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From the news :
...The Coalition for the Defense of Mineral Resources and the Law of the People Ngäbe Bugle announced today, Friday, will repeat the closing of the American way, in San Felix, Martinelli does not specify whether an appointment for a meeting.
The protesters are demanding the repeal of Act 8 of 11 February 2011, which was amended by the Code of Mineral Resources.
On this issue, Vallarino said that "reform is not going to repeal" because the Law 8, are seeking benefits for the current mining code. "It is improving the code" and are including environmental standards that did not exist, he said.
From the Local Opinion :
It is understandable concern of environmentalists and indigenous, for modifications to the Mining Code. As the mining of high-impact activity, it is necessary to develop responsibly, according to the highest standards and with adequate supervision.
What is incomprehensible and irresponsible is the manipulation and misinformation spread by certain opponents of the content and purpose of the new law. Some opinions in the media show narrow political interests, while others show superficial knowledge of the reforms. This has led to violent protests as the unwarranted attack on the deputy Carles, who came to the peaceful demonstrators.
My conclusion from the analysis of Act 8 of 2011 is that it fosters the development of responsible mining, and I wish to clarify certain points.
1. It is incorrect to state that its purpose is to allow or encourage open pit mining. Under the original mining code this activity was permitted and had been taking place in Panama, but with much more lax requirements than those included in the reforms in terms of control by the competent authorities, applicable penalties for violations of contracts or the rules, fees and royalties payable in exploration and exploitation concessions, etc.
2. It is true that the Government is giving Panamanian territory to foreign governments. The text of the Act 8 is clear, does not allow foreign governments to acquire the domain (ownership) of territory or land or subsurface. Mining Code Amendments to maintain the prohibition on granting concessions to foreign governments or their institutions. Additionally, Law 8 regulates the financing of foreign governments and entities that do not receive clear, under warranty, dealer-owned land, and that concessions should remain in private hands.
3. It claims that by allowing foreign government entities to invest or finance these projects, Panama would risk a dispute with a foreign government to which we can not defend. If this is so, we would not have been able to finance the expansion of the Panama Canal and numerous public and private projects financed by multilateral organizations or foreign governments, or issue bonds in international markets for fear that companies they invest in foreign governments, and this way, gain power over our country, or grant concessions of public services to companies in which foreign governments involved in the case of ports and electricity.
It is important to note that although the Act 8 allows foreign government entities to invest in mining concessionaires, licensees must be constituted as legal entities under private law Panamanian standards, denying diplomatic claim, and under the laws of Panama, applying any case our law retaliation.
4. Is said to be a big deal for a few and that the State will receive crumbs. False. Act 8 provides for the payment of a royalty of 5% for copper projects, where previously it was 2%, an increase of 150%! By the State will receive royalties of 5% of the turnover of the company, ie 5% is applied before the company deduct operating expenses, financial and other.
The State charged, in addition, income tax, currently 30% for mining. This represents billions of dollars in revenue that will be available for work and social assistance programs, generate thousands of jobs during construction and operation of projects, infrastructure development and then pass to the State. With respect to the Minera Panama copper project in the province of Colon, it is estimated that at current prices, the royalty applicable to the state exceed $ 125 million annually, under the reform, some 50 million dollars a year will go communities and 25 million a year to strengthen the program of Invalidity, Old Age and Death of the Social Security Fund.
Even though I understand that there is always opposed to the mining sector, I recommend reading with fresh new law. An objective reading of it shows that the rule does nothing to improve the legal framework applicable to this activity to strengthen government agencies that oversee, increasing the fines, improving audit standards in environmental issues and the closure of mines, including indigenous groups in decisions on development projects in the regions, and increasing the royalties and profits for the state and communities. The sober analysis will avoid unnecessary and costly battles for social peace.
Anski, have a good time,eom
Is any one here?
Thanks DVM. I originally liked rvm, but something spook me – don’t remember. USA has too high labor cast. SVL was a winner in my search, but I thought that all those possible future developing mines (and they got 4 areas) might give SLX the edge, plus good management from Hecla. Well back to drawing board. I might nibble abit at SVL.
It is hard to find undervalued silver junior.
Thanks a lot,
VB
LTS, Great panther is a great story, I looked on it already. They are well known and had a good run. If you want safe investment in silver miner - GPL is good. They might give you 50% a year. I, on the other hand am looking for junior who is still under radar and is ready for a big run. That is why I like Silvermex. Possible 4- bagger.
Thanks for sharing your pick. GPL is a good LT investment.
Forgive me my luck of knowledge on that matter : What do people actually celebrate on Carnival time ? And does it mean that we loose 2 weeks of production ?
Mjk, please don’t leave , Lo did not mean it in a bad way. My apologies to you - that is a problem with internet communication, sometimes things are misunderstood , please reconsider, your contribution to this board is very important to all of us.
