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Yes, he made that point to me specifically.
Got to run, boat is waiting.
wir sehen uns später, viel Glück
We are in agreement.
Your first proposal would, I believe, require a vote of Inmet shareholders. The second would require a lot of explanation to shareholders of why we just spent $200,000,000.00 for something we did not need and was not material.
Going fishing to today while this sorts itself out...maybe a marlin!!
Hi german investor, here is what I believe.
Inmet's management is setting the stage for a trip back to their shareholders to authorize whatever deal is being set up behind closed doors. To us a USA acronym, it is a CYA move. There will be a lot of questions from their shareholders if this drags out much longer and they will be under a lot of pressure. To get approval they may need to go to their shareholders for a final deal and they want to be able to show that they did everything they could before they came to "this" final agreement. I do not think that anything but an agreement that will take care of Petaquilla properly will be acceptable to the Panamanian government. Either way there is money to be made, my hope is that the ultimate result will reward Petaquilla shareholders adequately for their patience and loyalty.
Panamanians definitely will not sell, nor will large institutional holders, one for loyalty, the other for future potential returns. I think we have over 50% with Germans holding.
First full week in November will be truly memorable for all of us. Election in USA and resolution of our company's future.
"Guten Tag, guten Tag ich will mein Leben zurück
Ich tausch nicht mehr, ich will mein Leben zurück"
Sprechen Sie mit Ihnen später.
Anyone find Panamanian Gov. rulings ambiguous?
Quoting Inmet,"Petaquilla's management and board appear focused on a strategy of attempting to create legal ambiguity over the ability of our subsidiary, Minera Panama, to continue to develop the Cobre Panama project."
Arbitrate or settle in friendly way seemed pretty unambiguous to me.
Maybe I just don't understand these things???? Pretty soon we may just see a big "FURGIDABOUTIT!!" from Panama!!
"That's All Folks!!"
Gap up 10% in Germany at open.
Very good volume and holding. Those buying at $0.64 USD will not be selling, nor will those who bought over the last thirty days, or even since Inmet's original announcement. May be this is just an exercise so that when they go to their shareholders for significant money they can point to the offers in a "we tried" scenario. An offer of $1.00/share for the additional land they need, plus access for their road/line/grid to the coast is about right, subject of course to the conditions, some of which I posted yesterday. That would give us about all the money we need for development and push our share price to well over $2.00. NOT FOR SALE!!!
Extremely important hearing on 10/30/12!!
At Inmet's request, the British Columbia Securities Commission ("BCSC") has confirmed a hearing date to consider Inmet's request for the immediate cease trading of Petaquilla's shareholders rights plan or "poison pill" pursuant to an application made by Inmet. The hearing will take place on Tuesday, October 30, 2012 at 10:00 am PT.
Sabfour20, no worries, thanks for the post.
It was very interesting to see the source for the interview and it is an excellent reflection of the progress Petaquilla is making in the public marketplace. It is unfortunate that whenever one tries to bring some constructive and informative information to the board, the post is not welcomed, but derided by some who have never contributed anything positive or of significant depth for years. I can assure you there are others that thank you for your effort. It seems that the public forum attracts all kinds, particularly when trolls can hide their identity,or so they think.
If Inmet continues with their arrogant, (for want of a better description), ill mannered, and repulsive attitude, they will be
forced out of Panama. However, Petaquilla is here to stay and the government is determined to see Cobre Panama developed. There are others who will immediately step into any vacuum or opportunity that presents itself. China being the preeminent one at the moment.
Saludos,
You should show him respect, the world does.
LOVE THAT LANGUAGE!!"NOT SUBJECT TO APPEAL"
Mr. Tilk...could you explain the statements in your SWORN filing before our government by your law firm Morgan&Morgan, in light of your recent comments stating that this concession was not material to development of Cobre Panama, "In its petition, Minera Panama had represented to the National Directorate that the concessions it was opposing, including the Rio Belencillo concession, were "critical areas for the development of the Cobre Panama project""?????????????????????????? I note that it was so important that you had your law firm print it in bold script in your filing!!
GUILTY!!!! OFF TO LA JOYA!!!
The one Sept. 18th was San Juan tailings ponds.
This one of October 22nd clobbers them on the waste material site on the other side of their concession. Not keeping too accurate a count but that seems like ruling strike number three or four. Wonder how many they get?? That is two knockdowns on the 22nd., one from ANATI and one from National Directorate of Mineral Resources of the Republic of Panama. Hey!! Mr. Tilk!! Any response on November 2, 2012???
Another ruling just out.
My browser will not let me pull it up from Stockwatch.
Canada: T.PTQ
Petaquilla receives positive ruling on Rio Belencillo.
2012-10-24 15:04 PTQ 0.58 News Release
This is all I was able to grab.
