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All the balls are in Inmet's court.
They can cancel HT or extend or modify.
They can purchase what they need for cash from PTQ.
They can enter into some sort of a JV with PTQ that will not cost them anything.
They can downsize their project.
They can play nice and all their problems will go away.
Hour glass is almost out of sand for Inmet. My guess is some sort of JV with PTQ since they are actually short of cash and need to move the project along.
As to share ownership...it is impossible to actually tell who owns what in Panama due to the legal system. I believe that all Panamanians together own 50-60 million shares. That amount is increasing as more and more buy in at these prices.
It is nice to see our cash costs dropping to $524/oz. or 14% as the $450/oz. cost of heap leaching kicks into the mix.
Also very important, the expansion is on track and will be commissioned in the next 45 days since Q2 FY 2013 is now half completed. That will be a 30% increase in capacity!!
The second crusher system is ordered meaning we expect to sell the aggregate OK and get access to the higher grade AU.
Anski100,you are supposed to be in bed!
As this gets out into the media we may see some effect on the share prices. Interesting that he disclosed that they have met several times. Then Inmet continued to try to steal the rights through the courts. That was a big mistake as they are alienating the public with those actions and criticisms of Petaquilla. I understand that they would have to cut their project in half if we cannot come to terms. Their financing goes away also. Seems like 210 million would be about right for the 3,000 hectars. Then let's talk about access to the coast!
Buenas Dias,
Hola Mante! Peta no puede leer!
Estaba no menos que $5.10 no $1.50!! JaJa!!!
Duerma bien, este nino tiene mucho mas a crecer.
Saludos,
A final thought for the night.
It should be remembered that the PP has been put on hold so that the Golden Inmet Goose can lay an egg providing all the money for the future without taking on any more debt. Same goes of the PDI spin out...just waiting for some more free cash so that it starts well funded.
I am sure that they have plenty of outside expert information telling them what the value of the company really is today. The important point is what will it be worth in five years.
YES. It is a chess game...
PTQ does not want to put out any number or they will be forced into negotiating against themselves. Sort of like the Whitehouse plans...there are none...so they cannot be attacked. Frustrating, but understandable...if you do not put up a target...no one can shoot at it. No matter how Inmet modifies or extends its HT offer, it will be deemed "inadecuada!". Check......time is totally on Petaquilla's side. We are making money and are not going anywhere. There are several more issues before the courts and Inmet will lose everyone of them. If they have another year or two of delays they will fall like a house of cards. THEY MUST MAKE A DEAL!
Sorry, but we do not make money by using data, "so we could rub it in the face of Inmet.". Rather we will us it confidentially to help support the sale of our bonds. The UBS assessment will carry a lot of weight in that circle. No much to be gained by disseminating it to shareholders, but I was hoping for a peek.
I did not mean a specific number.
Their vague comments of just inadequate could imply that $0.60/share or so would be adequate. I was hoping to see a specific discounted present value, and some first class analysis, since we were paying for an expert analysis. I don't think they helped us at all, which is why I had the follow-up question concerning their impact on near term share prices. Seems to me they did not add much to the equation. I have the feeling that this is all just a distraction from what is really going on behind the curtain. The rules say that Q1 had to be filed by today or an extension requested. Tomorrow we should know a little more.
Saludos,
anski100,you feel that UBS under rated us?
Do you think all these ratings and machinations will actually affect the near term share price as much as fundamental progress?
LOL!
Those of us who know..are very irritated by those of you who think you know.
The whole circular is on Stockwatch if you just look, Jal.
All you need to know:
UBS Securities Canada Inc. ("UBS"), el asesor financiero de la junta directiva de la Compañía en relación a la oferta, ha proporcionado una opinión por escrito a la junta directiva expresando que, a partir de la fecha de dicha opinión, la remuneración ofrecida a los accionistas de Petaquilla de conformidad con la oferta de Inmet es inadecuada, desde un punto de vista financiero, para los accionistas de Petaquilla. El texto completo de la opinión de UBS, el cual se sugiere a todos los accionistas de Petaquilla leer en su totalidad, se incluye en el Circular de los Directivos.
Stockwatch has Director's Circular from SEDAR.
It is under T.PTQ not PTQMF
And in addition...
Inmet cannot build their power plant, cannot build the electrical grid and transmission lines from the power plant to the mine site, cannot build their road from the coast, cannot build their slurry pipe system for concentrate, cannot build their electrical transmission line to Llano, and cannot access their property without overflying Petaquilla air space.