VB
Hi DVM, just like you I‘ve been looking for undervalued silver junior. I looked at RVM, SL, USA, svl and others and finally decided to take a small nimble at SLX.TO . If you can take a minute to give it a quick look – I would appreciate it.
Thanks,
VB
May be controller is back, and we held a fort today.
Mjk, that was a good move on Martinelli part. He threw them not one but five bones. Do you think some Indians will go home know?
You got it Jal, it what I was saying in my last post- " not everyone on this board has a same agenda "
Sorry ReelD, but I don't believe your rumors. What is happening her - Stock market is getting hammered , so investors have to sell some shares in order to cover other obligations .
Yes, we are very fortunate to have Mjk on this board. Thanks mjk- you are The Man.
P.S. I wanted to mention : not everyone on this board has a same agenda. Some contributors are short-sellers, I have nothing against short-selling , it is a part of a trading technique. But LT investors have to understand that those posters would entertain all possible negatives to try to influence some people to sell stock . As you know -short seller buys borrowing shares to sell them as price drops - to profit the difference.
So take some of them with a grain of salt, ha-ha.
Lo, this is a great info, tells me that PTQ spends investment money wisely. TecProMin looks like respectable company with lots of expertise in mining construction. Most of the work in South America, but particularly in Chile copper work might gives them leg-up on future contracts in Panama.
FVH, look - PTQ is a great LONG TERM play, quick 100% return with traders speculating already happen. Now it is a steady 50% a year. I anticipate us to be around $2.00 by end of the year and $3 year after. PDI is going to hit all cylinders sometimes in 2015.
There are investments with faster returns ,like REE, but risk is much higher.
I feel safe here because :
1) Have a lot of respect for MR. Fifer - Martineli's personal friend, Panama's patriot and co-founder of ruling party.
2) Confidence in DB deal and their DD.
3) Improving Company's management and engineering,
4) Company is debt free and pouring gold as we speak.
5) Organic growth (ODN) and PDI huge potential.
6) I like Mantequila's friends and family who invested much more then I and know exactly what their money will do for them, because they live there and know situation first hand.
GLTU,
VB
Thanks, Mjk and agree - I give my vote to Mantequilla for such a deep analysis of our present situation. Carnival starts soon and May 30-th is around the corner, YEA!
I say : fire those teachers, and Indians ;0) I am holding my shares - we have a lot of great development coming our way. This is a year of ODN numbers , PDI and Q-profit. We can differ on dates , but all those things will happen this year.
And I understand irritation of some people on the board who bought-in recently and want immediate gains,- sorry. I have been buying thru .65, .55, 45, 75. 1.05 - so have more "patience" then folks who are relatively new. All I can say: risk is still here, but rewards can be outstanding.
DVM and FVH, I diversify today- check " my stock".
FVH, I understand, have been in Panama and countries near by as a tourist only. So my knowledge of locality not even close to Mjk.
Humor on internet does not always understood because I can not see your smile or winkle, ;0), so since in a past my distant family suffered from a real comrades - I took it a bit serious.
Peace ,
VB
It would be nice to combine two boards in one
Mjk, with Symterra starting development in near future- industrial news definitely will pick it up . Then PTQ will get some spot light also.
FVH, did not get your humor “ your fellow comrades” - I am US citizen.
You mean I had a prophetic dream- great! FVH, seriously- we just had a huge run from .40 to 1.30. Even chart is asking for some consolidation, at least to mid.-Bollinger band. Everything is fine, people in Latin America are more laid-back, (we take 1 hour break- they take 4 hours siesta) they don’t think communicating every other week is necessary. Gold is hot and pouring, the weather is good, and beer is cold …
“Dogs are barking, but Caravan keeps moving”
GOLD ANALYSIS GOLD NEWS
INDUSTRIAL METALS , August 30, 2011 Day's Range: 3.22 - 3.25
Junior gold producer PETAQUILLA MINERALS(OTC BB: PTQMF.OB ) has now announced some very promising assay results on six holes into the newly discovered ODN vein in the north of its property.
.. An then I woke up..
How long does it take for government in Panama to do something? If this were USA and our minister was attacked and whipped - we would have a riot police, FBI doing something about it. Martineli showing to much patience..
A lot of good news in a pipe, one just have to be patient with this stock. In due time this company will release ODN report and spin-of date – then SP will take-off and people will wish they were in it.
Like mjk noticed – a lot of people with big pockets invested in this company, including DB- so I am along for the ride.
All right FWH - I see your point, then may be we have to give them benefit of the doubt and assume that they want to surprise us with good news at Quarterly report.
P.S. By the way , I've been doing DD trying to find other opportunity in silver and gold, will keep you posted.
That's right Jal, I agree with mjk. They HAVE TO deliver, some people took profit ( like Ricnat I suspect) and left -= can not blame them , but I and you and rest of us - for the long haul - hope we will be rewarded.
