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Group of workers demanding payment twelve fortnights
Thursday April 9, 2015 - 12:00 a.m.
About 600 workers of the Petaquilla mining claim payment twelve fortnights, thirteenth month and bonds.
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Jose Villareal
jvillareal@laestrella.com.pa
About 600 workers of the Petaquilla mining claim payment twelve fortnights, thirteenth month and bonds.
On Tuesday, workers resumed the protests and advanced that if they do not receive the money owed held demonstrations in the capital during the days of the Summit.
'We are desperate; we have no answers payments since October 2014 and the debts are increasing, "said Dimas Quirós, spokesman affected.
Marlene Arrocha said requesting the closure of the return, that the debt is paid and when settlements are made.
Currently, the miners are getting a government bond. On February 24 were given $ 100, as agreed, plus $ 50 to help start of the 2015 school year.
This March 19 miners employees received the second of the four bonds, consisting of $ 100.
In a statement the Ministry of Labor and Workforce Development (Mitradel) reported that the third payment will be made in the next fortnight.
Petaquilla Minerals, SA, through a statement issued in Vancouver, Canada, on February 21 announced that Petaquilla Gold gave the administration of the concession located in Donoso, province of Colon, Sandstone Properties, SA
Jorge Obon, Petaquilla Gold spokesman said it had successfully established the structure of recapitalization by $ 25 million through a trust.
Redflame, your guess is as good as anyone's in regards to the 5 mil outstanding. But another 5, 10, or 15 it doesn't matter because the current BOD will make it vanish. As for the updated financials, that's another farce. They are not releasing them because then their foul ups will be made public. Numbers don't lie, but these guys do ! Let's be honest with each other, this company is a joke and it is you and I, along with every other shareholder that has egg on their face.
So we have apparently secured the money but now our biggest hurdle is possibly losing the concession. Fuck me this is a mess. I guess they will just grease some palms and all will be good.......eventually.
Here is a simple plan.....PTQ pays their debts and everyone is happy....get rid of Dick and the rest of the BOD......then the concession can be given back to them. How hard is that plan to follow ??????? I thought these people were supposed to be smart
NEWS.....well....not official.....
The company Econoconcretos has withdrawn a $5 million claim in filed against Petaquilla Gold, which operates a mine in Donoso, Colón, for an unpaid debt of $5 million.
+ info
Spanish version
The claim had prompted the First Civil Court of Coclé to declare the company bankrupt and designated Dimas Espinoza to act as administrator to cancel the company's debts.
But in the midst of the judicial process, Irielka Villarreal, owner of Econoconcretos, withdrew from the process.
This will allow Petaquilla to receive a $25 million loan from the investment firm Sandstone Properties to allow the company to resume work at the mine. This money will be used to cancel debts that Petaquilla owes to its workers and the government, which equals another $7 million.
The payment of that debt is one of the keys to Petaquilla retaining its concession. Econoconcretos apparently believes that this will be a more profitable route than trying to recover its funds from the bankruptcy proceedings.
Sandstone Properties is a partnership between Petaquilla Minerals, owner of Petaquilla Gold, and Baseline Financial Group Investment Fund.
Jorge Obón, a spokesman for Petaquilla, indicated that the funds have been available since February, but they will not be disbursed until the company is assured that it will not lose its concession, a decision that must be made by the Ministry of Trade and Industry.
Can someone explain to me how a company allegedly secures 25 million dollars just over two months ago and then they fall off the face of the earth.
Even when they get fresh funds they continue to do sweet duck all.
Nothing in the papers nor anywhere else in regards to updates.
Has anyone checked the obituaries for Dick ?