Here is a little more:
Mr. Rodrigo Esquivel reports
PANAMANIAN GOVERNMENT AFFIRMS PETAQUILLA'S LAND RIGHTS IN RESPECT OF RIO BELENCILLO CONCESSION
The National Directorate of Mineral Resources of the Republic of Panama has issued a ruling, dated Oct. 22, 2012, with respect to Petaquilla Minerals Ltd.'s Rio Belencillo concession that the opposition petition filed by Minera Panama SA, a subsidiary of Inmet Mining Corp., was not presented within the appropriate time and was without merit. The ruling states that it is a final determination and not subject to appeal. This ruling follows a similar ruling issued by the National Directorate in September, 2012, regarding Inmet's opposition petition in respect of Petaquilla's San Juan concession.
THIS IS SEPARATE FROM THE ANATI RULING AND SIMILAR TO THE ONE ON SAN JUAN ISSUED ON THE 18TH. MORE NAILS IN THE COFFIN FOR INMET!
LOL! I'll e-mail them a copy.
News must be coming by camel. It is in the Public Record, but not formally receiving the notice from their law firm Morgan&Morgan may buy them time to get by the November 2, 2012 conference call.
La Estrella is generally more unbiased than most papers. The nice thing is that here in Panama everyone knows who is who and there is little stealth support. Not so in the USA, although NYT and WSJ are pretty well known for their support of opposite sides.
Petaquilla's press release and the article in Market Watch and Financial Times is getting it out into the English Press. Maybe I should suggest that they read Petaquilla's web site once in a while just to keep current.
Maybe we can induce him to visit Panama.
Under Panamanian Law what he has done could be considered a criminal, and not just a civil, offense. A couple of years in La Joya waiting for a trial would take a lot of wind out of his sails. He definitely should resign, but I doubt that he will. Seems like CEOs of Inmet have a tough time with the truth, the previous on was criminal convicted recently in Spain. I noted that he canceled his appearance on BNN. The conference call that is scheduled by Inmet for November 2, 2012 should be very interesting. I do not see how he can avoid the issue during the call since MPSA is the biggest and most important thing going on for the company, and there is plenty of publicity all over the map. You almost have to assume that this is all arrogance since Morgan&Morgan is a very fine Panamanian law firm and must have kept them well informed.
Second Article Today very accurate. (?)
This is also in this mornings Panama America and seems to be more factual. I do believe that they under shoot the number of shares held by Panamanians because of the foundation laws. It was interesting to see the new reserve number from Petaquilla that someone leaked. Point is that Inmet is at loggerheads in Panama and urgently needs to develop its copper mine.
Hostile bid did not materialize
October 24, 2012
In September, Inmet Mining, based in Canada and owner of Minera Panama, was released with a hostile bid to take 100% of the shares
EDITORIAL / PANAMA AMERICA
In September, Inmet Mining, based in Canada and owner of Minera Panama, was released with a hostile bid to take 100% of the shares of the gold mine of Petaquilla Gold, which has so far projected reserves until 2025.
But then it became known in the land dispute and that the original design of Minera Panama could be affected, the offer was never to materialize. 30% of these shares are held by Panamanian investors.
Inmet had offered 48 cents for each of the 221 million shares held by its subsidiary Petaquilla Minerals in Panama, Petaquilla Gold. That is, $ 114 million for the entire operation of Petaquilla Gold, which compares with the value of gold produced by the mine in a year.
The surprise bid sent shares of Petaquilla Gold go up on the Toronto Stock Exchange 6.8% between Thursday and Friday, and escalations of 38 cents to 62 cents (since offer was made), well above the proposed price for sector related Inmet. Sources argue that buying interest on Petaquilla Gold is that this company has the eligibility of several areas in the district of Donoso, Inmet now needs to develop its copper mine, through its local subsidiary Minera Panama.
Somewhat confusing article?
This article this morning comes with a picture of Inmet's dirty operation in Spain identifying it as Petaquilla in Panama. Also, there is a call for International Arbitration (?) which has noting to do with the ruling handed down by the government Friday. Arbitration would be in Panama under Ley Petaquilla No. 9 rules. I think it is just poor journalism. In any case this is the lead story in Panama America this morning. The important point is that it is more bad publicity for Inmet in Panama.
Mining companies must go to international arbitration
October 24, 2012.
Doralis Montenegro (doralis.montenegro @ epasa.com) / PANAMA AMERICA
Minera Petaquilla Panama SA and will have to go to international arbitration to resolve a land dispute requested by one of the companies involved in mining in Panama.
On April 27, 2010, Minera Panama, a subsidiary of Inmet Mining, asked the Department of Cadastre and Real Heritage of the Ministry of Economy and Finance (MEF), the leasing of a polygon of 7.453 hectares 5554.62 mt ², for copper development project.
The lands are located in the district of North Cocle, Donoso District in the province of Colon, and adjacent to the mining concession that was granted to the company by Law 9 of February 26, 1997.
At this Petaquilla Gold, which develops while mining in the area, filed an opposition to the lease requested by Minera Panama, for in the contract you have franchises are rights in the mineral deposits of gold, copper and other minerals located in the area known as Cerro Petaquilla.