Richard has ordered two batteries of Patriot Missiles, and three boxes of stingers. Employee training starts next week.
Rules do not require another HT offer.
They just modify or extend the present one, if they choose to do so.
It helps to read the material that others have nicely posted so that you may understand what is actually happening, and what will happen next. All of these procedures are carefully explained so that stockholders are not floundering around looking stupid. There was a very good LLP legal guide of 54 pages, and the SEC and SEDAR also have published rules. Football is easier to follow if you know the rules and don't just look at the cheerleaders. (But, then again, you paid for your ticket, so that is your right.)
Do you have the Q1 numbers?
What do you think?
Some of this work PDI is doing.
Mining Company projects awarded
14 | 10 | 2012
About six contracts in the amount of $ 117.3 million have been awarded to date by the company Minera Panama to work as construction
Drafting Economics (economia.pa @ epasa.com) / PANAMA AMERICA
About six contracts in the amount of $ 117.3 million have been awarded to date by the company Minera Panama to work as building an access road east, on the coast, mine site and port Cobre Panama project, whose cost was estimated at $ 6.2 billion.
"Contractors are performing earthwork in some access roads and other areas that require the construction of additional works Cobre Panama project, as in the case of port site where mobilized by 'ferry' support personnel in the mine construction, "said Steve Botts, president and CEO of Minera Panama.
Cobre Panama is one of the major investments in the country with a mission to be a model of responsible mining.
MONEY TALKS...CONTRIBUTIONS JUMPED FROM $500,000.00 TO $4,500,000.00 AND A TRUST HAS BEEN ESTABLISHED:
Minera Panama pays $3.6 million in municipal taxes to Donoso
Funds will go to New Development Trust
(Panama, October 1, 2012) A municipal tax payment of US$3,679,285.44 was paid for earthwork for roadwork to the East, Coastal, Mine Site and Cobre Panama Project Port Access Roads was delivered today by Minera Panama President and CEO, Steve Botts, to Feliciano Villarreta, Mayor for the District of Donoso.
“The Cobre Panama Project is moving forward and we are optimistic by what is occurring in Donoso. These revenues represent benefits and also carry important responsibilities for everyone, since their efficient and transparent use should be guaranteed. As a company, we work responsibly and pay our taxes which represent important resources for the development of this district”, expressed Botts.
In this regard, Botts applauded the recent creation of a Development Trust by council members for the efficient administration of the revenues generated by mining in the region. The council members informed that the funds of said trust will be overseen by a Transparency Committee comprised of a representative of a national NGO, a representative from the Catholic Church, a representative of the Ministry of Economy and Finance, a representative of the Comptroller General of the Republic, a representative of community organizations and a representative of the District business organizations.
For the third time, Minera Panama makes a construction tax payment to the Municipality of Donoso, fulfilling its commitment to contribute to the socioeconomic growth of one of the poorest districts of the country. From 2011 to the present, Minera Panama has contributed more than US$500,000.00 in taxes to the Municipality of Donoso, benefiting the implementation of sustainable community development programs. With this payment, the figure grows to more than US$4.5 million in taxes paid to date by the company for the construction of the globally important Cobre Panama Project.
At the event, Botts added that all works done by Minera Panama include Environmental Impact Studies conducted by the National Environmental Authority (ANAM), as well as permits from the Ministry of Public Works (MOP) and local authorities.
Exactly, we could have sold for $3.50 before.
That is not near enough. If we just continue as we are planning and let the Cobre Panama deal work itself out, with either Inmet or another through a public bid, our company will grow over time to its potential. Right now, the one and only issue is getting the bonds deal done. That cancels Inmet's efforts by their own stipulation and provides up the capital to expand in Spain, pay off our PM facilities and greatly increase our EPS while strengthening our balance sheet also. That one thing out weighs almost every other issue in the near term.
SEDAR filings this weekend or Monday. Should be up on Tuesday AM. My thought has been that they would take care of this legal requirement and then tackle the required Director Circular addressing the Inmet offer. However, I think this is just a formality. I cannot phantom many stockholders,(except a couple of clueless ones here), accepting Inmet's offer that is well below the current price in the market. With all of those issues going around along with the list I posted yesterday...the trump card is the closure of the bond issue. The Caa1 rating means a very good interest rate, and the prospect of an upgrade means they can easily be resold down the road if necessary by the bond holder.