Snirre.....are you just assuming what you have stated ? For if what you claim is fact, no one else knows about it.
eOM7.....this board is dead just like the company and our money. Let's review some facts shall we.....we are off the TSX.....we obtained 25 mil but no one has any idea where that money went. I am actually waiting for another PR which will tell us that those funds never existed........have the workers been paid as of yet ?.........what happened to commencing production on Feb 1 as stated in the PR........there have been no updates from the media outlets such as la Estrella about ongoing events involving PTQ...AND last but not least...........nothing has been posted on Sedar as it relates to the anticipated numbers that are so far behind it is ridiculous!!!!!!!
This company is a farce and all the management staff as well. It's an oxymoron to use the word management with these incompetent people.
I just hope that Dick sleeps with one eye open as karma is a bitch.
CARL...PTY....ANYTHING as of yet. So much for production starting back up Feb 1, 2015. Whats the word down there ??????
No more info in the papers as of yet, but I keep looking everyday.
Since they are off the TSX, does that mean that they don't have to provide the long overdue numbers to anyone????
We are officially delisted from the TSX. Great job PTQ you have accomplished another milestone. Well at least you are consistent at failing. Someone's head should be on a stick by now.
Kemy Loo Pinzón
kloo@laestrella.com.pa
The government delivered yesterday, Thursday 26 February, a total of $ 90.600 by way of a bonus to Petaquilla Gold 604 workers who are owed 10 fortnights of his salary.
Each of the 604 workers were given $ 150. According to the Secretary General of the Ministry of Labor and Workforce Development (Mitradel), Samuel Rivera Valencia, government, concerned about the situation of workers and their families, voluntarily promised to deliver on Thursday the first of four biweekly bonds $ 100 each worker.
He added that the first payment was added a bonus for $ 50 that will help parents to acquire part of their children's school supplies for the start of classes next March 2.
In the statement of Mitradel it clear that if the company pays back wages before the next three fortnights, immediately suspend the payment of the bonds outstanding by the State, which were conceived as 'social assistance', compared to the plight confronting these Panamanians for breach of the company.
According audits are $ 5.8 million which Petaquilla Gold owed wages.
Related Topics Ministry of Labour MITRADEL Petaquilla
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And the hits just keep on coming........UNREAL ! This company is run by a bunch of douche bags.
Feb 25, 2015 La Estrella
Canadian miner Petaquilla Gold Capital faces 14 orders of kidnapping, told La Estrella de Panama Eric De León, General Secretary of the Trade Union of Workers of the Mining Companies of Panama (Sitraeminp).
Against this, De Leon considers that it is virtually impossible for an investor to make an injection of money because there are commitments represent a high risk.
The thesis of union leader comes after Petaquilla Minerals LTD Sunday issued a press release in which it announced that Petaquilla Gold, its subsidiary, assign project management Molejón, where gold- located in Donoso, Province extracted Colón, Panama Sandstone Properties, SA granted a trust fund of $ 25 million for recapitalization structure.
While this is happening with the company, workers are seeking to secure payment arrears nine fortnights, totaling $ 5.58 million. Since October 2014, the kidnapped maintains Sitraeminp Petaquilla Gold and its subsidiary Panama infrastructure exists Development (PDI).
De Leon said that "practically the company is kidnapped, a portion of the property is in a reservoir and the other is in the area (mine) '.
He added that "this was done in order to ensure benefits for workers, because they are repetitive breaches of the company, and we knew it was going to come a time when you could not cope with the employment benefits'.
'We have all the assets of the company Petaquilla Gold hostages, including administration and project that is inventoried at $ 8 million, "said De Leon.
Workers have lost confidence in the mining company. The representative said Sitraeminp 'has lied to us repeatedly, both the authorities and the media, which hardly believe'.
The group of employees, through his spokesman, said also 'abducted by the company they feel they can not work elsewhere because they are registered in the form of the mine, preventing them from trading performance elsewhere work '.
According to the union, this worsens the economic situation of the employee. In fact, some have lost homes, cars, and even there have been arrests for child support.
To alleviate the economic problems of the 604 workers, the Government will award a social support.
