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Are you reading the papers?
There are updates almost daily for those interested in actually knowing what is happening. It is all right there in front of you.
Zaira Rojas (zaira.rojas@epasa.com)
Obras 26/2/2014
Los detalles del proceso de mediación no se conocen por la confidencialidad del mismo, pero lo que sí es de conocimiento público es el descontento de los residentes de las zonas cercanas a los proyectos mineros, por la falta de empleo, lo que consideran una violación al compromiso de las empresas.
Minera Panamá no ha dado muestra de interés en el proceso de mediación que lleva a cabo la Dirección de Recursos Naturales del Ministerio de Comercio e Industrias (Mici), entre esta empresa y Petaquilla Gold, por las divergencias que mantienen.
De acuerdo con un documento oficial al que tuvo acceso Panamá América, el 7 de febrero la entidad citó, por primera vez, a ambas partes en busca de una solución al conflicto que se ha generado por el incumplimiento de acuerdo suscritos, lo que afecta a las comunidades aledañas, según han expresado moradores de Coclé y Colón, zona donde se desarrollan los proyectos mineros.
Sin embargo, Minera Panamá no acudió, a pesar de que se le llamó para reiterar su participación. Su representante argumentó que su ausencia se debió a una reunión interna, según señala el documento.
La entidad mediadora volvió a citar a las partes, el 10 del presente mes y Minera Panamá se volvió a ausentar.
Jay Walker, The bi-annual maintenance has been completed.
The impact of extra aggregate production for FQM is over. Operations are normal from that perspective. More gold is being produced as prices for gold increase. There are constant meetings almost on a daily basis with top management and FQM working out the details and language of the soon to be announced very material deal that is in the works. This is well known and reported on the networks with live interviews, in the papers, and confirmed by government sources. Those mediation facts are well documented. You will do well IMO as a buyer at this level as I have repeatedly stated. Our group bought over one million shares in the last sixty days because we believe there is little downside risk.
Those of us who actually do visit the mine, provide photos of our projects in all three countries where they are located, speak routinely with BOD and management members as well as government officials, and own FQM stock also, do think we have a reasonable handle on the future of the company. Of course one can always be wrong, but combined expertise gives us confidence. We have only posted here to provide some balance to the malicious attacks that might lead a new or naive investor to make a decision that would hurt them. My post was about FQM which most PTQ stockholders are not really up to speed with and very relevant to our future. (i.e. Constantly attacking member's of management about their compensation packages when all is above board, within industry guidelines, and audited regularly is absurd.)
'Your guy' as you call him, may be giving you the best information he has, and viewing it from his perspective, and position in the company. I believe speaking on a regular basis with the BOD, senior on site operations executive in all locations, and having large investments an ongoing operations in Panama in other areas might give one better insight.
After the election I will be free to spend a little on site time with PTQ. Presently, as those who regularly communicate on other venues already know, I have been occupied several months helping my son restore a 1969 air plane he received for his birthday, and dealing with some persistent health issues. However I have participated in direct communications on three continents with those who actually have substantial investments herein, and talk regularly with those who are making the decisions. I am not expecting any great increase in SP until production returns to above historical levels, perhaps next year. But, as Hilary says, "What difference does it really make at this point?" Still looks like a sound investment at a very cheap price right now. Maybe it is time to move on for those not happy. They certainly contribute nothing here worth reading. Good Luck to you.
I am really old, so I don't actually know what a "twisted dude" is, but it sounds painful. LOL!!
you wanna waste our time with a 1 month old pr?
Many were not aware of status. All you have provided is OMG stock is going to $0.15! Although you know no one in the company, no large stock holder, have no knowledge personally of the project, know nothing of Panama or the actual situation you make stupid off the wall malicious comment constantly. You demonstrate that the door should just be closed. Deal will the intellectual challenged small investor and the little old scorned lady in the gift shop in Campbell River. Quite a triumvirate!!!
A lot of money has been and will be made with this company. You obviously will not share...but that is as it should be. "Karma!"
So now you know much more!
Hope you enjoyed the web cast and questions. Yes, I do hold FQM also. Here is a recent update and time lines. Local companies are now used for nearly 65% of ongoing work by FQM.
Saludos,
First Quantum Minerals Ofrece Información Actualizada Sobre Cobre Panamá
First Quantum Minerals Ltd. (“First Quantum” o la “Compañía”, TSX Symbol “FM”, LSE Symbol “FQM”) se complace en presentar la siguiente actualización sobre el desarrollo del proyecto Cobre Panamá y los avances en la optimización de la estructura de capital de la empresa.
PUNTOS CLAVES
Desde su adquisición de Inmet Mining Corporation (“Inmet”), en marzo de 2013, el enfoque principal de First Quantum ha sido revisar cuidadosamente y estabilizar todas las actividades y centrarse en los elementos claves del plan de desarrollo del proyecto Cobre Panamá, la construcción y la contratación, así como la implementación de infraestructura práctica de los emplazamientos.
Esta actualización del proyecto abarca principalmente los parámetros de operación previstos, la estimación de capital y los plazos de desarrollo. La Compañía tiene la intención de divulgar en su debido tiempo los resultados de las revisiones actualmente en marcha de otros aspectos del proyecto, incluyendo la posible venta de energía excedente, y la validación de los Recursos Medidos e Indicados informado y presentado en mayo de 2010 por Inmet.
Parámetros de funcionamiento previstos
• La revisión ha utilizado la estimación de Recursos Medidos e Indicados de 3.271 millones de toneladas, incluyente de las Reservas y sobre una base de 100% según lo señalado y presentado por Inmet en mayo de 2010.
• El proyecto revisado tendrá una capacidad instalada de unos 70 millones de toneladas por año (“Mtpa”) para los 10 primeros años, aproximadamente el 17% superior al plan de Inmet. Una mayor expansión hasta 100 Mtpa más allá del Año 10.
• En base a la estimación actual del Recurso y la capacidad instalada prevista de unos 70 Mtpa, el proyecto produciría un promedio de aproximadamente 320.000 toneladas de cobre anualmente por la vida de la mina, alrededor de un 20% mayor que el plan de Inmet.
• El promedio anual de la vida de la mina de la producción de subproducto de 100,000 oz de oro; 1,800,000 oz de plata y 3,500 toneladas de molibdeno.
• Ley promedio de cobre de 0,5% de cobre total durante los primeros 10 años y de 0,37% para el resto de la vida de la mina.
• Margen de desmonte promedio de 0,7:1 de la vida de la mina.
• Vida de la mina de 34 años.
Estimación de Costos de Capital
• Estimación de capital de $6.4 mil millones incluyen $913 millones incurrido antes de la adquisición; $1.465 millones incurrido al 30 de noviembre de 2013; $1.578 millones comprometidos al 30 de noviembre de 2013.
• Capital por tonelada instalada de capacidad de aproximadamente $17.125 dólares.
Incurrido Pre-adquisición Incurrido al 30 de noviembre de 2013 Gasto Total de Capital
(US$M) (US$M) (US$M)
Mina, Puerto e Infraestructura 480 867 3.034
Planta de Energía 209 276 664
Costo de los Propietarios 162 223 567
Planta de Procesamiento 62 99 1.739
Contingencia - - 421
Total del Proyecto 913 1.465 6.425
Progreso hasta la fecha[/b
El proyecto se ha transformado de un enfoque de subcontratar a un enfoque interno, un arreglo auto-ejecutar donde los ingenieros terceros y contratistas ahora sólo se utilizan para tareas específicas identificadas, y trabajan dentro del modelo de ejecución del proyecto preferido por la Compañía.