Just 15 trading days until Inmet's offer expires. I have been hoping for an NCIB filing by the company since our 3m volume is over 1,000,000 shares per day. The stock would be an excellent value at this level and the company would have the money to participate in a large way once the bonds are sold.
Saludos,
Savlo, much as you wish it, Not for Sale!
There may ultimately be some sort of JV in the mix, but Petaquilla is part of Panama and will be around for many years. The 'brand' and good will, to say nothing of the connections, is just to valuable to walk away from. It may also serve as a vehicle to channel rewards in the 'right' direction, no matter who is in power. No question but that the Chinese have the deepest pockets if there is a public bid.
They also are too astute to want to do away with Petaquilla. A couple of dollars more per cu. yd. of aggregate channels a lot of money to a small little company....Kapish??? A little gold deposit here, another one there, pretty soon that is real money.
Let me count the ways...
Committing to operations in 2010 feed study in violation of EIS.
Using illegal studies to secure financing.
Attempting to open three quarries with no EIS.
Violating progress requirement conditions on their concessions.
Obtaining loans and lines of credit based on erroneous studies.
Starting earthworks without proper approval.
Failure to respond to government inquiries on a timely basis.
Moving forward with projects when warned by competent authority not to do so.
Libeling Petaquilla Gold, S.A. with false statements on several occasions.
No doubt the are the epitome of the definition and failed to exercise the care expected of a reasonably prudent person in like circumstances! Did you notice their Managing Director was fired??
THAT IS A PRETTY GOOD START...I KNOW THERE ARE MORE THINGS...YOU TAKE IT FROM HERE PETA.
Could be true. Chinese are really pushing.
Long term I think it would be more stable for Petaquilla if the Chinese were involved. We have a deal with them already for our copper. My guess is that the bio-corridor would not be breached and all the concentrate would go to Panama City and from their to Asia.
Although they could build a port in Caimito that might make sense. That way they could control access, and one thing the Chinese like is control.
I guess my time frame is just different.
To me a replacement of a major player withing the last few months over this particular issue is "just fired". Semantics, I guess.
Since this story that you are now just learning about was known by Inmet and its stockholders INMET IS NOW DOWN 48% from last winters numbers. If you think that was not known or seen as significant by large non retail investors at the very time the Panama operation is supposed to be on the cusp of success then you are just not up to speed. Last time I spoke to Greg was before he went on vacation in August, I can promise you he was concerned and hoped that they would prevail in Panama. Obviously they did not on any issue so far. (By the way PTQ is up 5% over the same time period that Inmet is down 48%)
While I am much more involved with PTQ and look to it to bring great rewards over the next few years, we do have investments,(I think a little less than 10,000 shares),in Inmet and can assure you we are not pleased. And buy the way, Mr. Mast was not overjoyed at his dismissal either
Long term planning for a project that takes years to develop naturally takes long term planning and letting of contracts. The window for letting the contract was closing for the power plant and it was necessary to grant the contract so that Sacyr could begin to move forward. Also, it was time to coincide with the politics of the moment while the Royal Spanish visitors were in Panama promoting business ties with Spain. The problem is now that Sacyr will be enjoined from construction activities until the port land issue is resolved.
My guess is that Inmet will have to pay the gentlemen for his losses and that will probably end up costing them twenty million dollars or so plus a huge fee to Morgan & Morgan. The clock is running and Inmet is falling further and further behind. With their executives facing jail in Spain and all their stumbles in Pamana we are not happy campers. If the arrogant executives do not think they can be jailed then they should talk to the Cisco guys sitting in Brazil for tax evasion when they were caught with the phony invoices.
If you are looking for a stock to short...I would recommend Inmet and not Petaquilla.
Current news, date of items shown in posts.
Sorry if the detailed explanation provided by the media is too much background. This is current news that I just passed along. To me it seems like a big deal. That is probably why Inmet is in so much trouble here in Panama. It is not a 'big deal' to them and they feel it is exaggerated. They are learning the hard way and it will cost them dearly I think. Unfortunately this may or may not be good for PTQ as Inmet could well be thrown out of Panama and that would set back the development hurting all sides.
On the other hand, maybe they are learning since they just fired their project manager and are frantically trying to hire someone to represent them to the government. I'll bet the fired Mr. Ernest Mast is inclined to think it was a big deal. I told them I was not interested, and of course the assertion here that Richard would leave, shows just how clueless that source really is.