Samuel Rivera, secretary general of the Ministry of Labor and Workforce Development (Mitradel), said that social support is a fortnightly payment of $ 100, for a period of two months, in addition to a school bond of $ 50.
'This is to help workers, and if the company were to pay overdue paychecks, government support is suspended' said Rivera.
The official said that the processes that lead to this mining company continue until the cancellation of outstanding employee benefits are achieved.
Does anyone have a logical reason why this management team has not produced the required documents ? Is it that they can not afford it ? What else could possibly be the reason? It's not like they have been busy in the last two years !
Thank you CARL.
I can not understand how shareholders have to surf the net and discover info via a FOREIGN newspaper. WTF is the company thinking.
Petaquilla Gold gives Panamanian business
Monday February 23, 2015 - 12:00 a.m.
Yesterday, Petaquilla Minerals, SA, through a statement issued in Vancouver, Canada, announced that the administration gave Petaquilla Gold
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Jose Villareal
jvillareal@laestrella.com.pa
Yesterday, Petaquilla Minerals, SA, through a statement issued in Vancouver, Canada, announced that the administration gave Petaquilla Gold award known as 'Molejón', located in Donoso, province of Colon, Sandstone Properties, SA
The statement comes after the order of sequestration of assets by the Ministry of Labor and Workforce Development (Mitradel) Petaquilla Gold. On economic insolvency, mining withheld royalty payments to the Panamanian State and contributions and employers contribution to the Social Security; also owed back wages by $ 5.8 million to 600 workers.
By the statement, Jorge Obon, a spokesman for Petaquilla Gold, said he successfully established the structure of recapitalization of up to $ 25 million through a trust.
Meanwhile, Sandstone Properties, Inc. He reported that in the next 30 days, the timing of reactivation of mining and care of existing employer-employee claims will be informed.
In addition, company employees receive a palliative by the National Government, after receiving no payments for 10 fortnights.
Samuel Rivera, general secretary of Mitradel said that social support 'is a fortnightly payment of $ 100, for a period of two months, in addition to one school bonus of $ 50'.
'This is to help workers, and if the company were to pay overdue paychecks, government support is suspended' said Rivera.
The official said that the processes that lead to this mining company continue until the cancellation of outstanding employee benefits are achieved.
Marlene Testa
Feb 24,2015
mtesta@laestrella.com.pa
After repeated breaches of the mining company Petaquilla Golds payment due nine fortnights, mutual agreements, we tenths third month and other employment benefits, the Government will award a solidarity bond to 604 project workers.
The Minister of Labor and Workforce Development (Mitradel), Luis Ernesto Carles, then pointed to a meeting with a group of workers that palliative consist of a fortnightly payment of $ 100, which will last for two months, and a bonus School $ 50.
Similarly, Carles said that once the company made effective labor liabilities owed, the subsidy is withdrawn.
It was agreed to deliver the first bond next February 26 at the premises of Mitradel.
The mining company owes $ 5.8 million to its workers from September to November 2014, according to estimates Mitradel.
Yesterday, Petaquilla announced that the administration gave the concession known as Molejón in Donoso, a Sandstone Properties, SA
PTY...I read both articles in La ESTRELLA but because of the translation Im still trying to figure it out. What exactly is going on ????
No....your balls were busted by the radical pumpers. Time to move on RBF.
RBF...If they do what you anticipate them too, then what happens to the shares from PTQ if it disappears. Do they roll over into the newly named company?
I wonder if Jal bailed out or he is just tired talking about nothing. This is like an episode of Seinfeld....A lot of nothing. .HA !
Now what is a great question. Let's see.....what did we do with the 25 mil ? Did we pay our debt off and start producing again as we were supposed to on Feb 1, 2015 ? Delisting is a definite on March 2 because that is the only PR we had read in recent times. There is NO information what so ever....ZERO ! When the ?uck are they going to file the proper paperwork.....what are they waiting for ? What is going on ?