Los movimientos de tierra han sido tema de revisión crítica, así como la metodología de la subsiguiente excavación y construcción. Considerable cantidades de equipos en sitio han sido adquiridos por First Quantum de los contratistas cuyos contratos hayan sido cancelados o modificados. Esto permite a First Quantum plenamente controlar todas las actividades de desarrollo del sitio, la cual proporcionan una mayor flexibilidad y reducción significativa de riesgo. Ahora están plenamente operativos el alojamiento en sitio, acceso vial, las comunicaciones y la administración, permitiendo que las principales actividades avancen de manera eficiente.
Se ha revisado la ubicación de la infraestructura clave del sitio, incluyendo las instalaciones de procesamiento ??y se ha seleccionado una alternativa, más práctica para el sitio de la planta la cual debe ser más rentable para construir y permitirá un mejor acceso a los sistemas de trituración en tajo propuestos y transporte de los tajos durante la vida de la mina, y la carretera de acceso principal.
Cronograma de Desarrollo
El proyecto rediseñado y más grande está programado para terminar construcción y estar puesto en marcha en la segunda mitad de 2017.
Actividad Cronograma Meta
Carretera costera disponible para su uso Primer Trimestre 2014
230KV línea eléctrica por tierra completada Cuarto Trimestre 2015
300MV estación de energía completada Primer Trimestre 2017
Instalación de gestión de relaves completado Segundo Trimestre 2017
Construcción de plantas de procesamiento
completado Tercer Trimestre 2017
Procesos puesto en marcha de y primera
producción de concentrado Cuarto Trimestre 2017
John Gregory, Ingeniero del Grupo Consultor de First Quantum y una persona cualificada definida por el Instrumento Nacional 43-101, ha supervisado la preparación de la información científica y técnica (aparte del cálculo de Recursos de Cobre Panamá) contenida en el mismo y ha aprobado su divulgación.
Baja el empleo en zona minera
19/2/14 - 10:09 PM
Unos 40 moradores de la comunidad Villa Del Carmen, del distrito de La Pintada, Coclé, se encuentran preocupados por el desempleo en la zona, que, según ellos, se ha generado debido a la contratación de trabajadores filipinos
Costo
Contrario a la reducción de costos prometida por
Firs Quantum a los accionistas al momento de adquirir el control del proyecto minero Cobre Panamá, la empresa ahora estima que el costo del proyecto será de 6, 400 millones de dólares, unos 200 millones de dólares más de lo proyectado por la antigua dueña, Inmet (unos $6,200 millones)
Unos 40 moradores de la comunidad Villa Del Carmen, del distrito de La Pintada, Coclé, se encuentran preocupados por el desempleo en la zona, que, según ellos, se ha generado debido a la contratación de trabajadores filipinos y de la provincia de Chiriquí, por parte de Minera Panamá.
La situación es tan compleja para estos panameños que hasta enviaron una misiva al presidente de la República, Ricardo Martinelli, donde hicieron alusión al compromiso adquirido inicialmente por la empresa de que el 75% de su mano de obra sería de Villa Del Carmen, Coclesito y comunidades vecinas.
Según los moradores de Villa del Carmen, este compromiso no está siendo cumplido por Minera Panamá en su desarrollo del proyecto Cobre Panamá.
Los coclesanos solicitaron al presidente, a través de la carta, que interponga sus buenos oficios, de tal manera que su petición sea escuchada porque de lo contrario están dispuestos a tomar medidas drásticas para que sus inquietudes sean escuchadas y resueltas.
Afirmaron ser gente honrada que lo único que buscan es mejorar su calidad de vida.
Pero no solo residentes del distrito de La Pintada han expresado su descontento con las contrataciones que lleva a cabo Minera Panamá, los subcontratistas del proyecto también informaron a Panamá América, a inicios del mes de febrero, que la empresa, filial de la transnacional First Quantum, trasladó personal filipino desde un proyecto que tienen en Zambia, África, y que la cifra de estas contrataciones ascendía a dos mil trabajadores.
En ese momento, Todd Clewett, gerente de país de la transnacional, aseguró que la empresa ha contratado a 30 capacitadores de origen filipino.
Sin embargo, desde que el proyecto minero es controlado por First Quantum, la población de Coclé reporta una caída en su economía.
Muchas personas han reportado haber perdido sus empleos.
Las complejidades rodean el proyecto, porque estas quejas de violación de compromisos no son las únicas que enfrenta la empresa.
Las divergencias que la empresa mantiene con Petaquilla Gold han trascendido a un supuesto proceso de mediación que Minera Panamá ha negado.
Lo cierto es que este conflicto generó que la Cámara Minera de Panamá (Camipa) expresara también su preocupación ante el Ministerio de Comercio e Industria (Mici), luego de que el Comité Cívico Integrado Pro Desarrollo del Caribe también manifestara sus aprensiones.
Son diversos los aspectos que ocasionan la divergencia entre las empresas, que van desde incumplimiento de contratos hasta reclamos de tierras.
Been fun just watching the board.
On another browser today, and got to see the whole group, even the ignored untouchables! LOL!! What a trip! Sarcasm, envy, ignorance, and most of all, a total lack of understanding about actual events. UBS sells one million shares-not; going to $0.15-not; no deal in works just smoke and mirrors-not; LP is lost-not; SP dictates value of deal-not,huge sell off-not, and on, and on, chatter in the gutter as General Powell used to call it.
Those expecting to receive some money out of some deal I would say: Fuggedaboutit! IMO the "deal" will be to advance the company into the future. DB will probably be taken out as you may have noticed they publicly stated they want out of the mining business because of all the other problems they are facing. (Maybe you should read the German papers!)
Heap leaching will finally be initiated and we will fill the large pads that we have built. The 300 ounces, oft quoted disparagingly here, were the results of the test of the small test pad and actually the yield was exceptional.
Bi-annual maintenance was completed at Molejon and we are back to normal operation. FQM's needs are met without interference. Gold is returning to a level where production make sense. Remember y'all called for production curtailment at low prices. LOL!!
Fortunately the decision to hold onto PDI proved wise as sales of aggregate ameliorated our losses while 40% of the sector was going out of business.
Bottom Line: The worst is passed. The share price will rise when profits are posted. Petaquilla will have a very long future in spite of the wishes of those posters prognostication based on clueless ignorance and hot air. Anyone who has not averaged down to where they are at breakeven around $0.40 to $0.50 made a major mistake and will not achieve the return that most will enjoy. Such is life...always winners and losers!!!
Saludos,
You are on point, but low valuation IMO.
IMO Petaquilla will not be sold, but progress is in the wings.
The focus on aggregate and curtailment of gold processing was required by the legal obligation to FQM. We have a contract to honor. Reduction of gold processing was even recommended by the trolls here because of the low price. If one does not know what is transpiring it is easy to be confused. With an agenda it is even easier.
The business performance during the six months ended December 31, 2013 has been focused to continue stockpiling low grade ore material looking forward to increase gold production through the start up of a heap leaching operation expected to be occurred during the first half of calendar 2014, to consolidate the aggregates business throughout the execution of the $100 million worth contract signed between the Company and First Quantum and to expand the potential for the Company of PDI’s new aggregates and infrastructure business with FQM. In this regard, the Company and FQM has been engaged in several negotiations and, in particular, in a mediation process regarding the access to an extensive land package with recognized exploration potential and critical for the development of Inmet’s Cobre Panama mining infrastructure. (from stockhouse)
Things look much better from my view than they did last fall. Still buying shares regularly. I expect more news to be coming soon.
CLUELESS FINANCIALS ON SEDAR ALREADY...
Board so quiet with all the news!!
Can't believe no posts with news in the papers, on TV, on Radio.
Live interviews. Is everyone that laid back or just not paying attention, because they know what the end result will be. Then they complain that they are not informed when they are the only ones in the world that don't know what is happening all around them. Ignorance is bliss...or not so much. Life is good with the trolls on ignore. Here is one article that has been out since last Wednesday and covered Tuesdays live interview. (MONGO KNOW NOTHING!!!) SO FREAKING ABSURD...PEOPLE ON THIS BOARD ARE ONLY ONES WHO KNOW NOTHING. EVEN IN THE SPANISH PAPERS!! LOL!!!
