvisorscst.com
POST #18367 SAYS IT ALL, RE-READ IT.(Sorry Typo!)
SOON AS BOTTOM FORMS IS THE TIME TO BUY!!
GREAT OPPORTUNITY FOR THOSE WHO SEE IT.
IF YOU ONLY HAVE A FEW SHARES THEN BAIL, QUICKLY!!! LOL!!!!
Now the rats will run!! Buying opportunity!!
Just like back in May. Those who recognize it will make some money here. We should be up in price by the end of the month without any problem. Just my considered, not so humble, opinion!!! Stink bids are already in for today!! "PETAQUILLA ES PANAMA!!!"
I have to admit I am very surprised that they acquired no shares at all. Perhaps this just means that they chose, or were required by rules, not to accept tendered shares if they did not reach 50.1%. I am ignorant of SEC and Canadian Laws; too lazy to go back and read that fine legal guide that was thoughtfully posted. As long as I know they wasted one million dollars trying to do this, I am content.
Tilk is locked in the bathroom trying to wash all the egg of his face. Particularly after the last press release welcoming all the new Inmet stockholders!!!
Absolutely!! Almost was done Sunday.
Finally, do you still expect any new take over bid or a deal with imnet for lets say 200mio for the lands right in this month? As you told before, i should mark my calendar.
The problem was Petaquilla did not have time to evaluate the tax implications for their stockholders. Thanks to all the publicity from this battle Petaquilla is on the map. If good news keeps on coming, like the great news from Spain yesterday, the share price will not only hold, but go up. All of the volume November 3rd and 5th were shares that never were going to be tendered to Inmet. Large stockholders are increasing their investments. Future looks bright and the expansion is almost on line. Can't wait for April 15, 2013!!
Good Luck.
Anski100 I forgot to mention...
The number has improved significantly since May 31, 2012 from $17.35 to $27.08 at the close of business yesterday. That gives some of us who have been along for the whole ride confidence that our time is coming. Fundamentals usually win out if one has the patience and capital to stay the course, and of course, average down while increasing investment whenever possible on a regular basis. All together that worn old $1.00 from 2007 is nice and green at $0.64 today, when its $0.27 is reflected against the brothers who came along later.
I guess the Tsunami passed and now we shall see what the rest of the month brings us. Thanks for the post. Page #13 does put things in perspective. Consistent regular investment is always the best way to go IMO.
We have come to the end of start-up.
Now the next five years we should reap the results of bringing this company into existence and the comparisons will reverse. I believe the BOD has done well and I support their compensation and reelection. The same for Ernst&Young.
No question about that, PETA.
I am hearing that more pressure is coming shortly from the Government also. It is unfortunate for all, but Inmet has created a lot of ill will over the last two months. Even with agreements settling the issues with Petaquilla, they will suffer delays and consequences for a long time.
This battle is over for all intents and purposes. I think the share price will hold or climb steadily in the coming weeks. I may be wrong, but I have the understanding that the shares tendered will be returned to those who tendered them. I would love for Inmet to be able to keep them and let those who sold us out for $0.48-$0.60 just stand by on the sidelines and watch us soar!!
Time for a nice steak at El Golazo in Chorrera!!! An appropriate name for what Petaquilla has accomplished!!!
Sorry I meant the last two trading days.
I was thinking of Thursday and Friday. However, to answer you questions directly, you can trade on what we in the western world call the weekend in over forty Muslim and non-western countries where the work week is entirely different. Inasmuch as we have offices in many of them you can do off grid money transfers also with just a phone call. With a limited international background, I would not have expected you to know this. That is the problem with the west. Everyone thinks they are the center of the universe and not just a small part.
Finally, it would appear with the good volumes on Friday and today the market seems to have decided that the hostile takeover has failed. Let's see what happens tomorrow.
If you are truly interested and not just making a crass comment, there are courses in finance offered at the better universities, that do deal with this important difference in trading and business. I would suggest Notre Dame, Oxford, Tulane, Maria de la Antigua, or any other decent private school in China, India, or Turkey for that matter. Do you even know when is the start of the work-week in Egypt, or any of the North African countries??? Do you even know what is the standard work-week in Panama or Mexico??? You need to get an education or a life....