So, in answer to that simple question......no one knows......it's a secret even though we are publically traded company.
The office is closed from what we hear in Panama.....they don't answer their phones, nor emails in Canada......the webpage has been out of date for years. We have done absolutely nothing for the last two years.
So RBF, it appears that it is only you and I here now. Have you read La Prensa lately. It appears that they are now going after Martinelli for all the back dooring he did while in office. You can only skate so far before you break through thin ice. Another crooked politician. Looks good on him.
PTQ received the funds to continue solely in Panama and production was supposed to commence in Feb. Well, WTF is going on ? Did they pay the workers? Have they straightened things out with the government ? Are they removing all the rust from their machines with WD 40 ? How is that 4th ball mill they bought years ago that was never used yet ?
Time is also ticking on the time frame that was given to them to gut everything back up to "snuff".
It's funny how nothing has changed even though posters made it sound like that DICK was removed in order to receive the 25 mil. If this was true, don't you think PTQ would have yelled it from the highest mountain to rebuild investor confidence?
Expect the worst....hope for the best.
Just substitute the names and the company and voila......
It's PTQ......look at the very last line RBF.....I think this is what you keep referring too.
RIO DE JANEIRO _ Embattled Brazilian oil giant Petrobras says the company's CEO Graca Foster and five executive directors have stepped down.
The corruption-wracked firm said in a one-line statement that the board will elect new executive members on Friday.
Petrobras has been mired for months in a corruption case involving several top company officials as well as the heads of many of Brazil's main construction companies. The scandal is widely seen as among the biggest in Brazilian history.
Speculation has been rife that Foster would be sacked, but her friend and ally Brazilian President Dilma Rousseff had been seen as defending her.
Wednesday's brief announcement comes a day after rumours of Foster's departure sent Petrobras shares soaring.
I have never been involved in a mess like this where it is delisted. Funny, other posters around here thought they would supply the necessary documents in time. Guess not. JFF, is this a done deal or can these retards give them the required documents prior to the March 2 ?
What are the ramifications from this ?
I realize that PTQ has to get their act together and start mining first, as well as satisfy all the other obligationS withiN the mining community.
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TORONTO, Feb. 2, 2015 /CNW/ - DELISTING REVIEW Petaquilla Minerals Ltd. (the "Company") – Further to TSX Bulletin 2014-1277 dated November 27, 2014, TSX has determined to delist the common shares (Symbol:PTQ.TO - News) of the Company at the close of market on March 2, 2015 for failure to meet the continued listing requirements of TSX.
About TMX Group (TSX:X)
TMX Group's key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Alpha, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, NGX, BOX Options Exchange, Shorcan, Shorcan Energy Brokers, Equicom and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montréal, Calgary and Vancouver), in key U.S. markets (New York, Houston, Boston and Chicago) as well as in London, Beijing and Sydney. For more information about TMX Group, visit our website at www.tmx.com. Follow TMX Group on Twitter at https://twitter.com/tmxgroup.
SOURCE Toronto Stock Exchange Reviews and Suspensions
We are being DELISTED March 2. GOODBYE
Can someone help me out because I just don't understand it.....we fail to comply with the requirements of the TSX by submitting the required documents(talk about overdue).....The TSX then gives us a drop dead date for which we have now passed. PTQ has still not submitted their numbers to SEDAR and we have heard nothing from the TSX.
What gives here....it's like no one gives a shit. I take it there are more back door shenanigans going on.
So the money is secured....but what about meeting the requirements of the TSX. Today is the last day. I would assume that either the TSX and or PTQ will put out a PR about how this is now being handled. I believe PROGAFA or DIGI alleged that it would now go into FEB ????? It would really be great if someone told us officially !
Marlene Testa
mtesta@laestrella.com.pa
between 2012 and 2013, Petaquilla Golds payment to the Panamanian State $3.1 million in royalties. In 2014, has only paid $16.300 .