The political opposition is considering just such action since they are against anything that is good and CD can take credit. They may choose to cause a lot of problems to delay things until after the election (2014), so that they can then move it forward hopefully as they think they will be in power and take credit and receive the royalties. Remember Law 8 turmoil. What is holding them back is a lot of elite in their groups also have shares of PTQ and Inmet. If all this is not worked out in ninety days, it may take several years. Remember Inmet is five years behind schedule now and PTQ about two. The Chinese are ready to step into any vacuum, so Inmet is definitely in trouble.
Coming in the next seven trading days:
Director's Circular.
Q1 FY 2013 SEDAR Filing Financial Statements.
Q1 FY 2013 SEDAR Filing MD&A.
UBS Evaluation of company fundamental value. (Panama).
Those are cast in stone by rules, regulations, and protocols.
Coming soon thereafter if not before:
$210M bond offering status.
NI 43-101 Pamilla.
NI 43-101 Oro del Norte.
Annual General Meeting Circular and Proxy.
PDI Update including financial news & contracts.
PDI Management Information Circular.
Notice of agreement and resolution of Minera-Panama issues.
Notice of start-up of 4th Ball mill.
Notice of completion of Molejon Expansion.
Notice of Andalucian authorization to begin operations.
Notice of first shipment of ore from Spain.
Publication of drilling results from new targets. (Panama)
Notice of Intent to File new NI 43-101 on LP reintroducing concept of open pit and doubling reserves in Spain.
Notice of initialization of operations in Portugal.
Notice of new acquisition of reserves outside Panama.
Notice of completion of new heap leach pad and loading of same.
Notice of initiation of construction of water plant in Spain.
Notice of new line of credit from Global Bank.
All of this information should be public before the end of calendar 2012. Have a nice weekend and hope that Panama returns to normal after tomorrow night's game!! All will be hung over, win or lose (God Forbid!) until MONDAY!
Players will receive $ 20,000 each if they pass the hexagonal.
The selection of Panama beat your morning look like in Honduras to guarantee qualification for the final phase of CONCACAF qualifying for the World Cup Brazil 2014, a feat that will be rewarded by the "red tide" and by a private company. shall $ 20,000 which will get each player, a private company, as an incentive if it enters the hex, as announced by the President of the Republic, Ricardo Martinelli. The president said he will not be at the Rommel Fernandez Stadium, where the canaleros catrachos will face in the game that will start at 9:00 pm tomorrow.
SALUDOS,
Now comes the sentencing hearing!
Inmet will run short of executives, firing in Panama and the others going to jail in Spain. Nice environmental record there fellows!!
PANAMA-AMERICA, TODAY
Inmet Mining is condemned in Spain
11 | 10 | 2012
Inmet problems have arisen not only in its Panamanian subsidiary. In Spain also suffered various processes for environmental wrongdoing.
EDITORIAL / PANAMA AMERICA
Inmet problems have arisen not only in its Panamanian subsidiary. In Spain also suffered various processes for environmental wrongdoing.
The Guadalquivir River Basin (CHG) opened a new proceeding against the subsidiary Cobre Las Cruces for an alleged breach of the authorization for its drainage system and reinjection. There, Inmet exploits the Niebla-Posadas aquifer. Recently, the Court 19 and the Office of Environment of Spain concluded the trial of three senior executives of the Las Cruces copper mine, owned by Inmet Mining, which are: its former CEO, Francois Fleury, director of Mina, William Thomas and the Director of Environment, Peace Cosmen, for alleged environmental damage.
Online cultural course for Inmet:
1. You are a guest in Panama.
2. Review PTQ Management's backgrounds.
3. Do not criticize your host's housekeeping.
4. Read and respect the "House Rules".
5. Do not act like an "Ugly American".
6. Ask for local advice and follow it.
7. Respect local culture and traditions.
8. Do not try to steal your host's employees.
9. Treat party founders, ex-governors, Peninsulares, with respect.
10. Learn to tithe! (That is 10% for Obama supporters.)
Now call Richard...apologize...offer 10% of MIPSA...resume buying aggregate...cooperate for the benefit of all, and you can use our lands and facilities as needed to develop your project. If that is not reasonable in your opinion...then please at least change the signage on your facilities to Mandarin before you leave Panama.
Have a nice day....
As you said, Peta, Inmet's screwed!!