In the midst of the process, Petaquilla Gold filed with the National Authority of Land Management (ANATI) an opposition to the request for lease Minera Panama, and she kept saying that eligibility field.
Although Minera Panama SA filed document modification requested areas and levels, and underwent rigorous links requested by the authorities, still show a situation of overlap between the lands under lease orders and concession areas requested in Petaquilla Minerals.
On October 18, pleaded no ANATI jurisdiction over the administrative dispute between Minera Petaquilla Panama and the land of over 453 hectares 7000.
The institution referred to both mining companies to resolve their differences in the mechanism of arbitration provided for in the agreement for the project Molejón.
This provides that any dispute arising in relation to the agreement shall be Molejón resolved by arbitration under the Rules of Procedure of the International Commercial Arbitration Centre of British Columbia.
"We urge the parties to appear before the tribunal (Court of Arbitration) established by them for disputes related to the interpretation of the contract contained in Act 9 of 1997," notes the decision of the ANATI.
Minera Panama also sent requests to the Department of Mineral Resources of the Ministry of Trade and Industry (MTI). But the National Mineral Resources flatly rejected the application of a field of 11,145 hectares for the location of the tailings basins.
According to the order issued by the National Directorate of Mineral Resources, these areas had already been requested by the company Petaquilla Minerals SA, in 2003, while Inmet had requested in 2008.
A company source said that these Minera Panama tailings dams were planned in that location since 1998 when it was presented to the authorities the feasibility study of the project.
According to the source, so far no company has received a concession area and there is only one grant application by another company.
I give no advice and make no predictions.
I have purchased the stock at regular interval for over four years. I once sold a little for tax purposes but then of course bought it back. I have always doubled my purchases every month if the stock was down and made very large purchases when it traded below $0.33.
I have enough that I expect to do very well for my family now or not the too distant future. I buy on specific DD, personal knowledge, and fundamentals, having a very long investment horizon.
I support management and generally have been very happy as an investor. At this point I would not consider selling anything for less than $7.50/share. I expect that number to go up in a couple of years.
Having said all that...I have no idea if $0.50-$0.60 is a good investment point for you. It all depends on risk assumption/tolerance and investment goals ameliorated by time. If you do not sleep well, then don't buy. If you do and have the money and the time, then that may be another decision. There is a famous but true French saying that goes something like..."Those who take no risk, never drink champagne!" If you are going to be a 'basket case' like Jal if it goes down for a year, then maybe this is not the right investment. It is a personal choice.
Good Luck.
You are correct there are now just three options.
However, Inmet is on a very short leash with regard to time. It is not just the tailings ponds, but the entire project. Electrical grid, power plant land, port land, slurry system, road systems, infrastructure requirements, all need acquiescence from Petaquilla. Inmet is already five years behind schedule. There is still more bad news for them in the pipeline.
Petquilla's fundamentals are ready to jump to the next plateau within thirty days. Rate of production, PP bond issue, PDI, New N.I. 43-101's (3). The clock on Inmet's loans is running, as is the time line for closure of their other properties; plus they have specific obligations for progress. They need a bunch of new permits and an EIS revision. Petaquilla is not their only problem.
The government with the newly formed Dept. of Recursos Minerales has just given them a TKO, and ordered them to either negotiate a "friendly" agreement or go to arbitration under Ley Petaquilla No.9. If you are at all familiar with that process you would immediately recognize that they are committing suicide by going there. Petaquilla is not going to sell the company to them. They are not going to be successful with this HT. If they try another HT the Panamanian Government will clobber them. So in actuality they have only two choices, both of which were spelled out very precisely in the ruling, (1) "Friendly" agreement, (2) Arbitration.
IMO, therefore, while technically they have the three options, there is only one viable one that can save their project. They must negotiate a "friendly" agreement for those rights and assets that they require. Petaquilla will also demand some sort of inviolable guarantees of participation in benefits made available by Cobre Panama. (i.e. electricity, free access to exploration data, no interference in mining gold deposits, use of roads, sale of aggregate, transparent opportunity to bid on all contracts.) There are some other things also, but you get the idea.
Behind the scenes and the curtain, they have been fighting over these issues for nearly three years in court. Now definitively, Inmet has lost and cannot appeal. Between the lines the government is warning them that they must come to terms. If they do not take heed, out of ignorance or arrogance, it makes no difference. We go back to Mandarin and Inmet goes back to Canada. IMO, they cannot be that stupid and this matter will be settled before Christmas. IMO they have little choice left. Remember Martinelli is on record stating that he "personally" has no financial interest in Petaquilla Minerals, Ltd.. If you speak Panamanian that tells you all that you need to know! PETAQUILLA ES PANAMA!
As news gets promulgated watch volume.