The Ministry of Commerce and Industry (MITI) gave him an ultimatum to the Golds Petaquilla mining company. The institution granted a period of 180 days for the company to meet its obligations to the Panamanian State.
Among the irregularities on the part of the company, the ICIM mentions default in the payment of royalties, lack of maintenance to the works of the mining project, omission of the contributions and employer worker fees from the Social Security Fund, among others.
To this, the official spokesperson for the company, Jorge Isaac Obón, said to the EFE news agencies that will meet the obligations outstanding after the ultimatum given by the Government of Panama.
The company was exposed to a cessation of its operations as a result of economic insolvency. But, less than a week ago the mining announced that it had received a trust fund of $25 million. To this, Obón added that no later than next March will reach the production of gold that was before it was closed down in November of 2013.
Petaquilla must pay annually to the State a 2% of its production in royalties after having been granted a 30-year concession to exploit gold.
Related Topics Economy in Panama Petaquilla Mining
You and I, amongst others have been bitten and it's difficult to believe what they say going forward, but with him gone it's a breath of fresh air. However, back to the 25 mil and outstanding debt. What are your thoughts on how long it will take them to burn through it. Is it enough ???? What will it take dollar wise to put us back to at least even. Was there any money left over from the FQ purchase after we paid back DB ??? ? If it was this hard and took this long to secure funds, who else are we going to obtain it from when we are dry again ?
Impossible questions that you nor I can answer........but need to be answered going forward. Maybe a new management team will keep us in the loop this time instead of learning facts through La Prensa
Well, I will tell you, it will be very interesting to see where the company stands after the numbers are released. Let's be honest 25 mil isn't a lot. Give or take four million right off of the top for unpaid wages, let alone what other outstanding debts there are. How much money is it going to take to run the heap leach and get everything back on line, let alone all the money we now have to spend to get the mine up to snuff for all concerned parties. Yes, the price of gold is slowly going back up, but it is always unknown where it will land. Currently, fuel prices are dropping which also helps our bottom line. I am curious what their plans are in regards to Panama and Spain. I realize it is one step at a time, but a detailed plan would be nice once the dust settles and Dick is gone.
Welcome back VB...where is your dear friend? When this pops a bit will he be returning under a new name to support it?
I still can't understand why anyone would give them 25 mil based on past history. Turf out the old and start fresh with new blood and who doesn't want to rape the company for their own personal gain. If he stays, the same thing will occur......guaranteed.
Thanks for your efforts
Carl...you are bang on. It's as if they don't exist on the Web. They must be very well known !!!! Maybe it's coming out of someone's deep pockets ??? But probably it is what you have already said.....pure bullshit. Just like the used car dealers. That was a farce. If this to ends up to be bogus, the faint heart beat will be gone and a defibrillator won't even help this turd.
This should be the next PR......
PTQ is sad and yet happy about the removal of Dick Fifer from the BOD. He has been an asset to the company up until as of late, when he drove the company into the ground. We are optimistic that the shareholders will accept this decision without any problems and may or may not have a party to celebrate this long overdue news. On behalf of PTQ, we hope to restore faith in the company that was tarnished. Remember...don't be a DICK !
Hey PTQ...this is a friendly reminder that you will be delisted on Jan 26th, 2015 so you better get your ass in gear.
Including today you have T W E L V E Days to comply......come on DICK, do one thing right in your life.
Well, since no one answered my last question I am hoping someone knows the answer to this....can PTQ weasel any more extensions out of the TSX in regards to being delisted or is this it?
RBF...if you are going to answer, please just answer the question I put forth and don't ramble.
So would someone help me out......delisting will be happening very shortly (next two weeks give or take). Just so that I am clear, if we fail to file the required paper work, we are off of the TS, no ifs, an's or but's......correct ? What happens once a company is off of the TSX....can they apply again later when all of their ducks are in a row (if this were the case ?).
