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The markets on Friday expressed relief at the Greek bailout, but as the smoke clears and the mirrors are turned away, the stark reality is that no matter which way you look at it, Greece cannot repay the huge debt burden. The banks are agreeing to a voluntary reduction of the burden in an attempt to avoid a default, but voluntary bank relief or not, Greece has to default on its debt. The ratings agencies are confirming that Greece will be in default if they do not meet the original terms of their loans. They have to rule this way or see their own credibility dissipate.
Please note that we are talking about a bank bailout more than we are talking about a national bailout here. It is this factor that highlights the risks facing the banking system and national currencies.
Confidence in money cannot be negotiated, adjusted by softer attitudes, played with by politicians. We have to call a spade, a spade. That's why gold will not go away from the money systems. It is a lifeboat that won't be sunk. As we look at a world of moral turpitude, more and more people want to know where the lifeboat on the ship is, even if they are not climbing into it yet.
What's worse is that politicians are captaining the ship. Whether it is Europe or the U.S. these people are rocking the boat for their own ends. Can one seriously depend on all these factors for your future financial health?
Do you notice that no-one in Europe's financial system is mentioning Greece's 111 tonnes of gold? Not yet anyway. What are the issues surrounding this gold and what's happening to it?
Gold Prices in different currencies which highlight currency moves:
Swiss Franc - Today: Sf1,269.58: 1 ounce of gold. Friday: Sf1,261.16: 1 ounce of gold.
U.S. $ - Today: $1,503.00: 1 ounce of gold. Friday: $1,511.00: 1 ounce of gold.
Euro - Today: €1,038.55: 1 ounce of gold. Friday: €1,044.20: 1 ounce of gold.
India -Today: Rs. 66,724.18: 1 ounce of gold. Friday: Rs.67,541.70: 1 ounce of gold.
Minister of Trade and Industry, Roberto Henríquez said that the current government has shown remarkable success in the economic field. The minister said that this is because investments have become more public than in past administrations. The program week broadcast this Sunday TVN Channel 2 , Henriquez explained that thanks to this investment, Panama has become the country with the highest level of foreign direct investment per capita in Latin America and the fastest growing economy. He added that in the economic field is the most successful of this administration, with high levels of investment granted by international certification, which demonstrate that public finances are being handled skillfully. Challenges Although the holder of Trade and Industry pointed out that in economic terms, Panama is successful, it must be admitted to ensure that this economic growth reaches areas not receiving direct hit. The current administration has helped reduce levels of unemployment, which is the best way to distribute wealth, the official concluded.
Buy-back is a good move , but the best one for me would be buying Iberian R.
Anyhow , anything under $1 is a gift now, year from now you wish were borrowing money to get more shares now .
Happy Independence Day!
Absolutely ;0))
Before Minera -Cobra deal, PDI was just 0.25 company, good for local contracts, I must say.
But after Inmet future copper mining contracts- I value PDI just as much if not more then PTQ, IMO.
PDI is here to stay for more then 30 years !!! Just think what SP will be then !
Someone might say :
VB , why don't you just buy PDI shares when it goes public ?
My answer:
First of all , I kill two rabbits with one shot, by buying PTQ shares now.
Secondly: some of you know what happens to IPO situations - by the time retail investors have chance to purchase - SP is already 30% up or double in a same day.
So, why take a chances?
So, as my friend likes to say : "Petaquilla es Panama"
I would like to add : " PDI es Panama' y China".
SHHH...
FL Smidth has received a major order from an as yet unnamed Latin American copper miner for milling equipment including world's largest SAG mill.
It is not a jewelry demand – it is for China Central bank.
Buy-back will start next week and price have to climb up eventually plus seasonal strength.
I don't buy it, "Cambridge" is a scam, PTQ went to local consul and will be mining it.
China Gold Imports Surge - Estimated at 200 Tonnes in 2011 YTD; Compared to 250 Tonnes in All of 2010
The Financial Times today confirms surging demand from China. “Some traders estimate that the country may already have imported more than 200 tonnes of gold this year, compared to total imports last year of about 250 tonnes – itself a more than fourfold increase on 2009.”
It is safe to assume that the unnamed traders are credible sources as these figures coincide with what industry experts in China and the World Gold Council are saying about surging Chinese gold demand.