Inmet cannot keep information from the market any longer. If Tilk publicly states they do not need land to develop Cobre Panama he will most probably be arrested the second he sets foot in Panama. Criminal offense down here. Perhaps he can work a deal to serve time along with the last CEO of Inmet in Spain. I have no idea where the share price will go, but there is no question that the news about Inmet's problem has reached a critical stage. Next foot to fall will be from ANAM for not getting approvals and modifying the EIS, or from the government for violating the prohibition to do any work on the land at the port site, that is tied up in litigation and criminal court. Inmet has been warned once in both areas.
With so much good news this month...
Inmet may soar to $60.00 and Petaquilla fall to $0.35!!! Gabbs may get one more 'buying opportunity' after all!! So let not your hearts be troubled. Our fine management team and BOD will take good care of us. Can't wait to see those production numbers for Q3 when the expansion is going full blast. We may even get a little bump up in Q2 as the various components are put into use. A new video showing all four ball mills turning would be appropriate along with the two huge new leach pads commissioned in November. IMO the HT will just be a faded idea with lots of storm and fury, but signifying absolutely nothing. (Seems like someone else said something like that at one time or another??) Not For Sale still stands and now ANATI has made it 'official'.
Inmet really needs to get this behind them.
In its ruling, ANATI directed MPSA to negotiate with Petaquilla for a friendly agreement for access to such lands, failing which MPSA's sole alternative would be to pursue a resolution through private arbitration with Petaquilla, as provided for in the Petaquilla Law 9.
You do not want to go to arbitration in Panama as a "perceived foreign" company against Panama's largest exporter and the home team. Foreigners lose 100% of the time in this situation. The public will demand no less. It could drag out forever, and the politicians could never let Inmet win. This must be settled soon.
OK, I understand that you just don't understand.
I have been there.
I have seen the pile of capitalized gold ore audited and approved by Ernst&Young. That is definitive proof of heap leaching success. I have seen the video of the heap leach pads. I have seen the yield results in Penonome. I understand and have been educated in the process. I have seen with my own eyes heap leach pads in Arizona, Peru, and Indonesia. I have seen with my own eyes the heap leach pads we have completed and the one we are finishing. I understand fully the extended cycle to precipitate extra silver. Some one has to counter the emotional rants you post with no knowledge or understanding, otherwise, someone innocent might think you know or understand what is happening, and make a bad investment decision
I do not know what, "STFU." means, but I assume it does not represent one of your advanced degrees in mine engineering or geology. It sounds like it might be an acronym for some sort of pejorative declaration. Sorry, your circle of friends and associates is a long way from mine, so you will have to communicate with words. English, Spanish, French, or German, S'il vous plait!
Perhaps you should just sell your 3,000 or 4,000 shares and find a happier place emotionally, or perhaps get some professional help.
P.S. Page #6 referenced in the previous post is part of an audited statement with an unqualified opinion as to its truthfulness and accuracy. Ernst&Young is about as good as they come, so I accept their opinion and reputation.
Page 6, MD&A filed October 15th 2012.
Heap leaching will contribute 1,500oz./mo. starting December 2012.
You have to read the reports to understand what is happening and the length of the cycles. You can't really be that clueless so you must be shorting the stock again. You are on the wrong side of history.
"I'm still waiting on her to call me back about the HL. I also noticed there was no more about the HL in this latest MD&A either. LOL They damn well better sell the company...they're gonna be hurting without an operational HL."
Please spare us all and read the report before you comment.
The 300 oz. was from the 40,000 ton experimental pad. We have now completed and loaded a 300,000 ton pad and are constructing a 400,000 ton pad that will be loaded in a few months. Ernst&Young would not have let us capitalize the ore stockpiled without the test on the 40,000 ton pad proving yields. In fact they were reported to exceed expectations!! Man you got to get a life....
VERY DETAILED EXPLANATION ON WEB SITE!
Looks like PP is moving right along. Excellent job shooting down the Inmet offer especially explaining all of the conditions.
CHECK IT OUT.
I'm not a predictor of share prices!
The market is irrational, but that is not news. My suggestion is just to stop watching the ticker. We should probably stop reporting news since it just seems to hurt the SP. Remember you are an intelligent investor, it is just a stupid market!!
Posts # 17825 & 17826 October 22,2012, 12:00m AM
That was about eight hours ago and is big news for PTQ/Inmet.You can see how long it takes for a ruling, from 27 April 2012 until 19 October 2012!! Inmet will be tied up in courts even if they should ultimately prevail, which is very doubtful, for years and years and years. Therefore no mine!!!! They must either succeed in their Hostile Takeover, or pay very large amounts of money to Petaquilla. Cost for resolution just went up another 50 million or so on Friday, IMO. IT IS UNDERSTOOD BY MY ATTORNEY THAT THIS CANNOT BE APPEALED JUST LIKE THE SAN JUAN RULING.
laestrella.com.pa/online/impreso/2012/10/22/anati-niega-area-a-minera-panama.asp
2012-10-22 — 12:00:00 AM — PANAMÁ. El viernes pasado, la Autoridad Nacional de Administración de Tierras (ANATI) emitió la resolución N° 026 en la que no reconoce valor ni efecto jurídico a los escritos presentados por Minera Panamá, S. A. (MPSA) de Inmet Mining Corporation (Inmet) para notificar sobre su ejercicio de derechos de servidumbre.