Petaquilla Gold y Minera Panamá llevan diferencias a un proceso de mediación
12/2/14 - 11:00 PM
Las divergencias entre Minera Panamá y Petaquilla Gold, empresas mineras que operan en Panamá, han trascendido a un proceso de mediación precedido por la Dirección Nacional de Recursos
Datos
300 contratos de trabajo se han cancelado porque Minera Panamá prescindió de agregados.
$100 millones en agregados debía suministrar Petaquilla.
2010 año en que Minera Panamá solicita arrendamiento de tierra y Petaquilla se opone y reclama derechos sobre el terreno.
Las divergencias entre Minera Panamá y Petaquilla Gold, empresas mineras que operan en Panamá, han trascendido a un proceso de mediación precedido por la Dirección Nacional de Recursos Minerales del Ministerio de Comercio e Industrias (Mici), que se inició la semana pasada.
El conflicto por acuerdos y contratos firmados entre estas dos empresas está afectando directamente a comunidades de la región y a trabajadores de ambas empresas, de acuerdo con una carta enviada por la Cámara Minera de Panamá (Camipa) al Mici.
El gremio minero ha expresado su preocupación por la situación, luego de que miembros del Comité Cívico Integrado Pro Desarrollo del Caribe manifestaran sus aprensiones con respecto al conflicto que existe entre estas empresas mineras, que desarrollan sus proyectos en el distrito de Donoso, provincia de Colón.
Parte de las diferencias consisten en un acuerdo firmado en 2005, en el que cada compañía aceptaba ceder el espacio de encontrarse oro, en el caso de Petaquilla Gold, y cobre en el caso de Minera Panamá.
En abril de 2010, Minera Panamá realizó una solicitud de arrendamiento de un polígono de 7,453 hectáreas más 5,554 metros cuadrados para que su proyecto minero fuera operativo.
Sin embargo, Petaquilla Gold formuló oposición a esta solicitud, ante la Autoridad Nacional de Administración de Tierras (Anati), afirmando tener la concesión de los yacimientos mineros de oro y otros minerales ubicados en esta área.
Se trata de un yacimiento de oro de alta ley llamado Botija, el cual no ha podido entrar a explotar Petaquilla Gold.
En medio de esta disputa, Petaquilla Gold también reclamó a Minera Panamá el cumplimiento de un contrato firmado en 2013, cuando era filial de Inmet para la compra de piedra y agregados por un monto de 100 millones de dólares, para el uso de su proyecto de cobre por un periodo de tres años.
Sin embargo, Petaquilla Gold aduce que la empresa, ahora en manos de la transnacional Firts Quantum, interrumpió el cronograma de compra de agregados, lo que afecta la estabilidad de al menos de 300 trabajadores del área.
Un representante de Minera Panamá dijo ayer que no tienen conflictos con Petaquilla Gold, tras ser preguntado por el proceso de mediación con esta empresa.
Sin embargo, Rodrigo Esquivel, de Petaquilla Gol, confirmó el proceso de mediación, aunque señaló que no puede dar detalles porque existe un acuerdo de confidencialidad.
Panamá América confirmó que Zahadia Barrera, directora nacional de Recursos Minerales, está llevando directamente este proceso de mediación entre Petaquilla Gold y Minera Panamá.
De no llegarse a un acuerdo ante esta instancia, las dos empresas mineras tendrán que ir a un tribunal de arbitraje en Canadá, de acuerdo con el mecanismo de solución de controversia del acuerdo molejón que ambos firmaron.
Yes of course!
Each will be rewarded according to the prudence of their investment, their efforts to keep informed, and their good faith sharing of relevant information. Those who failed in all three areas, and insulted honest brokers, will received everything they are entitled to under the circumstances. I think it is called 'Karma'....going through life always knowing you consistently chose the wrong path. In life you receive what you deserve and worked for...not what you envy. It has been fun...as another plan comes together...chill the champagne!!!
Life is good!!!
Badge,Because no one cares. Plain and simple.
Your right on the money this time. Why should they pay any attention to the interim share price with all that is underway? Bunch of small stockholders chasing the share price around with miniscule volumes. Absolutely not affecting the company at any way or any level,at the present time.
Petaquilla is controlled by about 50 relatively large stockholders, mutual funds, institutions, elite investors, and management. They are all proactive and you can be sure are well informed. They support management. The rest are very small stockholders who have little to win or lose here, because their investments are tiny. They influence nothing and really just don't "count". The company follows all laws on disclosure and that is all that is required. They are courteous to stockholders and will give you a tour of Molejon, Penonome, or meet with you at the Panama City Office if you bother to make the effort. Contrary to rants that they have an obligation to inform the market more than they do, that is just not true and merely a fantasy. They are in compliance.
So you see, it really makes sense to operate as they choose to do. Not waste time with things that do not affect the company nor matter. Not spend money informing small investors about events concerning which they do not have the education or intelligence to understand. I laughed this morning when I read two posts by the lady from CR in BC. First she doesn't have the seasons right, and talking about snow, and second she has the Caribbean in the wrong place!!! Needs a map of Panama and the weather channel!!! LOL.
While I expected to hear something this week, I am doubtful things have progressed to that point. I would be surprised if they file anything at the end of the week, and they might even get a 30 day extension and not file until April 15th or when things are finally settled. No point in filing now and a trading halt for a while really doesn't matter that much since the large stockholders do not trade, and are not selling. So I can think you can stop SEDAR watching until around April 15th. Certainly there will be some more news before the election.
If that doesn't work for you then you should sell and move on...not sell and continue to post for years on deaf ears and to the choir as some of the people do here. Good luck which either way you go. Personally, I buy a few shares every month as I have for many years. Without revealing anything that is privileged, I can comment that many of the theories and rumors oft posted on SH and herein are the height of absurdity.
That is another place we we agree!! Stupid rumors about the company from those who know nothing about the facts on the ground, the laws, the agreements, the resources, or anything else that is pertinent. Like addressing prerogatives for the international space station, because they read a Superman Comic as a child, or come to think of it, maybe lately.
Yes this may definitely affect PTQ.
Rather PDI actually. As you must know if you have been following the biggest story in Panama for the last month and one-half. GUPC is out for breach of contract, and the government has decided to finish the expansion by direct control and direct contracts. The money is readily available one half coming from the performance bond and the other half from money that will be withheld from GUPC. This is fantastic news for the Panama infrastructure sector. FQM should be watching. Now that the election nominations cycle is over, and Marta Linares is the candidate for CD VP, the canal expansion is being taken over by the government with support from all three major political parties, unions, U of Panama, Chamber of Commerce, and 81% of the general population, attention now turns to Cobre-Panama development.
FQM is under great pressure after being caught trying to import thousands of laborers from the Philippines and been put on notice to resolve whatever issues they have with Petaquilla and move forward.
Sacyr and Impreglio assumed they could low bid and then increase their cash flow afterwards, with change orders as they have done all over Latin America. That was a mistake to try in Panama. Most knew when they underbid Bechtel and other bidders by nearly 40% they could never succeed. Now they fell into the trap and are out. Don Winner's editorial was exactly on point let us hope FQM is paying close attention. Martinelli has made it very clear to them that they will be outside looking in, if they have not completed negotiations with PTQ/PDI and published their Engineering Plan well before the election in two months. Remember when Law #8 was repealed and posted the the Official Gazette in 24 hours. The government can take back Cobre-Panama from FQM just as quickly and leave PDI in the cat bird's seat for contracts.
Contributed by Don Winner. Panama Guide.