"Parts" is a broad word.
'Part' is a concession, 'Part' is aggregate, 'Part' is equipment, 'Part' is CU reserves. Submissive is probably the last adjective I would think management has shown. 'Professional','Business like','Friendly','Forward looking'. Some always misinterpret kindness and willingness for weakness. It would be nice to sell them something that we really do not need and will provide us with capital in lieu of loans. (i.e. Let's sell them all the aggregate and crushing equipment required for it at one time with a little discount. We get immediate cash and they will uncover all our high grade ore for free.)
The statement about tax implications, that need to be studied, tells you immediately that a substantial spin-out of some sort of cash dividend might well be in the works. Similar to what stockholders received on the original copper deal. The point is: Inmet took their best shot as they understood it with the Hostile Takeover attempt. It failed miserably and was very expensive to undertake. Petaquilla is by far showing the most MATURITY, and is looking out as usual for the best interests of all concerned.
Those who shorted the stock in anticipation of a great gap down did not do so well today. Tomorrow will be worse for them. The news from Spain is very good. The news from Panama is good also. If you only knew our management team, you would know that 'submissive' is not in their vocabularies. Look again into each of their work histories and backgrounds.
DO SOME DD AND IT SHOULD BE OBVIOUS.
So make the news, mjkiii. Where else are they interested in if not in an offer? What else can a third part do in this game?
C'MON MAN...YOU HAVE TO TO BE KIDDING!! Don't you know anything about this company? Not my job to spoon feed!!
As usual Peta, most are on wrong side.
As you probably know, the third party is not interested in bidding for the company, and is not coming in with some ridiculous HT offer to compete with Inmet. Our group bought 250,000 shares in last 48 hours and will buy more today and tomorrow. The so called "White Knight" deal will make PTQ much stronger. Hopefully, they will wrap all this up by the end of the month, and the quarter, so that they can put it all to bed in the January 15th filing. All that volume today is a very good sign, since these are not shares that will be tendered.
Inmet made an offer over the weekend...it just was not good enough for the BOD to recommend it. They are really having trouble coughing up the money for access. We certainly are not going to give away our advantage, and we need to tie up all the other loose contract ends. The beat goes on.....
When you tell them they don't listen.
Petaquilla es Panama!...and will be for a long, long, time.
That's it for me today...can't stop laughing and have tears in my eyes!!
My guess is share price will hold.
What either side is saying publicly means little. Petaquilla has advanced beyond DD with at least two interested parties. They have term sheets from at least one that I am sure. Petquilla is not interested in short term movement of the share price this week, and neither are most long term investors.
They will do the deal when it best suits Petaquilla, and after today they are relieved of the constrictions placed on them by the BCSC which you must be aware of through reading the rulings on file at the BCSC.
There may be short sell off of traders trying to jump in and make a quick buck. If the stock does drop appreciablely for a short time it will be what Jal demonizes as a "great buying opportunity!" and nothing more. LOTS OF GOOD FUNDAMENTAL NEWS IN THE PIPELINE BEFORE JANUARY 15TH.
Inmet should be buying and holding Petaquilla stock on the open market over the next few days. It will do much better than theirs over the next couple of years!! LOL!!
Gosh!! I could have sworn it was an offer??
or a solicitation??? Love the required legalize!!
"This press release does not constitute an offer to buy or an invitation to sell, or the solicitation of an offer to buy or invitation to sell, any of the securities of Inmet or Petaquilla."
POST #18292 second to last paragraph!
Hi Chile,
Cobre Panama will be developed by someone. Too much money at stake. CD did not grant the concessions and did not exist except in the twinkle of some eyes when this all came to attention way back in the 1960's. All of the elites whether Panamistas, PRD, CD, or even PP have stock and interests in real-estate all over the place. Whomever is in power will want to develop Cobre Panama, reap the profits, and take the credit. What each of these parties says in pubic means little.
As you intimate, the indigenous will be used by whomever is not in power to do their bidding. No so much in Cocle where their standard of living has genuinely improved, but in Bocas and the Comarca. Hell even the Kuna over in Darien will protest for a few bucks, and the "irishmen" in Chepo for that matter.