Estos derechos le permitirían a la minera usar, instalar y construir obras o carreteras en áreas de propiedad del Estado.
El 27 de abril de 2010, Mónica Ríos Urriola, apoderada especial de Minera Panamá, S. A. presentó una solicitud de arrendamiento de un polígono de 7,543 hectáreas ubicadas en el corregimiento de Coclé del Norte, en el distrito de Donoso, provincia de Colón. Este terreno era de suma importancia para la minera debido a que colinda con la concesión del proyecto Cobre Panamá.
En su solicitud, MPSA indicó que el arrendamiento de los terrenos para disponer del uso garantizado del área no implicaba la ejecución de operaciones allí. Además, hizo hincapié en que eso dependería de la aprobación del Estudio de Impacto Ambiental y demás permisos requeridos por el Ministerio de Comercio e Industrias (MICI).
No obstante, la ANATI señaló que para que estas construcciones se realicen, deberán cumplirse los trámites de rigor. Instó a las partes a concurrir ante el Juez Natural (Tribunal de Arbitraje) establecido por PTQ e Inmet para dirimir controversias relacionadas con la interpretación del contrato contenido en la Ley N°9 de 1997, conocida como ‘Ley Petaquilla’.
Además, la ANATI señaló que en el documento de MPSA presentado a la Dirección de Recursos Minerales (DRM) no está claro para qué MPSA solicitó el arrendamiento de los terrenos o qué destino final tendrán las áreas dentro de su proyecto de cobre.
Según la resolución de la ANATI, Minera Panamá, S. A. no cumple con el requisito de necesidad establecido en la cláusula tercera de la Ley Petaquilla. Añade que es una contradicción jurídica que la minera solicite un área en arrendamiento con fundamento en dicha ley y que al mismo tiempo, con ese fundamento, comunique que está ejerciendo derechos de servidumbre en esas áreas comprendidas fuera y dentro de la concesión.
Los problemas territoriales de MPSA parecen de nunca acabar. Mediante la resolución 2012-509, el 25 de septiembre de este año la DRM desestimó el pedido de Inmet y de San Juan en Donoso y favoreció a Petaquilla Minerals Ltd.
LOL!!! That is what I said!
it's for certain that whoever is doing these shareholders calls is in the loop about any possible sale anyway.
For Sale or not is a good question.
Go back in your box little fellow, and don't swear at me. You won't get your goodie Milk Bone with dinner!! LOL!!!! AMAZING!! By the way. there is some news out today.....
Last word in simple terms.
As Peta le dijo...Inmet is screwed!!!!
No more project!!! Fines for unauthorized work!!!
Evidence posted on photo gallery!! Idiots!!!
ANAM is ready to kill and eat them in public!!
Seriously,
At midnight last night another big ruling in Petaquilla's favor was issued. This shuts off Inmet's MIPSA from access or easement for the road, electrical grid, slurry system, etc., over the 22 KLM. of lands controled by our company. The cannot build their project without access to the coast. (See the map in the Director's Circular.) They must either steal the company through this Hostile Takeover, or come to terms with us. We will know the answer before Thanksgiving.
Ya, voy a dormir...fue una noche lleno de noticias!
Saludos,
So you can keep track of the players.
National Authority of Land Management (ANATI)
VISION:
Being recognized by the general public, as the government entity model effectiveness and transparency with national and international prestige.
MISSION:
To direct, regulate and ensure compliance and implementation of the national land policy, respecting the rights of ownership and possession in good faith, by regularizing the national cadastre achieving modernization of management and ground services ensuring the legal certainty and improving the quality of life of the holders in the urban and rural Panama.
http://www.pronatpanama.org.pa
phones
315-9600
315-9500
Physical Address
Edit Albrook. 868, Ancon
Panama City
Panama Province
Panama, Republic of Panama
NOW INMET HAS BEEN BITTEN IN THE BUTT BY MICI, ANAM, DEPT. RECURSOS Y MINERALES, ANATI. GUESS AN MEF AUDIT WILL BE NEXT. YOU WOULD THINK THEY WOULD GET THE IDEA TO COME TO TERMS WITH PTQ AND NOT CONTINUE TO KICK THIS LITTLE HORNET'S NEST! JON TILK SHOULD BE SENDING OUT RESUMES!!! PETAQUILLA ES PANAMA!