Jennings Capital involved with covering and recommending Inmet project and also has been quietly accumulating PTQ shares
To add to your point - I don't think they can promote until company has a profitable quarter. Then little guys like Jennings can do their work.
It is getting better:
- Deputy Minister of Labor and Workforce Development, Luis Ernesto Carlos, reported today that "tiny groups" are trying to confuse the Indians who reject the amended and Mineral Resources Code .
Carles said by telephone to Telemetro Report , which believes in organizations. But he said that you have to let the districts, which are regional and indigenous peoples, make their own decisions.
Panamanian Vice Minister referred to the demonstration that took place on Tuesday 15 February in San Felix, Chiriqui Province, where he was attacked.
"It's very unfortunate what happened," said Carlos, who said he was hit in the back and has scratches on the body.
"It is regrettable that we had ahead of talks with traditional authorities since last week" but the dialogue was restrained, he said.
In fact, the deputy minister noted that in the midst of the crowd in San Felix could identify people of ERF 29 of Chiriqui.
He also said that he saw "Latin people", which is in the area, and infiltrated to prevent the reaching of agreement
David, You can not use technical indicators as much for PTQ yet. Stock is thinly traded and moves mainly on positive/ negative news , like Q-report, debt-refi, production, etc.
Timeline on Chinese investments in Latin America’s energy and commodities sector since 2005
Jan. 2005
– Cuba:
China’s oil and gas giant Sinopec Corp. signs an agreement with Cuba’s state-run Cubapetroleo (Cupet) to jointly produce oil on the Caribbean island.
China’s state-owned Minmetals is investing $500 million in a joint venture to produce 68,000 tonnes a year of ferro-nickel in eastern Cuba.
Feb. 2005
– Chile:
China’s Minmetals Corporation signs an agreement to invest an initial $550 million, which could eventually rise to $2 billion, to set up a joint venture with Chilean state copper company Codelco.
Sept. 2005
– Bolivia:
China’s Shengli International Petroleum Development Co. Ltd. signs a framework pact with state-run Yacimientos Petroliferos Fiscales Bolovianos to invest $1.5 billion over 40 years in Bolivia’s onshore oil and gas sector.
—Ecuador:
Chinese-led consortium Andes Petroleum, which includes China National Petroleum Corp. and Sinopec group, buys Canada-based Encana’s oil and pipeline assets in Ecuador for $1.42 billion.
June 2007
– Peru:
Peru Copper Inc. agrees to be bought by state-owned Aluminum Corp. of China Ltd. in a friendly deal worth C$840 million ($792 million) in cash, the Canada-headquartered company says.
May 2009
– Brazil:
China Development Bank announces that it will lend $10 billion to Petrobras, the state-owned Brazilian oil company, in exchange for a guaranteed supply of oil over the next decade.
July 2009
– Ecuador:
China forges a $1 billion loan-for-oil deal with South American OPEC member Ecuador.
Sept. 2009
– Venezuela:
Venezuela signs a $16 billion investment deal with China over three years to raise oil output by several hundred thousand barrels per day in the OPEC member’s Orinoco belt.
Oct. 2009
– Brazil:
Chinese steel and iron ore group Baosteel proposes to pay 1 billion pounds ($1.6 billion) for a 30 percent stake in Anglo American’s huge Minas Rio iron ore mine in Brazil.
March 2010
– Argentina:
CNOOC purchases a 50 percent stake in Argentina’s Bridas Holdings for $3.1 billion.
Panama is next..
And let not forget : who is one of the biggest moving company in the world ? - Hyundai.
And they will need roads to move their stuff to the construction site.
DVM does brings good point about competition from local construction companies. And here where Mr. Fifer is coming to play a crucial role in getting those contracts. Who do you think got all our warrants in play. I am talking about friends in high places. I am confident in Mr. Fifer pulling all strings to get leg-up on any local competition.
Last Christmas I was posting my version of the song:
" All I want for Christmas -is Hyu "
Some of you thought it was silly, but here we are- Hyu ( Hyundai ) is coming.
Kamsa-habida.
Thanks for sharing, that is why I can not afford to take chance on Apogee. Presently looking at Cream and SVL.V
jal, What company in Spain ?
I got junior gold miner, and now I has been looking for a silver one. Cream looks interesting, what chances of them becoming a producer? Also I am looking at SVL.V
Very interesting prophetic predictions by "1 Best"
Amen to that ..eom
Thanks Mjk, (I lived on both sides of the pond, behind both curtains).
Indians – perfect example how politician are using ignorant populace for their own advantage. But don’t Indians have something else to do? Like going to work? Fish and hunt? Did government spent enough time explaining benefits of progress?
We need some kind of diversion, common carnival time...
I am glad you are moving your estimates from $. 25 towards my figures , ;o))