LEAST OF THEIR PROBLEMS IS PETAQUILLA!!!Now if they would just play nice with us, this could all go away since CD controls all three branches of the government. Can't they get it through their gringo heads that this is Latin America, Global Bank funds Petaquilla, Martinelli is a Director of the bank, all the "right people" in Panama are involved in Petaquilla. PETAQUILLA ES PANAMA!! And yet they screw with us!!
Related Notes
Inmet Mining is condemned in Spain
Jose De Gracia (jose.degracia @ epasa.com) / PANAMA AMERICA
DRAFT PROJECTIONS
By the end of 2015, Minera Panama hopes to be able to extract about 150 thousand tons of copper concentrate per day, this open pit mine, and about 225 thousand tons per day, after the first ten years of operation of the mine. This information the company as a subsidiary of Inmet Mining has provided its investors.
Transaction data questioned
3.5 million paid by Minera Panama Rincon Bay, despite the criminal kidnapping.
14 million is the amount of the alleged scam claiming Rudy Bogaards.
45 million contract was signed with Sacyr miner to build the port.
The missteps of Minera Panama SA, a subsidiary of Inmet Mining of Canada, do not stop. First the company lost the eligibility of land on which to build their designed tailings basins, now faces a legal problem for the land THEY bought to develop the port through which they would remove the copper extracted.
On 27 January this year, Minera Panama bought the property 27 464, 61 acres on the shores of the district of Donoso, society Corner Bay for $ 3.5 million.
However, the Sixth Circuit Court Civil, by Victor Rene Garcia, warned the then manager of Minera Panama, Ernest Mast, that there was a kidnapping Formal against companies where shareholder register as Max Van Rijswijk, who was charged by his former partner Rudy Bogaards for alleged fraud until then was $ 1.4 million.
Villarreal Carlos Carrillo, Carrillo signature and Associates and representative Bogaards, said that now goes for 15 million dollars.
The kidnapping of the Sixth Circuit Court Civil clearly included under properties Corner Bay SA society, ie the mining land acquired to develop its port. Even the court warned that Minera Panama insisting on the purchase of land, whose society is kidnapped, had to withhold $ 1.4 million in favor of the employer Bogaards.
None of this happened, and both sides held their contract, although there was a measure of sequestration against the property of extended Van Rijswijk, legal representatives denounced Bogaards.
Carrillo said that in the coming days he will file a criminal complaint of fraud against Bogaards and to recover property that had a kidnapping.
He noted that criminal liability to the transnational is reached by buying a good that Van Rijswijk was not authorized to sell.
Amid the controversy, Ernest Mast - who carried out the purchase of land - was replaced by the Management Minera Panama by Steven Boots.
However, Minera Panama avoided talking about it yesterday and Minera-Panama Manager Ernest Mast was fired. "I inform you that by company policy, Minera Panama does not comment on possible legal proceedings that may be underway," said Olga Neighborhood, representing Minera Panama.
This week, the Spanish company Sacyr Vallehermoso announced it had been contracted to build the port of Minera Panama in Rincon Bay sector, for about $ 45 million. A wire agency ACAN-EFE said the company hoped to have the port operational in 2016. Now everything is tied to the employer's legal action Bogaards, who says he was cheated by his former partner Van Rijswijk.
PERSONAL COMMENT: ANYONE FAMILIAR WITH THE PANAMANIAN COURT SYSTEM CAN TELL YOU THAT THIS MATTER COULD BE TIED UP IN COURT FOR YEARS, ESPECIALLY IF THE "RIGHT PEOPLE" WANT TO SEE THAT HAPPEN. COME TO OUR HOUSE AND SCREW WITH US AND YOU WILL PAY DEARLY!!! ANOTHER BIG HAMMER OVER MINERA PANAMA!
Chess is an art....
Make that over two million shares of churning so far today. Who does that benefit? Our 3m average trading per day is now over one million shares per day. Hmmmm.....could a new NCIB be coming down the road with plenty of PP bond money with no strings on it beyond the PDI investment and the metal facilities? Hmmm.....Let's see...we could suck up some serious shares at 1,000,000 per day or so.....Hmmm...maybe yes or maybe no....be sure somebody has a plan....