So as we have been telling you...
the other foot falls!! All those nice pictures that Mr. Tilk put up on the MIPSA web site will certainly be scrutinized by the authorities for unauthorized work. It was nice of him however to show the work of PDI in building the bypass road. Too bad he did not show credits since PDI would have received more accolades for the work they were doing for MIPSA under the by-pass contract. What a friggin' carnival!! Yeah it would be nice to go to the Arbitration Court where the Arbitrator is a colleague of Richard and a member of CD. Gotta luv Inment...they just keep on giving and going deeper into the quicksand!
Good work Anski100! You beat me to it!!
ANATI denies Minera Panama area
OLIVARES MARIA FE
molivares@laestrella.com.pa
Following in the footsteps of the resolution on the San Juan, another order dismissing the mining lands in Donoso
DONOSO. Futura Cobre Panama mine Minera Panama, SA Photo courtesy | Minera Panama
22.10.2012 - 12:00:00 AM - PANAMA. Last Friday, the National Authority of Land Management (ANATI) issued Resolution No. 026 which recognizes no legal force or effect to the briefs filed by Minera Panama, S. A. (MPSA) of Inmet Mining Corporation (Inmet) to report on the exercise of rights of way.
These rights would allow the mining use, install and works or roads in areas owned by the state.
On April 27, 2010, Monica Rios Urriola, special agent for Minera Panama, S. A. filed an application for lease of a polygon of 7.543 hectares located in the village of Cocle del Norte, in the district of Donoso, Colon province. This land was critical for mining because it abuts the Cobre Panama project grant.
In your request, MPSA said the lease of the land to provide the guaranteed use of the area not involved in the execution of operations there. In addition, he stressed that this would depend on the approval of the EIA and other permits required by the Ministry of Trade and Industry (MTI).
However, ANATI said that these constructions are made, they must meet the rigorous procedures. It urged the parties to appear before the Judge Natural (Court of Arbitration) PTQ and Inmet established to settle disputes concerning the interpretation of the contract contained in Law No. 9 of 1997, known as Law Petaquilla '.
In addition, the ANATI noted that the document submitted to MPSA Mineral Resources Management (DRM) is not clear to what MPSA requested the lease of land or what fate will have areas within their copper project.
The order for the ANATI, Minera Panama, S. A. not meet the requirement of necessity under the third clause of the Act Petaquilla. Add a contradiction legal request a mining lease area on the basis of the law and at the same time, on that basis, that is putting communicate easements in these areas fall outside and within the concession.
MPSA territorial problems seem never ending. By Resolution 2012-509, on 25 September this year the DRM dismissed the request for Inmet and San Juan Donoso and favored in Petaquilla Minerals Ltd.
That makes little sense, but whatever...
I'd be surprised if anyone you talk to at the company has the knowledge that the company would be up for sale even if it were, unless it was an officer and then they probably wouldn't say.
Why would the company have someone call investors to discuss the company and not prepare them to answer the first and foremost question? That is probably the one thing that they can truthfully state without discussing 'propitiatory' information that would be unethical and probably illegal. In addition, why in the world would you discuss strategy and tactic with a parrot that will immediately post the conversation on a board? Actually, the purpose of such calls is to ensure that the stockholder understands what is transpiring and has received/read the Director's Circular. Specific question related directly to the language in the Offer and the Circular could be discussed depending on their nature. Naturally all conversations are recorded to protect the company.
It would probably not be out of line to simply ask if the company is for sale without getting into specifics. That simple yes or no would put us on the correct side of the start of the decision tree and would be helpful. They may also use the conversation to get a feel about how the stockholder might vote, although I do not believe they would ask directly. I really see no necessity to sell the company and believe Richard and the BOD see it as a work only partially completed. I expect them to see it through until it reaches its potential and stabilizes. They certainly do not need the money and have no reason to just walk away, even with fuller pockets.
Here is a good question for you...suppose they have 40% of the shares tendered. What happens to those shares? Who will vote them at the AGM? If they let the matter expire, are those who tendered their shares paid the $0.48 or the shares of Inmet?
Back to the world again.
Sorry to see so many so anxious to sell. Jal raised his hope from $1.10 last year to $3.69. Everybody seems to want to dump and run from $1.00 to $2.00 to around $3.00 or so. This must encourage Inmet to see such short vision. I still believe the "For Sale"sign has not been put in the window in Panama City, Penonome, or La Pintada. I still feel there will be some other accommodation that will allow Inmet to use the land they need. It will not come cheap and will offset a lot of the money we are seeking to borrow with the bonds, since it will all be used to further the same purposes. (So all of you looking for a big check to come your way may be disappointed. Also, as Loji points out very accurately, Inmet has so many caveats in their offer, where they are the sole "decider", that if the company is sold you will not see a dime for years, and then much less than you believe based on any selling price. That offer has more twisted corners than a Halloween corn maze!) I think it will just be steady progress as usual.