Right now those politicians out of power would love to stop things until 2014, when they hope to return and control the patronage!! Inmet does not treat their workers as well a Petaquilla and the people are acutely aware of that, more over if there is only one company in town with a monopoly they can set all the rules.
CD wants to win the election at any cost. They are all extremely sensitive to public outcry, (i.e. Ley No.8 & Ley No.72 examples), and that is the clear and present danger to Inmet. If the unions supported by SUNTRACS, students, indigenous, U of P students, and general public can be whipped up by the opposition telling them that CD is allowing the "foreigner" to monopolize and steal something from them, and also wants to sell it to the "foreigner", all hell will break loose just like it did with the bananas, the No. 8 mining law, and most recently in Colon. CD will do whatever it takes to acquiesce to the public. This kind of crap in Panama only takes a couple of weeks to boil.
Never mind that as soon as the election is over, whomever wins will be pro-mining and rush to move forward to get all that money, and the credit. The Executive branch spends the money in Panama.
In this instance Inmet's MPSA,S.A. is actually the prime takeover target and not Petaquilla. There is plenty of money on the sidelines, with Slim and China among others. Who would not love to step in, quell the fear of the public, and takeover the project now that the years of heavy lifting and cap/ex, exploration, engineering, etc. are done. Slim would be the easiest as a fellow Latin American coming to the rescue, but the Chinese are very astute and culturally sensitive. How it all shakes out is what makes life interesting.
MARK YOUR CALENDAR...THERE WILL BE ANOTHER PLAYER OF RECORD BEFORE THE END OF THE MONTH. That knowledge, that Inmet has, is what may force them to the table...before Petaquilla is too big a pill to try to swallow. There have already been three way meetings, brokered by UBS and others, among all parties in this chess game.
Whatever happens will be good for Petaquilla stockholders. It is just that some outcomes are much better than others. There must be a deal brokered since Petaquilla can tie this whole thing up in courts for years, if they so choose, and Inmet would be dead meat by that time. After the weekend hangovers are finished and all have returned to the city, we will hear more by the end of this week.
Ley Petaquilla No.9 is the law-of-the-land.
If you read the recent rulings, they base their findings on that law.
Cobre Panama will be developed without a doubt. The question you hear now is whether Inmet is the one to move forward. That was never a thought until they disrespected Petaquilla.
There is plenty of money available from many sources. China can write a six billion dollar check with only 3% of the sovereign money their government has set aside for purchasing copper, silver, and gold reserves, world wide. They spent ten billion dollars just last month. Cobre Panama is peanuts for them.
The only major influential group that has yet to come out publicly in Petaquilla's corner, is the Catholic Church. That may come in the next few days. We are quickly approaching a point where this may spiral out of control for Inmet, and the government is forced to throw them out by public opinion. Remember the number one goal of CD is the next election. That trumps everything else.
No question that was Tilk's public position.
However, the Morgan&Morgan sworn filings paint a far different picture. I suspect that Tilk does not even speak Spanish, and has never read Ley Petaquilla No.9. Seeing the terrible results their previous CEO and other executives had in Spain, where they are now fugitives, facing jail time, suggests that they are not very adept at understanding Latin culture and dealing with its peculiarities and customs.
His interview was extremely offensive, wherein he was not respectful of the Panamanian rulings and government. Far better would have been a statement respectfully acknowledging the rulings, and saying that Inmet was looking forward to working out a solution, that well help and be satisfactory to all parties. Richard, if you recall, made just such a statement in his interview. It was very well received in Panama. Implying that they will take out Petaquilla at whatever cost is necessary, has insulted the entire Panamanian population, at just the wrong moment. There is much more popular dislike and resistance to Inmet in the cafes, taxis, and on the street. They may even stir up the university students. If SUNTRACS supports the other unions all hell will break loose.
Other Latins and the Chinese (all Orientals for that matter) are much more sensitive to how they are viewed. As they say in Texas, Inmet has stepped in it with both feet. "Gringos" never seem to understand, it is not always about the money. PETAQUILLA ES PANAMA!!