"The Panama Canal Authority had all (100%) of the negotiating power, while the GUPC had almost none. Their threats to walk off of the job (originally on 20 Jan, twice extended) fell on deaf ears, because they had, in fact, already laid off most of their work force at the end of the year. So, in fact, they had already stopped working. Now the ACP can simply hire someone else. They can now spend the $1.5 billion (or more) needed to finish the Panama Canal expansion project. They also have the GUPC companies by the balls - one in each hand - because of the contract they signed. The ACP will be able to argue in international courts that the GUPC should have been able to build the project according to the contract they signed, and they should be able to squeeze the companies for the money necessary to actually build the damn thing. So, who's fucking who now, bitch? Welcome to Panama, where screwing over foreigners is a favorite pastime..."
FRONT PAGE NEWS THIS MORNING!!!
The Panama Canal Authority (ACP ) is preparing to resume work to expand the waterway for its own risk in order to complete them by the end of 2015.
" The ACP provides the retaking of the works within a maximum of 15 days ," said to EFE today a source of information that participated in the negotiation by that entity Groups Unidos por el Canal ( GUPC ) , the international consortium awarded of the work of the expansion of the road , this week stalled for lack of funds .
THE ACP and GUPC rose this week from the negotiating table , which also involved the insurance firm granting the works , Zurich, and in the last hours separate proposals exchanged in securing their final positions.
At this point , the first goal of the ACP is " make it clear to the insurer Zurich does not preclude an agreement , but only if it complies with the terms of the contract " award, said the source, who requested their anonymity.
" GUPC also will not be able to accept the terms of the ACP regarding the postponement of the repayment of approximately $ 800 million , which are secured by bank letters of credit ," he added .
The same source said that the only plan that ACP provides further that GUPC meets the contract is to take on their own works and revealed that the U.S. company Bechtel offered to finish the canal expansion but his offer was rejected without consider even economic conditions.
" Bechtel approached the ACP to offer their services and the negative response was blunt to the point that he was warned that would not be received again," he said.
Sacyr and Impreglio are broke and their stocks have crashed in Spain and Italy over the last month as I am sure you saw. The ministers and Ambassadors of Spain and Italy have come to Panama to plead for money and been rebuffed. USA VP Joe Biden came to put forward a plan for Bechtel to intervene and finish the expansion with a new contract and asked for money from Panama, all to no avail. Panama will finish the canal with direct control and contracts with local companies. Since the USA has spent $50 billion dollars to expand the ports on the east coast, the USA is anxious to see the work completed on time. I am sure you have seen all the articles in the US papers from NYC to New Orleans and on Wall Street, in support of Panama's commitment to pick up the mess created by Spain and Italy.
WHAT A GREAT DAY FOR ALL PANAMANIANS!!! LET THE CONTRACTS FLOW... $1.6 BILLION IN INFRASTRUCTURE MONEY COMING TO THE SECTOR CONTROLLED BY CD!
Don't think you are alone bobby1231.
Panamanians and others closely tied to the company either formally or informally hold about 80M tickets or about 30% of the company. Then you have 8 institutions, 13 mutual funds, and management/BOD with about half the OS. That is about 75% of the company and no one is selling a single share. Just some little dudes and traders churning the same few shares over and over.
The drunk over on SH is still babbling about a sale of 934,000 share by PTQ as some sort of and inside deal to an unknown quantity. As you probably already know there was no such sale and Petaquilla Gold, Ltd has not sold a single share or created any more issue. Some of these guys really need to go back to accounting starting with #101. They say ignorance is bliss, but I am not so sure in this case. Anyone who has read the last couple of years of audited reports and quarterly filings, with even a little bit of grad-school finance, would see exactly what transpired and why. You would think if they were really that ignorant and concerned they would at least call the auditors for an explanation.
The other dude or should I say dudette...has absolutely no concept about business, mining, or anything else relevant. Digi dealt with her stupidities for a while and then just moved on...
Those who are informed are simply, quietly adding shares as they are toss away by the ignorant. It is just a few thousand dollars a day at best, but it all will count in the end.
Comments were made today that the indians did not want to develop Cerro Colorado. I guess the poster does not realize we have been working for years with the Catholic Church in David and our foundation, wherein the majority of indians desperately want the copper developed. It is the political opposition paying a few radicals to disrupt things for publicity. Cerro Colorado will be developed when Cobre-Panama comes on line. Doesn't this guy talk to anybody or even read the newspapers. Good Grief!!
Back to the Olympics....
Now that is interesting!!
The drunk on SH just posted an article from February 5th trying to imply it was 2014!! Whoops!! It was a 2012 article!!!
Broken Promises Fuel a New Wave of Anti-Mining Protests in Panama
by Jennifer Kennedy on February 5, 2012
Nothing to do with the 2014 closure of the highway last week by Suntracs Union that was reported on the front pages of newspapers and was because of FQM's illegal hiring actions. The biggest construction union backs PTQ and is against FQM. Although this is of no interest to most of the board members here, it is significant in Panama or it would not make the front pages and two TV stations.
Those involved are watching things unfold with a lot of interest. Those on the sidelines will have to wait until there is a need to know and a scheduled vote. Keep watching SEDAR and be sure and post the news here when you finally learn all that has transpired in the last few months!!
Almost time for Carnivales!!! Life is so much easier when you understand and don't flounder around in the dark making a fool of yourself. Too bad you guys don't seem to have any skin in the game. Can't win if you bought no tickets or sold the ones you had before the drawing!!
We HAVE discussed privately for some time. FACT!
No one here even mentioned that the Pan American Highway was
closed!!! Out of the loop much??
Those of us who keep in touch talked about this blowing up in FQM's face as part of government pressure over a month ago. Complaints and questions have been referenced everywhere, even outside Panama. PTQ can go to court where they have won seven different times in the last three years and ask that FQM's concession be revoked for breach of Panamanian Law, their concession agreement, and their agreements with Petaquilla Gold, Ltd.. Timing could not be worse for FQM right in the middle of election cycle.
FQM has greatly reduced their workforce as anyone living in Cocle can tell you. On the other hand PTQ has taken great pains to maintain their work force. This is just the beginning for a very rough ride for FQM IMO.
FIRST QUANTUM MINERALS CAUGHT SHIPPING IN FOREIGN WORKERS.
"Hiring Filipino personnel by Minera Panama , which develops copper project in the district of Donoso, has alerted a group of subcontractors and staff who fear being displaced by cheaper labor work.
It was reported that the transnational subsidiary of First Quantum and Filipino staff would have moved from having a project in Zambia , Africa , and the figure would reach 2,000 workers supposedly .
Todd Clewett , country manager of First Quantum in Panama , admitted that the company has hired 30 trainers from the Philippines who are giving lessons in this aspect Panamanian workers .
But he said that 89 % of project workers are Panamanians and over 55% of the provinces of Colon and Cocle.
Panamanian law allows contracting company that only 20 % of its workforce is foreign, if you are unable to get the Panamanian human resource.
The theme of the Filipinos and sparked protests . Subcontractors and the National Trade Union of Construction Workers ( Suntracs ) closed the Interamerican Highway on January 30 in protest of the dismissal of Minera Panama and the announcement of the hiring of Filipinos.
Clewett said the company develops its mining projects directly, running their jobs without subcontracting.
In addition , said Clewett are not laying off staff , but increased the workforce, but will refrain from outsourcing model .
However, the population of Penonomé has reported a decline in its economy since First Quantum took the proposed copper mine .
Unemployment soared hotels and many people reported losing their jobs.
Cost cutting is in keeping with the promise made to First Quantum shareholders Inmet trying to reduce a billion dollars in proposed spending in 6000 estimated $ 200 million project.
But contrary to the reduction of promised cost by First Quantum to shareholders when acquiring control of Cobre Panama , news agency Reuters published last January that the company now estimates the project will cost $ 6 billion 400 million or $ 200 million more than projected by Inmet ( $ 6.200 million).