The documentation on who owns what gold is very specific and very clear. It is all in the public record. Gold that is thinly scattered throughout large quantities of copper ore will of course come out as a by-product in the Inmet processing. They are expecting something like 80,000oz. per year. The gold "deposits" like Molejon, Botija Abajo, Brazo, Lata, and several others are known belong to Petaquilla. Neither side is contesting that and to date 100% of all the gold in PTQ's N.I. 43-101's are from Inmet's concession. Petaquilla has yet to file a single N.I. 43-101 on any Petaquilla concession and all of the gold mined to date, has come from Inmet's concessions. That is crystal clear to all parties involved. No one is questioning it, although Inmet may be sitting on some drilling results. As the Joao said in the interview LOM is not a consideration. There are millions of ounces on PTQ's concessions and also on Inmet's that PTQ owns.
It is a horse and cart issue only since there is cap/ex involved in firming up the reserves. Right now, Pamailla, ODN, and LP are on the front burner.
Right now we have more gold ready to process, hence the expansion. Where you spend you cap/ex/exploration money is dictated by your strategic plan. If you are building cars you don't need to build more engines that bodies. This should be very easy to understand. While all the world is focused on access and tailings ponds, don't think for a moment that both sides are not fully aware that there is more than a billion dollars in gold also in play. According to the UN studies there is still a lot of exploration that needs to be done above even that level.
It would benefit both companies if this can be worked out. If not, I am pretty confident that Petaquilla will hold the line and if Inmet wants a war, they will get one. Keep studying your Mandarin and never forget that the Chinese are standing right outside the door. Six Billion Dollars for them is exactly 1.2% of the money their government has set aside to purchase copper, gold, silver, zinc, molybdenum, and other metal resource world wide over the next five years. They would be more than willing to step into any vacuum and would, I believe, act to preserve little Petaquilla as a local brand and a very useful vehicle if you understand how these things can be worked.
I have not received, and anticipate no call from anyone. If any of you do talk to them Monday, you might ask the simple question, "Do you anticipate selling the company?" Or more simply, "Is the company on the market For Sale?" The answer may surprise and comfort you...or maybe not...LOL.
Saludos,
Love it! Love it! Love it!
The first sentence says it all!!! It is Canadian (foreigners) against Panamanians (Our local company). As long as the fight is characterized like this in the Latin Press, Inmet has no chance! Even the Indians will be in our favor. Nationalism is huge issue in Panama, after being dominated for 100years by the USA and invaded again in 1989.
Panamá, 17 oct (PL) Una guerra bursátil de la canadiense Inmet Mining Corporation contra la panameña Petaquilla Gold por el control de concesiones mineras en Colón, subió de tono hoy por insistencia del ejecutivo norteño Jochen Tilk de comprarla.
Never mind that they are both Canadian companies...that is not how things are viewed here. PETAQUILLA ES PANAMA!!!
Inmet does not need our land until...
about 2015. They are not planning to start-up their operation until 2016. So, when talking about the waste rock area and the tailings ponds, there construction is a long, long way down the time line.
The need for the road, grid, slurry line, etc. is not addressed by either party at this time. So, walking the tight rope, Inmet says they do not need PTQ land,(at this time), to move forward full speed. They tout the contracts awarded and the work underway on their concession to make the point.
HOWEVER, they definitely do need it down the road in time to build the necessary ponds and other infrastructure. This is what they were talking about in the Morgan & Morgan filings.
Petaquilla is at its weakest point now. Once they get more funding and the expansion is completed they become much stonger. That is what prompted the adjusted EBITDA line in the PR. A year or two from now when the matter becomes critical for Inmet, Petaquilla will be much stronger and much more valuable. So, they decided to try to strike now hoping they could pull off the HT. They will continue until they see that this will not work.
Eventually they will not downsize, but rather pay what is necessary.
The question is can we hold them off until then. Time is on our side.
Now...where is the wraskily wrabbit....
It would be nice, but not expected...
if the interviewer asked Mr. Tilk about the sworn statements to the Panamanian Government that the land of PTQ was absolutely critical and that without it Inmet could not comply with Ley Petaquilla No.9 and develop Cobre Panama. The specific official translation is in the Director's Circular so you know the interviewer will be aware of it. You can read it for yourself. Morgan & Morgan printed it in bold in the court filing that was authorized and reviewed by MIPSA legal team!
Unfortunately, this interview takes place in Canada and the United States where a perjurer will be allowed to speak with impunity. If Mr. Tilk makes such contradictory comments in Panama he will find himself behind bars with a criminal indictment. Can't have it both ways. They may take a shot at arresting him anyway since the company has issued PR's contradicting their sworn testimony. I think there is a brief on someone's desk right now with a criminal complaint against MIPSA executives. This could get very interesting very quickly. Trying to run rough shod over the courts in Panama can be very revealing to a foreign company.
In spite of the best efforts to slam our company we held up well today at a high volume. I'm going to take off for a few days to shoot some sausage material. Maybe there will be news by the time I return.
Saludos
As I read this PR...
"Adjusted EBITDA reflects increased revenues relating to the termination of Petaquilla's existing prepaid forward minerals agreements, which have required the Company to deliver a specified amount of gold and silver ounces each month below then-prevailing spot prices."