Action is coming. This is holiday weekend.
Investments by Inmet in Panama are leverage against Inmet. They would lose all of it. Where would they sue?? United Nations, OEA,...good luck! Panama already owns Cobre Panama, Inmet is only a concessionaire...remember how quickly Law No.8 and now Law No.72 went away. If the people rise up against Inmet the government is extremely sensitive. Martinelli's bank is major player in funding PTQ. The government of Panama has the ability to remove Inmet in twenty-four hours if they choose that as the best alternative for the county. Expect Petaquilla to announce a deal with someone before the end of the month. Tilk was correct in that nothing prevents them from proceeding with construction within their concession. I guess to them,it is just a minor problem that they are locked behind legal walls. The more money they spend, the more leverage they lose and the more enticing for the Chinese/Slim to takeover.
Next up ANAM could drop a "Cease and Desist" on Tilk. That stops everything. Remember Martinelli just formed the new Departmento de Recursos y Minerals, and DRM is definitely against Inmet. Add ANATI and ANAM and you have checkmate!! It would be different if Panama was a poor country, but they have plenty of money and friends with deep pockets standing ready to seize the moment.
Last post guys. Had it in Spanish since noon!
2012-11-02 15:17 ET - News Release
Mr. Joao Manuel reports
PETAQUILLA WAIVES SHAREHOLDER RIGHTS PLAN WITH RESPECT TO INMET OFFER
Petaquilla Minerals Ltd., in response to the decision issued by the British Columbia Securities Commission on Oct. 31, 2012, has waived the application of its shareholder rights plan dated March 7, 2006, to the offer by Inmet Mining Corp. to acquire all of the company's outstanding common shares that was commenced on Sept. 28, 2012, and subsequently varied on Oct. 26, 2012.
As previously announced, in response to an application by Inmet, on Oct. 31, 2012, the BCSC rendered a decision that, subject to the company waiving the application of the rights plan to the offer, it would issue an order having that effect at 1:30 p.m. PDT on Friday, Nov. 2, 2012. Accordingly, the company's board of directors has waived the application of the rights plan with respect to the offer.
Shareholders should contact CST Phoenix Advisors, the information agent retained by Petaquilla, with any questions or requests for assistance, by telephone at 1-800-332-6309 (North American toll-free number) or 1-201-806-2222 or by e-mail. Further, Petaquilla shareholders are encouraged to regularly visit the company's website for current information.
Volume and large purchases are good signs.
Sorry I seem to upset the board when I post what is heard in Panama. I thought if one explained that is was a rumor that was OK. Most seem to resent hearing news or rumors from Panama. Will keep it to private correspondence in future. Seems like whenever anyone posts an informative message it is either deleted or denigrated.
Most of us are looking for another venue.
Inmet is down to just two alternatives.
Arbitration possibility is gone. There is no question but that it could be dragged out several years. So now that leaves them with counting enough shares before 11:59PM Tuesday to gain control of the BOD, or making the 'friendly' deal. Market seems to tell us that the players feel that a deal is coming. Why would they buy hundreds of thousands or millions of share today that cannot be tendered to Inmet, all above $0.60? By the 15th we will definitely know how many shares Inmet owns. No report means that they did not accept the tendered shares and are returning them to the owners.
Lots of news coming soon, including preliminary numbers on Q2 before the Christmas break. January 15th MD&A should be the best yet. Those who have predicted a fall in SP next week should sell short today!! Please put your money where your mouth has been at take some large positions. Please....Please....the short numbers Geico reported are way too small!!
Steve Ralston from Zacks again refers everyone to the metrics they have published along with the guidance that requires them to up date their target each time reserves change. It is a clear calculation and gave us an additional $0.05/shares. As reserves move up to M&I and P&P there will be more up dates. I know the concept of using objective metrics is completely foreign and not understandable to some posters. Perhaps you should do more DD on Zacks, and read their reports so that you will not be so lost in the wilderness. When the new LP numbers come out putting the pit back into the equation that should raise their target another $0.40 without much of a problem according to the math they presented to us in their report.