FROM YAHOO:
Prev Close: 0.64
Open: 0.64
Bid: 0.63
Ask: 0.64
1y Target Est: 1.75
Beta: N/A
Next Earnings Date: N/A
Day's Range: 0.64 - 0.65
52wk Range: 0.30 - 0.82
Volume: 1,422,570
Avg Vol (3m): 1,052,210
Market Cap: 137.51M
P/E (ttm): 2.46
EPS (ttm): 0.26
Div & Yield: N/A (N/A)
To aggregate or not to aggregate.
Yes, MIPSA stated that they do not anticipate entering into any contracts for aggregate. However, do not be misled by this statement. A contractor bids on a project. If the contract is let then they proceed with the work. They buy aggregate from whomever they choose. (i.e. Sacyr will buy materials as it sees fit. So will all other contractors.) 90% of all work will be done by contractors not by MIPSA itself. In addition, when you want to open and aggregate quarry you do not just start digging a hole. There are permits, rules, regulations, etc., etc.. Finally the government has committed to infrastructure improvements of several billion dollars all within 75 miles of Molejon. PDI/PTQ will have a market for its aggregate, that is essentially cost free as a by-product of the mining activity. NON-ISSUE.
No worries.
One, you hire local labor. Two, Richard has been highly decorated by the church in Spain and Christopher Columbus is on our Advisory Board. Remember the video with all the Spanish dignitaries speaking volumes about our wonderful company? They desperately need us as the soon to be largest employer in the area.
Except Sept. 14th, best close since Dec. 9, 2011.
I cannot believe all these buyers are doing so to sell their shares to Inmet for $0.48. In the same line of thought, many sellers may be those who bought when we traded during the summer around $0.31-$0.45/share. It would seem that sooner or later we should run out of those folks and the share price move up rather quickly. There must be some general sentiment that we are going much higher for whatever reason, fundamentals or the buyout rumor.
If the rumor persists until our fundamentals improve a whole lot, which they will over the next six months, there might not be a drop back in the price, when the world realizes we are not for sale. It would be nice to get over a dollar again and stay there. I liked the Moody's Debt/EBITDA yardstick and that is definitely going to improve.
Three trading days until Q1 EPS.
gabbs, nowhere do I hear 'selling' or 'sold'!
I guess I am the only one on the board that thinks the company is not for sale. I do know people who are buying aggressively at these prices based on fundamentals and the extra leverage that we have with Inmet due to their conundrums. Those I talk to believe there will be a "deal", but that it will not involve the sale of our Panama assets. Getting the rating that we did on the bonds was a big step forward and I think the PP will close soon. So I do not believe there is a buyout in the future.
Having said that, I would not be surprised to see our share price climb into the area forecast by Zacks, but maybe not until late January or even April. But then again you know I am known to be very poor at forecasting share prices. By the end of April our leverage, Debt/EBITDA should easily be 5X and we will received the promised upgrade of the bonds from Moody's. I don't see much more downside risk from this level than I did when we were at $0.35 in August.
You are correct. 47,000 pages in public record.
PTQ has them pretty well locked up, but I understand that agreement coming soon to satisfy all parties.
Technically they were full speed ahead since the board vote. However, the contract to Sacyr is the first major move since the brouhaha over concession ownership. Available land in the area has appreciated 1000%, hope you got a little on the cheap last year.
Most is ROP but some was titled. Two thousand people moving into the area will require a lot of services.
Hi Anski100.
1. Minera-Panama is moving forward in major way so they are confident that one way or another issues will be resolved with PTQ.
2. Affirmation that road, grid, slurry system, etc. will be built across PTQ concessions to port. Contracts benefiting PTQ should be part of the deal. Think of building the Autobahn through the Schwarzwald in Baden-Wurttemberg.
3. Land beyond the 8.65H that has been granted on sea bed and shore by Coast Guard/Government will have to be purchased/leased from PTQ for coal plant, storage, infrastructure, etc.
4. Millions of tons of aggregate will have to be purchased as was previously expected and planned for by PTQ.
5. Value of concessions owned by PTQ just went up exponentially with actual implementation of Minera-Panama project. Up until this
time much was just plans and projections. Now it is real. You can plan a railroad, or a pipeline for example over a period of years. It is a major move forward when you actually let contracts and begin construction.
6. Many contract participation opportunities will be open to PDI as this six billion dollar project unfolds. Sacyr is in strong position to get more contracts. PTQ is in excellent position to participate because of strong ties to Spain and Martinelli.