This implies to me that we are recognizing savings from termination of the mineral agreements. We have no announcement of the PP closing, but this definitely says the agreements have been terminated and affected Q1 FY 2013 results. Perhaps I am reading this wrong, but that is the way it looks to me.
You are right Lojiko.
In addition, Inmet is very close to a catastrophe in Las Cruces in Spain. Three of their executives have been found guilty of willfully polluting the aquifer and they could face millions of dollars in penalties and be shut down immediately.
There is a lot more gold on Inmet's Panama concession that belongs to PTQ and they are sitting on drilling results. PTQ will take them to court to get the data. Lata is one big one that I know exists and there are five or six very probable targets with very good chip samples all on Inmet's concession. Again, all of this gold we produce is not from Petaquilla concessions; we have yet to mine one ounce of gold from one of our concessions!That has got to irk Inmet to no end. Six year LOM just from gold on their concessions!
There are at least three more NI 43-101's coming in the next six months, Pamillia, Oro del Norte, and another I can't recall off hand. All the data is in the hands of Behre Dolbear and they will be filed before the end of this fiscal year. There are several good targets beyond those already known on PTQ concessions. LOM is not an issue, we have lots of gold.
With the expansion kicking in, next month we will be producing at a rate of 24,000-25,000oz. AuEq. per quarter. With no more DB facilities, that will drop another five million dollars to the bottom line this fiscal year. UBS met with all of our large shareholders, including the institutional ones, and reviewed our expected FCF and progress. The Director's Circular has some very interesting tidbits about all the e-mails and meetings in the last four weeks with Inmet. All of this flies right in the face of what Inmet is saying publicly today.
I am sure that the Chinese are one of the other interested groups we are talking seriously with; we might form another bigger company with them that would rival Inmet in Panama. This would really put Inmet at a disadvantage as the Chinese have more money available than anyone, ($500 Billion!), and want a piece of the pie. I remember about eighteen months ago I saw all of the MIPSA blue prints on the walls of the print room in Penonome. I suspect China could move right in on Inmet and make some sort of deal that would preserve us quite nicely. The Chinese fully appreciate the value of the local brand.
As I have said here before, Petaquilla is not Inmet's biggest problem by any means. They are on much thinner ice that you would believe all over the world. That is why they are down almost 50% this last year or so. There is a lot of movement behind the curtain and things change one day to another. So far, we seem to be in a pretty enviable position. In the meantime the huge news we are waiting for is the bond sale. That will really put us on the right track and move things along much faster.
Saludos,
Mr. Tilk needs to read MIPSA's sworn statements.
On February 3, 2010 applied to the Panamanian National Directorate to obtain the rights to Rio San Juan, La Experanza, and Rio Belencillo concessions in lieu of Petaquilla's rights to the same. In other words, take it away from PTQ and give it to Inmet. As part of their sworn affidavit filing Inmet testified in writing:
...the requested areas are critical areas for the development of the [Cobre Panama] project...(Emphasis is in the original document in the court files!)
...MINERA PANAMA, S.A., would not be able to duly comply with and execute the purpose and goals of Contract Law No. 9 of February 26, 1997, if the National directorate of Mineral Resources grants concessions on areas that are fundamental to the operation of [Cobre Panama] Project... (Emphasis in original court document on file.)
These sworn court documents submitted by the Law Firm Morgan & Morgan on behalf of MIPSA directly contradict the statement made and press releases from Inmet saying that the concessions are not needed and of no importance!
This may not make it to the big international media, but it will not be overlooked by Petaquilla or the Panamanian Government. Actually it could be used to throw Inmet out of the country since they lost in court, the ruling cannot be appealed, and the have sworn they cannot follow the law and do the job without Petaquilla's concession. So there you have it from their own Morgan & Morgan filing. All the posturing and arrogant press releases aside, this is not going away.
Mr. Tilk is worried about our mine life!!
Gee that is nice that he is looking out for our stockholders. By the way, I wonder why he fired his Managing Director if there are no problems in Panama?
Just the facts:
We have only explored about 15% of our land. So far all, 100%, of the gold we have mined has come from Inmet's concessions where we own the gold. We have not yet mined one ounce of our own concession's gold.
Again, we still have 85% of our land to explore around the Prophery. This limited mine life claim by Inmet is bogus! As we file NI 43-101s we will move the Inferred, Measured and Indicated, over to Proven and Probable. Check the I-Box. In addition there are more gold deposits on Inmet's own concessions that we own and that they will have to disclose.
Sooooo...Mr. Tilk, if you are truly concerned about our welfare how about letting us in on the additional deposits on your land, that we own, and that you are sitting on, not telling us about. Lawsuit is on the way to be filed, and discovery should be interesting.
Also, there is an excellent market for our aggregate in the area thanks to government direct contracts, and Inmet does not have the permits for the quarries. No worries...caravan just keeps moving along.