Central bank demand from China and internationally and investment demand from China, Asia and internationally will ultimately be the primary driver of the gold market in the coming months and possibly years.
Government legislation of any nature may impede in the short term but ultimately the law of supply and demand will be the ultimate arbiter of price.
Loj, welcome back , do you care to tell us a nice vacation spot ? Anyway it is going to be exciting time next few weeks as SP is approaching $1.
1.6 mil. shares traded so far !!! someone is buying.
Loj ? How long vacation did you get ?
Going Greek :
Here are 10 of the most onerous:
Taxes will increase by 2.32 billion euros this year and 3.38 billion, 152 million and 699 million in the three subsequent years. There will be higher property taxes and an increase in the value-added tax (VAT) from 19 percent to 23 percent.
Luxury levies will be introduced on yachts, pools and cars and there will be special levies on profitable firms, high-value properties and people with high incomes.
Excise taxes on fuel, cigarettes and alcohol will rise by one-third.
Public sector wages will be cut by 15 percent.
Defense spending will be cut by 200 million euros in 2012 and 333 million each year from 2013 to 2015.
Education spending will be cut by closing or merging 1,976 schools.
Social Security will be cut by 1.09 billion euros this year, 1.28 billion in 2012, 1.03 billion in 2013, 1.01 billion in 2014 and 700 million in 2015. There also will be means testing, and the statutory retirement age will be raised to 65 from 61.
The government will privatize a number of its enterprises, including the OPAP gambling monopoly, the Hellenic Postbank, several port operations, Hellenic Telecom and will sell its stake in Athens Water, Hellenic Petroleum, PPC electric utility and lender ATEank, as well as ports, airports, motorway concessions, state land and mining rights.
Only one in 10 civil servants retiring this year will be replaced and one in five in coming years.
Health spending will be cut by 310 million euros this year and 1.81 billion euros from 2012 to 2015.
OK, but what is your take? Management did contacted Spanish consul and verdict was - their claim is groundless.
I think in a few month as we proceed with acquisition it will become side issue.
The good news as mantaquilla just posted - we have a few trading days left before BOD will start stock buy-back. July can get very exciting.
$1 -? Nothing wrong for them to stop and make it a base again, I'll go for that for now.
It looks old, from SH :
"Reviewed at length with Spanish counsel prior to binding letter of intent. Old news to anyone close to project including Inmet, Deutsche Bank, Global Bank, and others. As stated in conference call, claim has no merit. At least all agree there is a lot of gold in the ground to be exploited. Another non-issue to drive down the price just a little more. "
Poncy, it is a nice find- gives me bad vibes.
I wonder if PTQ management can solve it fast.
PTY, thanks for posting this , unless someone wants to spend $65 per share- PDI represent a nice play in a copper mining.
Badge, relax - I was just joking , there is nothing to talk about this days - summer doldrums.
All right, I will attempt to answer your question for real now:
As I mention before, spin-out will occur sometimes in the late Fall of 2012.
The Date will be retroactive. None of us know exactly, but we can guess that it would say something like :
... retroactive to shareholders of record on August 2012.
Are we friends now ?
If you not "going to stick around " - why do you care? They might give you a few shares according to length of time you have been on this board. ( Or so call "bonus points")
As you know management has been reading this board and will award premium shares to a few posters who were loyal enough through this challenging times.
Bonus Points = B-Points also will be rewarded to those who presented company view in the most favorable matter .
Likewise negative posting will results in subtraction of B-Points which can also lead to a complete share re-call.
GL
Salvo, what are you talking about? Just buy your shares , PDI is schedule to split in September 2012.
Don't worry - be happy.
You are absolutely correct,
".. pm - The Panamanian economy grew by 7.18% during the first quarter of 2011 compared to the same period last year, according to the Monthly Economic Activity Index (Imae). This is a monthly measurement that makes National Institute of Statistics and Census (INEC) of the Comptroller General's Office and was released Monday through a press release. According to the monthly report of INEC, the peak sectors were transport, storage and communications, trade, construction, mining and quarrying, private schools, hotels and restaurants and community social and personal services, among others. The operations of transport and communications showed positive rates as a result of increased movement of containers, air transport, telecommunications, transit of vessels and net tons displaced by high-draft vessels that transited the Panama Canal and by rail. Economic growth was also observed in commercial activities due to a better performance of the retail and wholesale businesses. Similarly, increased fuel sales, as well as new vehicles, as reported by the INEC.