Other than not securing the funds they are looking for, what are the reason's they won't file the prescribed paper work...I DONT GET IT !!!!!!!
In reality, people need to focus on how we came to be in this set of circumstances. Seriously. Think to yourself, how did we become a profitable mining company with an SP of $1.30 at one point in time, to where we are today. It was a relatively short turn around as well.
It wasn't the protesters, or the mining laws , the Presidents lies or anything else Externally that we fought along the way (and won)........it was 100 percent internal !!!!!!! It was the mismanagement of the company, the lies, the stealing, the corruption or whatever else you would like to call it.
And where is the accountability ? I remember that retard MJK always said.....,well, you know, people in Panama can be held on charges for slamming the company when it's not true.......really ? MJK...I hope one day you and your friends get what's coming to you in spades.
If this company comes out of the ashes it will be a miracle...but first they have to get rid of DICK. It's not rocket science. To continue on with him at the helm is suicide. Still to this day I do not understand why this guy can not be turfed.
Just in case anyone forgot.......
DAILY NEWS Jan 8, 2015 5:19 PM - 0 comments
Petaquilla could lose Molejon mine
TEXT SIZE bigger text smaller text 2015-01-08
Vancouver-based Petaquilla Minerals (TSX: PTQ; OTCBB: PTQMF), operator of the Molejon open-pit gold mine in Panama, is facing scrutiny from Canadian and Panamanian regulators, leading to a possible cancellation of its mining concession. The Panamanian newspaper La Prensa along with other media outlets have recently reported that Panama’s commerce and industry ministry will revoke Petaquilla’s concession for the Molejon mine in Colon province’s Donoso district, because it failed to pay salaries and benefits to roughly 600 employees last year. Panama’s labor minister Luis Ernesto Carles claims Petaquilla currently owes 604 workers three months of pay and other entitlements totaling US$3.8 million, the local news agency ANPanama reports. The company didn’t immediately return emails and phone calls requesting comment. It has not put out a release to confirm or dismiss the media reports. Meanwhile, Panama’s Social Security Fund is reportedly investigating the firm for “irregularities involving employee benefits.” In a Jan. 6 article, La Prensa stated the Panamanian government is not approving any new mining concessions and will review concessions awarded in the past. If Petaquilla loses its concession, it will not be able to bid for it, according to the report. The financially troubled miner, which started commercial production at Molejon in 2010 before halting operations in late 2013, is also under pressure by Canadian regulators. The company missed the British Columbia Securities Commission’s deadline to file its financial report for the 13 months ended July 31, 2014. The initial deadline was on Oct. 29. But the company, which changed the end of its fiscal year from June to July, said it wouldn’t be able to meet that requirement and received a two-month extension until Dec.29. It also failed to meet that. This prompted the BCSC to issue a cease trade on Dec. 31. The temporary trading suspension on Petaquilla’s shares will stay in place until it files audited financial statements, related management’s discussion and analysis and required certifications for the 13 months ended July 31. In a Jan. 8 release, Petaquilla said it would submit the required fillings “as soon as practically possible.” The miner is currently in the late stages of creating a US$25 million trust with a private Panamanian group to fund its working capital. “This is what’s required for startup of the Molejon mine, which with its resources will consolidate the company,” Petaquilla said in the release. In addition, the junior is facing a delisting review by the Toronto Stock Exchange. The exchange initiated the review on Nov. 27, 2014, and has given the firm until Jan. 26, 2015, to meet all of its listing requirements. Petaquilla closed Dec. 30 at 2.5¢, with a market capitalization of $5.9 million.
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Oh what a surprise. ..There is a PR out about the 25 million trust. Too bad we already new about it days ago. They are really on the ball. .NOT !
So the question has to be asked....how can one do so much wrong and yet he is still in charge and still getting paid. The company is about to fold, and yet nothing. He will make a great politician.