The company believes that production will begin in 2017 , a year behind schedule."
Gotta luv it when plan comes together.
Only those who are willing to risk are willing to win!!!! LOL ALL THE WAY TO THE BANK!!! WE WON!!! AS YOU SOON MAY SEE...Which of the following fits you best??? Hmmm...??
Katherine Mansfield Risk Risk anything Care no more for the opinions of others, for those voices. Do the hardest thing on earth for you. Act for yourself. Face the truth.
Lee Iacocca Do you want me to tell you something really subversive Love is everything it's cracked up to be. That's why people are so cynical about it. . . . It really is worth fighting for, being brave for, risking everything for. And the trouble is, if you don't risk anything, you risk even more.
Unknown Sometimes the biggest risk you can take is not taking a risk.
Erica Jong If you don't risk anything you risk even more.
Jim Webb Before all else, each of us must take a fundamental risk -- to be true to ourselves.
T. S. Eliot Only those who will risk going too far Can possibly find out how far one can go.
Mark Twain I cannot keep from talking, even at the risk of being instructive.
George Eliot Only those who risk going too far can possibly find out how far one can go.
J Danforth Quayle If we don't succeed, we run the risk of failure.
Assyrian Proverb He who doesn't risk never gets to drink champagne.
Paul Jones It seems to be a law of nature, inflexible and inexorable, That those who will not risk cannot win.
Robert Anthony Most people would rather be certain they're miserable, than risk being happy.
Jawaharlal Nehru The policy of being too cautious is the greatest risk of all.
Tobias G. Smollett Who bravely dares must sometimes risk a fall.
Oprah Winfrey I believe that one of life's greatest risks is never daring to risk.
Lori Hard Do not fear to step into the unknown For where there is risk, there is also reward.
Arabic Proverb God sells knowledge for labour -- honour for risk.
J. Paul Getty There are one hundred men seeking security to one able man who is willing to risk his fortune.
Ray Douglas Bradbury That's the good part of dying when you've nothing to lose, you run any risk you want.
Claude T Bissell Risk more than others think is safe. Care more than others think is wise. Dream more than others think is practical. Expect more than others think is possible.
Francois Marie Arouet Voltaire It is better to risk saving a guilty man than to condemn an innocent one.
Albert Einstein The fear of death is the most unjustified of all fears, for there's no risk of accident for someone who's dead.
J. B. Priestley Many a man is praised for his reserve and so-called shyness when he is simply too proud to risk making a fool of himself.
Alex Noble Risk is essential. There is not growth of inspiration in staying within what is safe and comfortable. Once you find out what you do best, why not try something else
Marilyn Moats Kennedy It's better to be boldly decisive and risk being wrong than to agonize at length and be right too late.
Joyce Accept that all of us can be hurt, that all of us can--and surely will at times--fail. I think we should follow a simple rule if we can take the worst, take the risk.
Kingman Brewster, Jr. Universities should be safe havens where ruthless examination of realities will not be distorted by the aim to please or inhibited by the risk of displeasure.
John Kenneth Galbraith People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.
Lyndon B. Johnson We Americans know-although others appear to forget-the risk of spreading conflict. We still seek no wider war. (On ordering retaliatory action against North Vietnam)
Charles A. Jaffe Whales only get harpooned when they come to the surface, and turtles can only move forward when they stick their neck out, but investors face risk no matter what they do.
Mary Cholmondeley Every day I live I am more convinced that the waste of life lies in the love we have not given, the powers we have not used, the selfish prudence that will risk nothing and which, shirking pain, misses happiness as well.
Tim McMahon Yes, risk-taking is inherently failure-prone. Otherwise, it would be called sure-thing taking.
Frederick Wilcox Progress always involves risk you can't steal second base and keep your foot on first base.
George Shinn Growth means change and change involves risk, stepping from the known to the unknown.
Julian Weber Gordon Courage is more than standing for a firm conviction. It includes the risk of questioning that conviction.
Lisa Alther That's the risk you take if you change that people you've been involved with won't like the new you. But other people who do will come along.
Oscar Wilde When a woman marries again, it is because she detested her first husband. When a man marries again, it is because he adored his first wife. Women try their luck men risk theirs.
Rosalynn Carter You must accept that you might fail then, if you do your best and still don't win, at least you can be satisfied that you've tried. If you don't accept failure as a possibility, you don't set high goals, and you don't branch out, you don't try-you don't take the risk.
TS (Thomas Stearns) Eliot Do not follow where the path may lead. Go instead where there is no path and leave a trail. Only those who will risk going too far can possibly find out how far one can go.
Colin Powell We have gone forth from our shores repeatedly over the last hundred years and we've done this as recently as the last year in Afghanistan and put wonderful young men and women at risk, many of whom have lost their lives, and we have asked for nothing except enough ground to bury them in.
Maxwell Maltz We must have the courage to bet on our ideas, to take the calculated risk, and to act. Everyday living requires courage if life is to be effective and bring happiness.
Joseph Campbell Furthermore, we have not even to risk the journey alone; for the heroes of all time have gone before us; the labyrinth is thoroughly known; we have only to follow the thread of the hero-path. And where we had thought to find an abomination, we shall find
Oswald Mosley Great men of action ... never mind on occasion being ridiculous in a sense it is part of their job, and at times they all are. A prophet or an achiever must never mind an occasional absurdity, it is an occupational risk.
Henry M. Wriston Those who misrepresent the normal experiences of life, who decry being controversial, who shun risk, are the enemies of the American way of life, whatever the piety of their vocal professions and the patriotic flavor of their platitudes.
Andrew Schneider I guess what I'm trying to say is, I don't think you can measure life in terms of years. I think longevity doesn't necessarily have anything to do with happiness. I mean happiness comes from facing challenges and going out on a limb and taking risks. If you're not willing to take a risk for something you really care about, you might as well be dead.
John Updike The refusal to rest content, the willingness to risk excess on behalf of one's obsessions, is what distinguishes artists from entertainers, and what makes some artists adventurers on behalf of us all.
Hannah Whitall Smith Let me advise thee not to talk of thyself as being old. There is something in Mind Cure, after all, and if thee continually talks of thyself as being old, thee may perhaps bring on some of the infirmities of age. At least I would not risk it if I were thee
.
Sandra Day O'Connor We hold that the reckless disregard for human life implicit in knowingly engaging in criminal activity known to carry a grave risk of death represents a highly culpable mental state that may be taken into account in making a capital sentencing judgment not inevitable, lethal result.
microcrapper, thanks for a well considered post.
It was refreshing to see someone actually put some thought and analysis into their post, and express thoughts without obvious vitriol and envy. Here is how I view things at this moment in response to you enumerations:
1. Exactly on point. I have directly participated in several such scenarios. One can even be in a Chapter 11 and often work out an agreement with lenders that allows a successful outcome for all parties.
2.Can't say it any better.
4.(first one) True statement. Actually though LP is not lost and can move forward if funds to develop it are available, and BOD so chooses. Drilling results are excellent, but at least $150M is needed to bring into production. Portugal can produce with $7M.
3. Pretty much agree, although I do not see gold really falling from these levels. Too much uncertainty in markets and world.
4. (second one) I think you are pretty close. Panama definitely owns all of the land and mineral rights. About 100 million shares of the company are directly or indirectly owned/controlled in Panama. Richard Fifer is in position because of expertise. He is independently wealthy, and has many other interests.
5. Amen!!
6. Pretty much right although they would love to have absolute control of the whole enchilada. Government owns all of the land/minerals to which both companies have concessions and can call all of the shots. Either could be gone with a stoke of Martinelli's pen and a vote in NA. Can be and has been done at other times in 24 hrs. Just the nature of the beast.