It is a good news !!! Don’t you people read :
“ …The Company has conducted thorough due diligence on the title of the Lomero Poyatos property, including obtaining an opinion of Spanish counsel which confirms that Iberian's wholly-owned Spanish affiliate, Corporacion de Recursos Ibericos S.L., has sole and exclusive ownership of the Lomero Poyatos concessions and the exclusive right to exploit the mineral rights in connection therewith. Assertions made by any third party claiming rights in connection with these same Lomero Poyatos concessions are, in the view of the Company, unfounded and wholly without merit.
Oh no, something must be wrong , we can’t stand a prosperity..
That is given - we will be 250K oz. producer in two years !!!
Green people will have to love it :
...To develop their business in Panama further, PDI Panama has identified many opportunities. These include the development of mini hydro (run of river) plants, ... ...
" ... Small hydro plants may be connected to conventional electrical distribution networks as a source of low-cost renewable energy. Alternatively, small hydro projects may be built in isolated areas that would be uneconomic to serve from a network, or in areas where there is no national electrical distribution network. Since small hydro projects usually have minimal reservoirs and civil construction work, they are seen as having a relatively low environmental impact compared to large hydro. This decreased environmental impact depends strongly on the balance between stream flow and power production. One tool that helps evaluate this issue is the Flow Duration Curve or FDC. The FDC is a Pareto curve of a stream's daily flow rate vs. frequency. Reductions of diversion help the river's ecosystem, but reduce the hydro system's ROI. The hydro system designer and site developer must strike a balance to maintain both the health of the stream and the economics."
All right then, is this just a beginning?
Gold and silver prohibited on July 15, 2011?
GoldSilver.com - Question of the Week
JUNE 21, 2011
As a result of ZeroHedge's recent article about over the counter gold and silver prohibition (click here for that specific news piece) many customers have been asking us the following question:
Will ownership of gold and silver be prohibited on July 15, 2011?
No, not for those who own physical gold and silver.
It will impact those who own paper gold and silver.
The Dodd-Frank Act was enacted to help bring financial stability and to improve accountability and transparency to the financial system. In summary, the Dodd-Frank act is another packet of financial regulations.
In response to this act, FOREX.com, an online brokerage house specializing in trading fiat currencies, has determined that their US clients having XAG and XAU trades "over the counter" will need to be liquidated by July 15, 2011. Therefore, within less than a few weeks, their digital gold and silver trades will need to be liquidated and again with very little notification.
We believe this adds credence for why one should take physical delivery of their gold and silver to their door or in a private segregated vault storage facility.
Be forewarned paper investors of gold and silver! Those who hold paper / digital gold and silver, exchange traded funds, etc. Those investors are beholden to brokerage accounts and ever increasing financial regulation.
It is our strong belief that physical gold and silver investors will continue to enjoy private ownership, anonymity, and control over their own financial destiny.
Can you buy anything without spending money ? 41 mil shares is the old news . We double our capacity !!!
We got it cheap because of Spain difficulties.
And why would company tell you or anyone else when they will execute a buyback – opposite : let shorts start worrying about it.
I like what I hear, if I wouldn’t trust management with my money – I would not be here .
I think Richard Fifer doing a great job.
Can someone post the highlights of CC.?
I got tight-up at work and missed it.
Thanks.
CC at 1pm Eastern time = 2 PM EDT in Ohio, correct me if I am wrong, ..
Thanks,
VB
Earthquake Details
This event has been reviewed by a seismologist.
Magnitude 5.0
Date-Time Sunday, June 19, 2011 at 16:34:43 UTC
Sunday, June 19, 2011 at 11:34:43 AM at epicenter
Time of Earthquake in other Time Zones
Location 7.383°N, 82.201°W
Depth 19.7 km (12.2 miles)
Region SOUTH OF PANAMA
Distances 135 km (83 miles) S of David, Panama
176 km (109 miles) SW of Santiago, Panama
184 km (114 miles) SSE of Golfito, Costa Rica
358 km (222 miles) SSE of SAN JOSE, Costa Rica
Location Uncertainty horizontal +/- 8.3 km (5.2 miles); depth +/- 6.8 km (4.2 miles)
Excelent post by crdy :
Nothing would do more for the SP than some firm guidance on EPS. As you say, they have guided on production and direct costs. I believe the outstanding warrants would raise nearly 60 million dollars. There are some that expire in mid-October at $1.54 and a bunch more that can be called with the thirty days above $2.00 trading. My guess is that they will promote this summer to get the SP at the call level and that will cause the people with the expiring warrants to also exercise them with a SP above $2.00 and they will call the rest.