7. There has been some sort of movement behind the curtain between PTQ/Inmet or they would not have gone forward. Note that Minera-Panama did not disclose this deal, but rather it was Sacyr and they will give no details.
Sacyr will build the Panamanian Caribbean port
October 9, 2012:
This is a contract worth $ 45 million and is the result of the company's strategy for further work in Panama. Sacyr participates in the expansion of the Panama Canal.
Along the harbor, Minera Panama plans to install electric generating plant, fueled by coal, which is to supply the mining complex. The port is the first Sacyr contract.
The private company Minera Panama commissioned the construction of a deep-water port on the Caribbean coast of Panama to the company Sacyr Vallehermoso, in the first contract that gets the Spanish construction in this country after the construction of the Canal Expansion .
According to industry sources said yesterday, it is a contract of about $ 45 million and is the result of the strategy to get more work in Panama, for future years, Sacyr has refused to give details of the contract.
The Government Cabinet authorized on 28 September 2012, the conclusion of a contract between the Panama Maritime Authority and the company Minera Panama in which concession is granted in a total area of ??shore and seabed of 8.64 acres, located in Punta Corner, North Cocle township, district of Donoso, Colon province.
The term of this concession is for 20 years.
Punta Rincon, on the Caribbean coast, is about twenty miles from where Minera Panama is developing a copper mine in Donoso.
The port, which is estimated will be operational by 2016, will enable Minera Panama ship the copper extracted from the concession of 13,000 hectares that obtained from the Panamanian authorities. By the end of 2015, Minera Panama hopes to be able to extract 150,000 tonnes of copper concentrate a day from open pit, and about 225,000 tons per day after the first ten years of operation of the mine.
The port of Punta Rincon is expected will have different docks for ships, coast guard, small craft and ore storage areas, fuel and chemicals, sewage treatment and helipad, for a total investment estimated to reach 320 million dollars.
Comment: The Spanish Royalty visiting last week greatly wanted Sacyr to have more business as I posted. Minera Panama is making peace with the Government. Usual carrot/stick approach by Martinelli. That is how business is done in Latin America.
Well since no one in USA will do it!
HAPPY THANKSGIVING TO ALL OUR CANADIAN STOCKHOLDERS!!
A lot of water will pass under the bridge before those in the USA will have their holiday. Today the states is celebrating the arrival of the evil Europeans who came to kill all the people and insult the water god. Such is life...win some...lose some. In Panama the celebrate opening the world to commerce. Next year is the 500th anniversary of the discovery of the pacific ocean...I suspect the Chinese and Japanese already knew it was there. I think it is like year 4078 in China, they have been around the pacific for quite a while.
I miss Jal complaining about the failed heap leaching at Molejon!!!
Loji, that is backwards.
All there has been is a lot of talk about nothing!!
PTQ caravan is still moving steadily as indicated by the October 4, 2012 Press Release. There are no negotiations about selling the company. End of the week FY 2013 Q1 numbers out with MD&A. Evaluation of the company by UBS will also be out soon. And finally the sale of the PP bonds will be announced with associated details and costs, and the gold and silver facilities will be gone for good. Q2 will be more profitable than Q1 and Q3 even better with the expansion completed. Inmet will feel like they are under siege from all quarters. Vultures are circling with open checkbooks. Good time to just kick back and enjoy the fall season. Maybe the share price will move up some and all the, "I'm- gonna-sell-at-$xx.xx/share" guys will move on and not be missed by many. Most will not have even read the entire Inmet offer.
Happy Holiday!!
Can't say too much more...
Some nice pictures on 'Hydro-plants in Panama' with good information. I think you can Google 'Bajo de Mina hydro-plant Panama' and then click on the photo heading on the first page. I like the picture of the big one in the middle of the pineapple farm. Not much pristine jungle there!! 380MV too.
Carlo's Financial group in Spain could easily buy the bonds, but how about just the whole damn mining sector itself? Be a nice JV partner for PTQ and Carlos definitely knows how business is done in Latin America. Keep studying your Mandarin Rosetta Stone...as I said before, the least of Inmet's problems is finding a spot to dump their waste and put their tailings ponds. The question is whether we get to ride along on someone's back or get crushed under the wheels of the Big Boys trucks. I am betting our connections are solid in Panama and in Spain.....
Football Time!!
Most important sentence of the day!!
"In what has become a trend, the sole
bidder was the highest bidder."
Remember the article and film well.