7. You are wrong here 100%
8. Agreed it is taking a very long time. No one is declaring any inside information. However, some are more informed and discuss matters that are not privileged with BOD members, have known upper management members for years and generally understand what is going on at the moment. Others visit the offices and Molejon regularly and know a lot from witnessing operations first hand.
9. Agreed boards do not influence SP at all IMO. Purely entertainment and a place to meet like minded people. Overall discounting the idiocy it has been worthwhile. Don't know about 'dumpers', but "pumpers" are by definition criminals and the use of the word has specific legal meaning in legalize in most jurisdictions. Slander is a criminal an not just civil offense in
Panama. Several who post here are well known to authorities would be arrested at the border if they ever try to enter Panama IMO. (Not relevant to PTQ, but a fact no less.)
10. Your characterization is not true for all. Our group has never flipped anything and have been invested steadily for over ten years in the company. Except where there was opportunity to capture tax losses because we had purchased some stock at inflated prices, (DCA), we have never flipped anything. On the contrary we now hold a much, much bigger piece of the company than we did when we thought it might be sold several years ago and wanted $7.50 for our shares. We are happy with our investment and trust management.
On the other hand your statement about this company being excellent for traders is absolutely correct. My good friend Don Winner of Panama-Guide wrote and article about that around five years ago. It is in his archive. Additional points can be made to support your view. Stability of government and stock held by elite families and leaders of all three main political parties. Major stockholders having less than .1% of their wealth invested and able to provide capital easily if needed. The support level may be more sound than that of the USD! LOL!
So again I thank you for taking the time to share your perspective and thoughts. I think you will be surprised by news coming soon...although it surely seems to take forever. Too many players and too many lawyers...(tongue in check, as three of my children are international attorneys and one an alumnus with Richard at Tulane.) But then everyone hates lawyers until they desperately need one. LOL!!
Keep watching SEDAR!!
LOL! LOL!! THAT'S A BIG LAST LAUGH!!!
Once again get the facts straight!!!
These boards are overwhelmed with ridiculous statements. Only thing accurate is Bobby's score prediction!!
A. THE +11 SHARE/ -934,000 SHARE REPORTED IS/WAS NOT A SALE OR INSIDER TRADE!!!
B. THE CFO HAS NOT DONE ANY INSIDER TRADING, OR ANY OTHER TRADING RECENTLY!! HE OWNS SOME SHARES AS DO MOST OF MANAGEMENT.
C. NO MEMBER OF MANAGEMENT HAS SOLD ANY SHARES SINCE THE YOUNG LADY IN FINANCE RESIGNED SEVERAL YEARS AGO AND SOLD THE FEW SHARES SHE HELD!!
D. THE COMPANY HAS BEEN A NET BUYER OF SHARES OVER THE LAST 24 MONTHS!!
People need to read the public record where it is all there, plain to see. If you can't follow that, then talk to someone in authority in the company, or at the auditors, or any regulator. For weeks there have been false statements posted on both boards about who has what, and who has sold what. Sheeesssh!!!
AS TO PRODUCTION AND OPERATIONS...AGAIN TALK TO THOSE IN AUTHORITY.
NOW AS TO THE FUTURE:
Marta Linares has been nominated as VP of CD and the nominating convention is over. This insures stability and pro-mining for at least the next five years and probability the same group providing political stability for the next ten years. Now other than the usual campaigning this goes to the back burner for the next ninety days.
Today is the deadline and decision day for the resolution of the canal expansion. This has occupied the government for several months. I believe from what I have been personally told that ACP will charge breach of contract by GUPC, and seize the canal expansion. In any case this issue is coming to a close very soon.
Next on the list is Cobre-Panama and FQM/PTQ. The government will focus 100% on that over the spring and summer. FQM must issue their Engineering Report and move forward in the next 60 days or they will follow GUPC out the door. Martinelli has guaranteed he will not leave this hanging when he leaves office. He can still cancel the concession of FQM up until May 3. 2014, and will do so if he is not happy. This issue and delay will be resolved one way or the other before the election. Cobre-Panama involves 6.5 billion USD in investment and others are ready to step in if FQM falters. Mining will move forward.
Finally, the actual future direction of PTQ will be resolved over the next few days. There are three ways the matter can break. All are positive for PTQ shareholders. There is nothing more that can be said at this moment. News will definitely be public by the 15th of February or the Q2 filing whichever is first. Look to SEDAR for initial news.
Those of us who know are not irritated by those of you who think you know...we just don't care. Take it or leave it those are the facts. Use your own judgement and take responsibility for you decisions now and in the past. It is your wealth to grow or lose.
Everything is on track.
It is interesting that some very large stockholders of PTQ, who are pro-mining, are running for office and with the 'right' party. One really huge one may even run for Vice-President. Nice to know that Richard Fifer and Ricardo Martinelli are founders of CD.
My guess is that the vote will be scheduled for about March 15, 2014. With all the support of the large stockholders and the BOD this should easily pass. Looking for that announcement before February 15, 2014. Keep your eye on SEDAR because that is where you will see it first.
In the meantime we just keep playing and accumulating as Bobby has said. The little boys can just watch through the window, as they can't sit at the table and play, but only speculate without any information from the sideline. Things always turn out this way. I guess the saying is true...you must have money to make money. At least that makes it a whole lot easier.
PTQ, PDI, LP, Portugal, et al have been very good to some of us, and the company is about to make it all even better. Remember traders...buy @$0.30 or below...sell @$0.50 or above and make some quick spending money. You have a few more weeks to "Git R Done!". Those here long term...the caravan is in sight of the next destination!!! There are two deals remember.
Life is very Good!!
Looks like a good day for all!!
FQM is moving forward and they secured a large loan so they have money. If there is a sale to them they have plenty of funds to pay. If there is a JV with them they have money to advance. If there is no 'deal' they have money to award and pay for contracts. Some of us also hold FQM stock and look forward to the development of Cobre-Panama and the mining sector in Panama for the benefit of all parties as stated by FQM and PTQ in their filed agreement. It will be another lost opportunity for those who are already very bitter!!
When you hold all the cards....you always win!!! In Portugal, Spain, and now Panama....LOL!!!
Life is Good!
bobby 1231, Just nickles and dimes.
Not even $150,000.00 traded world wide today. We are in the process of completing deals worth hundreds of millions of dollars to the company. Pay no attention to the little ants running every which way because someone poured cold water on the ant hill. Watch what
happens when the news is posted on SEDAR. LOL!! Life is good and PTQ is doing just fine....
It was a great weekend.
All the ducks are lining up nicely. Don't forget traders: Buy at $0.30 or under and sell at $0.50 or over. General market corrected last week and will probably continue. Mohammed El Erian quit after about 17 yrs, and the bond market is in trouble. Gold is moving up steadily. Board is very quiet with the trolls banished...
Those who actually know what is happening in Spain and Panama are positioning themselves to make the most of this opportunity. A vote will be coming soon. Some will be very happy...some very, very bitter when they realize the error of their ways. According to some posters here all is now lost, and you should sell and move on while you can still save a little. If you are worried about PTQ that's what you should do!! We will be happy to take your shares!!
Everyone is headed north to see the Superbowl as the work here has been completed for the month. We will know if Marta is running by the end of the week and maybe a few other interesting tidbits!!
It's Party Time!!! Go Broncos!!! Life is Good!!!!!!
My, MY, MY, ALL IN A DITHER!!
There are rumors, stories, and just plain lies. Of course Richard Fifer never received 44 million shares for LP. There were lots of people involved, and foundations, and corporations, etc., etc..
Richard by law must report any sales of PTQ stock. He has sold none. Period. Neither have any other insiders official or unofficial. All a big story poorly calculated to fool the uninformed, uneducated, and ignorant.