The big question is how much do they want to spend and expense in the areas where they have substantial control and can heavily impact the Income statements. (i.e. such as exploration and how much they intend to capitalize from the millions already expended.) ODN production is still a long time line away; they will not even make the decision whether to process there or haul over a new 22 KLM road, that they would have to build, for at least another year.. There is plenty of gold nearby for the Molejon plant either through the expanded pit with the high grade 3.01 g/t ore below the aggregate or the two expansion areas of the pit with its new configuration. Also Santa Lucia is right next door, has a lot of gold and is much easier to mine and haul than ODN.
With the new ball mill coming on line soon, the large stockpiles of both high grade and low grade ore already mined, they can greatly influence the quarterly EPS this FY. The only real question is what EPS do they want to achieve. With the start up now essentially complete and with a huge excess mining capacity, they can pretty well control the bottom line results.
If they would guide toward a
.35-
.45 EPS FY 2012 with gold from $1,300.00-$1,500.00 sale price, the retail market would probably respond favorably. My guess is that the promotion and web cast is probably more about calling and exercising warrants than any pressure from either large shareholders, who are in it for the long haul, or complaining little retail investors, since the company does not lose or profit from short term share price movements with no financing requirements on the table. It takes a lot of mining to put 60 million dollars in the treasury...much easier to promote for a few months even though that is against the corporate culture.
Read between the lines :
86 000 jobs were generated in seven years
The National Council of Private Enterprise, the Ministry of Education and universities work together to train the necessary personnel.
EMPLOYMENT.Technical staff such as engineers and architects are the most popular.LA PRENSA / Jihan Rodríguez.1570605
MINERVA Bethancourth
mbethancourth@prensa.com
By 2018, Panama will need about 86 000 people trained to meet the demand for labor in different sectors, according to a preliminary report of the National Business Council (Conep).
It will require staff to hospitality, construction for the Panama Pacific Special Economic Area of ??Howard, for mining projects and technology, among others.Based on the analysis Conep as they develop new projects and new companies are installed, the figures will vary, so a committee composed of the private sector and government coordinating a staff training plan that will be demanded.
Private sector representatives working with the Ministry of Education and universities to focus the curriculum to the needs of the labor market required.
The Conep which currently holds the most demanding jobs that are related to the technical area as engineers and computer technicians, programmers and architects, as well as electromechanical aviation, port and project managers.
The study to be conducted is aimed to meet the actual demand for employment in all sectors, even those who have remained behind, said Vice President of the Panamanian Association of Business Executives, Félix Cuevas
Yes sir :
Looking for more investment in mining and banking
Mary Triny zea
mzea@prensa.com
While talking about mining in Panama is a topic of controversy for being a nation rich in biodiversity with respect to one of the most destructive industries, today in Canada promote the country as a good place to invest in mining and also a hub Financial.
Roberto Henríquez, Minister of Trade and Industry, heads the delegation left yesterday for Toronto to Panama Invest, a series of conferences to attract investment.
The Inmet Mining, the parent company of Minera Panama, which operates a copper mine in the middle of the Mesoamerican Biological Corridor, is listed as a sponsor of the event, including Scotiabank, SNC Lavalin, MTI and Southern Bridge Capital Corporation, the ministry said.
Ernest Mast, President of Minera Panama, will present along with the Panamanian Chamber of Commerce, Canadian and other companies.
It is not necessary, I already send my and thousands investors will do the same . They have capable people who can organize those questions in sub-groups to answer them.
In the last month Petaquilla management issued 10 PR’s and now we have a webcast .
I wish we would stay under radar for a while.
Those who have brains and eyes can see what happening .
Some of you will eat their words by the end of the year.
“Dogs are barking but Caravan is moving.”
Patience a grasshopper… this is a summer doldrums, sipping on the sweet tea and being lazy… $ 0.62 - come to Papa...
The title of Conference has a significant meaning for locals :
ON THE DAY OF THE EARTH Pachamama inexhaustible source of life.