Problem is that Panama Imports electricity and is running short. You have 652 voters, (which I believe were the votes the new King received), trying to hold back advancement of 3.3 million Panamanians who what more electricity. In-flow hydro-plants do not diminish river flows. Guess the old river will no longer be navigable all the way and they will have to portage around the dam. Life can be a bitch!! Yes Carlos Slim is determined to connect the electric grid all the way from El Paso, Texas to Panama City. I'm afraid the new King of the Naso Tjer Di and the water goddess are out of luck. His kids will be listening to I-pods and driving ATVs and Water skis towed with their Chevy pick-ups. Progress is hell!! Peaceful resolution for the King has meant some serious ear plugs.
Good job Redflame, you do your homework.
Two points I would make.
(1) It is interesting that PRD and the Torrijos Administration granted 27 concession for the development of the hydroelectric projects, yet paid for and led the indigenous demonstrations against hydroelectric power construction that CD moved forward. Same can be said about Petaquilla concessions. All of the elite families have ties and interests in development in Panama. The rest of the noise is "Politicaria", or just political BS.
(2) It is absolutely impossible to learn in Panama just who owns what due to the complexity of foundation law and off shore companies. Several years ago the then acting IR person for PTQ, 'Janet' sent an e-mail that was posted, after an inquiry about out stockholders, explaining that it is impossible to know who owns the stock and how much they actual have. I think that all in all there are about 60,000,000 shares in Panamanian hands, but that is a guess. All the holders that I know are extremely pro-PTQ and leery of Inmet.
As far as I know, not one member of management or the BOD recommends that we sell the company. The potential is just too
great to make some very serious money over the next few years. It would take a very, very large commitment from Inmet to pry loose enough shares to take control. Significant investors are not that short sighted. The quick end would be the closing of the $210M PP. definitely there will be some news by the end of next week.
Hey! If I said more that spoils rumor!!
Carlos is close to Martinelli. Already has major investments in hydro-concessions and "other things" in Panama. Inmet is not looking for money...but I know someone who is....LOL!! "Lose Lips Sink Ships!!!" Have a good weekend.
Back from nice hunting trip.
Way too much BS and Rumors many showing little understanding of the process, laws, protocols; patently false allusions and non-specific assertions about our company. Relax, and let this play itself out. Inmet has much greater problems than getting a little land for its waste and tailing ponds.
As Peta is telling you the $210M bond issue is all but done and the offer to buy will be moot. I doubt company will be sold.
Monday is huge holiday and next year will be enormous ceremonies with the Vatican, Spain, and others taking part at the 500yr. anniversary!!
Pay attention to the change at ANAM and the creation of the Department of Mines and Energy. You want rumors to chew on....
Get to know Carlos Slim, and learn to speak Mandarin, you will need it.
A week from tomorrow Q1 filings are out and the MD&A should be fun to read. In the mean time...read the October 4, 2012 Press Release again, particularly paragraphs #2 & #3.In paragraph one do you all understand what this means... "The offer is not a "Permitted Bid" under the Company''s shareholder rights plan..."?
And finally, if the heap leaching was not going as planned and the yields were not as they are, Ernst&Young would not have let us capitalize that huge stockpile. Read the Annual Report and associated opinions again. Just relax, the universe is unfolding as it should!!
ALL IS WELL...THE GREEDY LITTLE GUYS DO NOT HAVE THE POWER TO SELL THE COMPANY OUT FROM UNDER US, OR TAKE CONTROL AND CHANGE THE BOD. THINGS ARE WELL UNDER CONTROL. NO WORRIES...BUY MORE STOCK!!
I too would like the contrariety!!
But, with the caveat that it comes from an educated, informed, and rational source. Obvious attempts at spreading disinformation are a disservice to everyone, as are agenda driven emotional rants.Lots of ill-informed malicious chatter just wastes people's time and energy.
There is a general rule in business that there are six solutions to every problem. (Critique of Knowledge 390 or so...)There are obvious risks associated with this company and most are spelled out in the Annual Report, if you would only take the time to read it. On the other hand there are obvious rewards for those able to manage and accept the risk without emotion, if things continue to unfold as planned.
If anyone has a better opportunity in the PM sector than PTQ at this time, please step forward and share the news. In case this situation goes south and we lose the company for pennies on the dollar, I would like to have another good alternative in the wings. Right now Inmet looks pretty good, particularly if they drop into the mid-thirties with all the trouble they are having in Panama ans Spain.