Expect a lot of volume movement over the next thirty days or so. Perfectly appropriate with all that is happening. As long as there are sheep to be shorn, there are those will deep pockets and good access who will take care of the job. Trying to tell who has what, and tracing anything in the offshore clouds and foreign accounts, is just a lesson in futility and frustration. The company itself cannot even do it as Janet told the posters here about three years ago when the subject arose.
Do you really think that someone who can walk up and buy a $46,000,000.00 Bombardier jet for private use is going to waste personal time analyzing and trading a company this size? Look at the dollar volumes traded on average. Four first class round trip tickets from Panama to Madrid cost more that all the trades daily in Petaquilla world wide. This will be a nicely profitable small company, but get real, that is all it is at this point. Some of us are here for much bigger things several years down the road and Petaquilla will be very useful, as well as its image.
Yes this is a long term buying opportunity, and at the moment a very good trading opportunity, for someone to make some spending money in the short term. Those who are way in the red will probably lose most of their investment. Those who have averaged down will probably make a nice return. Those quick traders may double their money soon, but there is not enough volume to make any sort of serious killing!!! Try and buy ten million shares Monday at $0.33. The float is just not there.
Most informed investors know exactly what is transpiring and act accordingly. The uniformed will just stay so. The agenda driven bitter little fold will continue to spout absolute absurdities that anyone with any experience and education can see right through.
All quiet on the Western Front...
HI ACANUCK, I WAS GOING TO E-MAIL YOU,
Hope you did some serious steelhead fishing in the late fall. Lots happening and the guys are giving good guidance to you. Our access is excellent and I've been telling people to get in under $0.30. As you know with the millions of shares our circle controls we just do not engage in trading, but for those who do it looks very good from my perspective. We are now averaged way down and our breakeven is really low. We expect to do very well soon.
I picked up from your post that you must not have Jal on ignore and responded to him. I think he was cashed out a long time ago and just hangs around insulting like PMC. They really make a bitter little couple!!
But for now it is Superbowl time!! I used to trust your judgement especially with your mining management experience, but the Seahawks??? REALLY????
Petaquilla IMO is a much safer bet at this time!!!
Saludos!!
Right on target Geico...
Can you say, "Salvadoreno/PDI" ????
FQM is the only entity here that has any pressure to reach an agreement. If they push off their Cobre-Panama report past the first quarter, they are toast from all directions. VB says don't share with those who don't appreciate. I agree. Also some here are bound from disclosure, due to their privileged positions from a legal standpoint. All I will say at this point is that there is a buying opportunity. People can take it or leave it. The informed deep pocket guys and institutions are either buying or happily holding seen from analysis of the trading volumes. As VB likes to say, the caravan moves from point to point and the little barking dogs are ignored and left in the dust. There are deadlines coming, but none affect PTQ IMO.
A long time ago I thought we would soon see $5.00 per share for our small company, fortunately that did not happen, nor did I get the $7.50 per share I would have sold for at that time. Now thanks to real professional management, our circle holds twenty times more shares than way back then, and are comfortable in our positions. We have a much bigger piece of a much larger pie. All of us would prefer an advantageous deal with little or no cash involved, and of course no taxes. The future is definitely ours we firmly believe, and that is where our money is placed.
With the trolls and ankle biting little dogs on ignore we can still provide some benefit to small shareholders with real interest and courteous demeanor. Heard a rumor the other day that some new contracts may come out of this canal deal. Don't know if it is true, but that would not be an unusual occurrence.
Life is very good, and the Superbowl will be well attended by PTQ believers. We like the Broncos!
Saludos
Earth Shaking News this Morning!!
Didn't you feel it a little while ago??? Anyone who doesn't know by now doesn't need to be told!! Happy Days are here again!!! La-La-La-La-La-La!!!! Those who believed averaged down, invested by cost averaging are so, so , so, so glad they did!!! Following your advice VB!!! SSSShhhhhhh......
Think it was about 5.2 here in Penonome!!
Badge792, those aren't the facts.
I talked to Steve prior to releasing that report, which came out a couple of weeks ago. I suggested he dig a little deeper, which he did not do because of internal pressure. Do you remember his report on the spin out of PDI that the vote of shareholders had already been taken, when no such thing had happened? Steve is a great guy, but not always right, because of his time schedule and budget constraints. But, if you chose to take that report as official that is your choice. Steve did not go to Spain.
1. Did you talk to any member of the BOD since January 1st specifically about LP? I have.
2. Did you talk to anyone in the Ybarra family since January 1st? I have.
3. Did you talk to the law firm that has been involved with LP and other Spanish representations for PTQ since January 1st? I have.
4. Has anyone in your family traveled to Spain to review the situation on the ground since the Annual Report? Some in mine have while, Christmas Shopping in Sevilla and Toledo.
5. Have you actually, personally, read all of the pertinent documents and researched the lines of authority in Andalucia? I have.
6. Have you talked to anyone in Spain in the offices wherein the interview was granted, and looked into any remedies available if in fact they did have final authority? I have.
7. Do you have any actual work experience at an executive level in Spain and even Andalucia? I have.
So Badge792 your post does really neither surprise me, nor upset me. You have apparently no formal education and certainly no legal background, so it is understandable that the concept of "facts" is beyond your reach. No harm...no foul.
I too was surprised at the EFE newspaper article that was also picked up by Reuters, and used by Steve as his primary source. If you recall, I was the one who posted it and brought it to your attention. Immediately I took specific steps to have one of my people look into it.
I would suggest to you, the the issue of LP will be dealt with at the appropriate time if necessary and actually, it is not even close enough to the front burner to be discussed at current management meetings. YOU ARE MISSING WHAT IS GOING ON RIGHT IN FRONT OF YOU AND LOOKING COMPLETELY IN THE WRONG DIRECTION. The major issues before the firm have been dealt with and you will be informed in due time as necessary.
In any case, I trust my judgement and that of my associates , if we are wrong it will not be because we did not spend the money an effort to be involved. We are continuous buyers and expect mid eight figure profits accrued over the long term involvement with Petaquilla chapter is said and done.
You should notice the average size of the trades at the beginning of TSX yesterday. Watch them over the next 14 trading days. I never wish anyone injury or loss, although one poster here asked that I be killed and its in the archive herein. Every seller thinks its over, and every buyer sees a great opportunity. We are on opposite sides. Did you bet on the Patriots, and 49ers also??? I bet on Richard Fifer and our BOD. Time will tell who wins!!! Just don't attack me in the parking lot....IMO THIS IS THE TIME TO BE SERIOUSLY BUYING...don't hurt the young ones by leading in the wrong direction.
Interesting fact known for weeks...
Those who follow closely will have noted that for the first time in years, Petaquilla is not an exhibitor at the worlds largest that started yesterday. Right there just a couple of blocks away at 1055 Canada Place Vancouver BC. Hmmm...does that mean that our leader has no need for further fund raising or has decided to fold the tent and shut down forever. Lots of gossip about that up here in the cold country. Perhaps the poster from the shop in CR could comment if she is there. LOL!!!
Place your bets...but remember those who are proactive and serious investors do know the answers...have a great Holiday there in the USA...your markets are closed! Seattle and Denver fans collect your cash and invest instead of party!!! There are always winners and losers. Check out the picture of Jose Luis making the loser sign and pointing to his watch in La Estrella today. Are those the Petquilla gold cuff links that we give out that he is wearing???
bobby1231, History will prove you correct.
When all is said and done it is the size of the piece of the pie that counts. Always tried to explain DCA and average costs.
1 share bought @ $1.00, sold at $0.50= $(0.50) tax loss. Four shares bought at $0.25 = 4 shares, and then 2 more @ $0.50 = 6 shares total. Total cost/share (without using tax loss) is $2.50
or $0.42 more or less. I guess that is just too hard for many to comprehend. A steady investment in the company since the very beginning has yielded great returns and there is a very, very low breakeven with a very large number of shares now held. Some claim
they sold and made a lot of money. Could be true, but taxes may have taken a heavy toll.