Pachamama in Quechua and Aymara linguistically mean Mother Earth, but for the farmers of this area is not only the land where planting or harvest, if it means everything we receive from a generous and fruitful mother, because it has no limit as life therefore Pachamama is not only the fruits of the earth after having been planted in it (potatoes, oca, quinoa, barley, etc.) or without having been planted in it (grass, wood, etc) but also is the author of the Andean creation including artistic creation (agricultural dances, music for the agricultural dances from
others) and also includes the creation of crafts (weaving, tailoring, etc.) so that there is a way of organizing family and community, hence the fertility and generosity of the Pachamama.
Mother Earth gives us life ate one made with their products gives us life to share with each other and so we can live in peace, she is holy because it gives life, we will take care to produce more and better, you make offerings in common with Cokes and candy that are burned, spilled wine and other drinks in it, we kneel to pray, to live quietly, in carnival express the joy of the new pope is for us to have food and we rejoice at Pentecost large potato which means that we have finished harvesting.
What a smart move !
" Teachers Donoso and La Pintada attended the workshop held from 6 to 8 June 2011, under
the first phase of the Mining Environmental Education Project (PEMA) and in harmony with the Programme Management
Environmental Programme (WFP) of the Environmental Impact Assessment and Social Copper Mine Project Panama.
- The second phase includes the development of guidance and delivery of educational materials to
teachers to provide instruction to students in elementary and middle schools of mining project area.
- Minera Panama initiative has the backing of the National Environmental Education Association,
MEDUCA and aims to generate environmental awareness among teachers, children and youth of
communities surrounding the mining project.
(Panama, June 10, 2011) Several members of the education sector between teachers, supervisors and managers
regional Ministry of Education of the Colon and Cocle provinces, participated in the 6 to 8 June Workshop
"Mining and Environment" which successfully developed the company Minera Panama, with support from the National
Environmental Education Ministry of Education (MEDUCA).
This workshop, part of the Action Plan EIA Environmental Education Minera Panama, provided at 41
participating teachers and education authorities the tools that allow you to promote environmental awareness
among their students, towards the development of this important mining project in the region.
Daniel Esquivel, Panama Mining consultant and coordinator of the Mining Environmental Education Project (PEMA), highlighted
that the day was a huge advantage, because it clarified many doubts and gave prompt and accurate information on
mining issue, about which there was much uncertainty and misinformation. He added that teachers who attended
this activity belong to schools near Copper Mine Project Panama, and that was MEDUCA
direct involvement in the selection of teachers who attended the workshop. This event also featured the
supported by the Deputy Minister of Education, Mirna de Crespo.
Terán Modesto Sanchez, Supervisor of the Columbus area 13, which includes 14 schools in San Jose del General and Cocle
North, said the workshop explained technical concepts and changed the view of teachers in the area because it was explained
will not use cyanide, which the company will develop the project with community people, "and that the proposed Copper
should be a pole of development for these communities. "
For its part, the Regional Director of Education in Cocle, Etelvia Lozano said she was pleased to participate in the workshop
"Because there is much misinformation and has been very helpful and productive because teachers are invited and Cocle
Columbus have been able to hear and see everything related to mining and the project to do. "
Overview of Mining, Mining and Biodiversity Assessment Process and Environmental Impact
some action plans referred to in the Environmental Management Program, including: Participation Plan
Citizen Rescue Plan and relocation of Flora and Fauna, Plan of Action for Social Development, Plan of Action
Abandonment and Reclamation, among others, were the issues already covered in the workshop.
Mercedes Morris, manager of External Relations Panama Mining thanked the participating teachers and
said the company will do well because that is the commitment and Minera Panama. "
,
Outstanding videos from Panama :
http://vimeo.com/12469947
Jal, if you read my post # 10033 - you will see a schedule of coming promotion .
Are you going to stick around , - we hate to lose your expertize. You might have a change of heart.
As I read " Correction " again - what I worried about is our cash position. 13 million is fine, but I bet we will need every penny of it to develop IR. And what if it is not enough ?- Possible share dilution?
We also need money to beef-up PDI. What size of a contract will we get from Cobre with a few trucks? Unless we want to remain a sub-contractor - we will need more cash .
I also anticipate PTQ price to go down after Spin-off , plus possible dilution, hmm. It might take longer to make money.