In spite of all the ranting and hand wringing, the future will be good and Richard Fifer will have take very good care of stockholders who know how to manage money and make prudent decisions. Those who did not invest rationally and then just sat there crying will lose a lot of money...but life always has winners and losers. I believe you will stand with us in the winner's circle.
Good Luck and wait for the good news by the time FQM files their report and we file ours on February 15th.
Rumors rampant overnight from everywhere.
Question is: Which of the two is right???
Big difference between them. Both from reasonable
multiple sources. No axes to grind.
GUESS NO ONE ON LIST WANTED THE JOB ANYMORE AND YOU WERE NOMINATED BY SOMEONE!!! LOL!!!! LOJI PRACTICALLY GONE, SOUTHERN GAL GONE, DIGI GONE. TAG YOUR IT!!!!
Exactly Geico...
If one shares, one is belittled and attacked. Better to keep one's own counsel and wait for news in middle of February. Still buying, still happy. Glad three trolls on ignore.
Inconvenient facts...
1. Behre Dolbear provided a very large report stating that LP was worth much more than we paid for it. So you say that they are/were incompetent??
2. Although a local article said that LP was to be taken back by the local entity, do you have any factual proof that this has been done? Any statement from an actual entity in Spain that has jurisdiction or legal authority? Any statement from the company or the member of the BOD having responsibility in this area? Any statement from our auditors? Thought not.
3. You do know that the proposal was vetted and voted upon by all shareholders passing by a large majority.
4. You are aware that there are strict standards for finders fees, financing fees, expense accounts, charge accounts, travel accounts, et al are vetted, detailed, and follow strict standards and protocols, audited regularly, and well within industry standards. Detailed notes are on file with Ernst&Young.
Yet you chose to make vaguely disguised obscene attack on our chairman, whose record is above reproach, and whose annual donations to charity far exceed any remuneration from Petaquilla which is only one of the eight companies wherein he is a director. That is just sad and pitiful display of envy.
Board is nice and clean now...
should have taken out garbage sooner. I agree with both of your positions. Without LP in the system the long term prospects are not as strong. However, no one talks about Portugal. Everything is on hold in Panama until the canal issue is resolved. There are no talks with FQM concerning sales, but only about fulfilling contracts and paying bills. I have always felt that traders should buy <$0.30 and sell >$0.50. Long term you either fish or cut-bait. FQM under huge pressure to more forward. Clock is ticking on the CP Engineering Report. PTQ just slogging along without much concern. Advantage definitely PTQ.
These are trying times, but I think Richard Fifer and the BOD is doing just fine. Certainly they have the support of the shareholders that actually count. Most of this volume is simply churning the same few shares over and over. Not much will be known publicly until the next quarterly filings. Maybe not much movement for a year or so. "What difference does it make?" as Hilary would say. With commodities down what is the hurry for PTQ? Still here, still buying, still happy...never pay much attention to envy and whining. Thought and analysis pro or con is always a good discussion. Interim SP??? $0.30 seems to be near the bottom. If you are not selling makes no difference.
Saludos,
Production is sufficient for needs.
There is no point in producing more gold than necessary at these prices. Every $100.oz more at normal historical production is two million dollars more to bottom line each quarter. Aggregate sales keep employees working and produces income needed. Nice try for your first post JayWalker, but it just wasn't factual. Plenty of ore stockpiled for processing right next to the loader, when desired.
Strange premise and statement.
You do not even know what January 9, 2014 was do you. Ceremonies all day, everything closed, 50th anniversary, and remembrance throughout the country. Entire country and government shutdown. Ignorance here is just too overwhelming to be believed. How can you be that 'disenchufada'?????
I guess that is why they call them "ugly Americans". Perhaps 'ignorant Americans' would be more appropriate. I had four one-on-one contacts yesterday with the company outside of Panama with no problems at all. Maybe you are dialing the wrong numbers, extensions, or using wrong e-mail addresses.
I see three possibilities.
1. A loan from a Panamanian Bank as soon as the canal issue is resolved.
2. A PP now that the 40 million odd share dilution from the warrants is gone. I personally know one individual who has access to more than $40 million for such purpose with the right deal.
3. The Chinese have talked with us before and in fact were willing to ship concentrate to Asia out of Panama City if Inmet did not want to do a deal for our slurry of Cu.
I have no information about any of these ideas to share, but they are possible solutions. Each day we are in a better position. FQM must publish their Final Cobre-Panama Engineering Report before the end of the quarter. If not IMO they will lose their concession. Very easy for Martinelli to cancel it
Congratulations on your ignore...two more to go. LOL.
Yes, things are happening.
Still buying and accumulating. FQM is going further and further out on the limb all alone. Negotiations are ongoing with another entity. Each day we are closer to the drop in DB obligations. Gold seems to be holding fairly well. Time is on PTQ's side. Panama is totally focused on the canal issue at all levels. February should be a very interesting month. I have three on ignore that should be there, and the board seems much more interesting. Q2 results will tell a lot about the future prospects.
Facts to confuse the issue...
1. The famous road is not closed and has not been for days. Right from a guy in Penonome who drives it everyday.
2. All employees have been paid all they are owed. Many of the protestors were hired hands which is the custom in Panama. Give me ten grand to spend and I'll fill the streets or the NA Gallery for that matter!!
3. Minera-Panama is laying off employees by the hundreds.
4. Executives have been on vacation until Monday. Some are going to the Superbowl and will not be back until Wednesday. Life is good and RHIP!(Old military acronym)Some are even going as guests!
5. If PTQ were to shut down then entire Cobre-Panama project would be tied up in court for 18 to 24 months. FQM could not proceed. Talk to any competent law firm in Panama City.
6. Yes, some large investors are also secured creditors and have taken part in PP's and make a lot of money.
7. Nothing has happened that requires PTQ to issue any new PR or other information before February 15, 2014.
8. Someone is buying the shares that are sold. Do you believe it is because they intend to lose money on purpose?
9. The government is paying no attention to Petaquilla or FQM at the moment.
10. The GUPC situation is vastly more critical and important at the moment than Cobre-Panama or anything else. Why do you think Joe Biden was here? Can you say Bechtel?
11. If they choose to do so PTQ can just shutdown, layoff, and sit for a year or two.
12. FQM is under extreme pressure to move forward within ninety days or lose their concession.
13. Some look with a friendly eye on management of the company as evidenced by the recent vote. Some have and will continue to make money with this company in the future.
14. Some are upset because they have not been able or willing to spend the time and money to know what is actually happening and what the current options really are at the moment.
15. Those who have serious investments do know and they are the only ones that matter. They are under no obligation to post on any board and have learned from Proverbs 23:9. That lesson has been learned.
16. If what you believe in the press about Spain is actually the way things will go, what was the purpose of bringing Cristopher Colon de Carvajal onto the BOD and expanding it in December 2013?
17. Are you sure about the $32 Million that was paid for LP? Check the transactions.
18. Some of the most outspoken and constant posters may have no investment in the company, but are obsessed with seeking importance and recognition through this tiny board. Sad, but very true.
That was a surprise to me today
Last I had talked to someone there, we had corrected our financial controls and things were going well. Probably should have been paying closer attention. Well fortunately, all the tax selling was done on time and losses captured accordingly. Still have some wash sale dates left to run so, maybe things will just float along or drift down for a little longer. Don't know why people belittle tax loss capture...that is real spendable money you can put in the back. Can't imagine people not prudently management their investments. Just another very useful tool to preserve wealth, which is what it is all about. Don't expect any real news until February 15,2014. No need for any information from the company with everything now pretty much in the press in Spain, or Panama. With plenty of dry powder 2014 should be a very good year! Life is good!!