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SAN FRANCISCO (MINEWEB) -
The normally robust crowd of retail and institutional investors was so sparse Monday at the Metals & Minerals Conference in San Francisco, long-time conference speaker, Sprott Asset Management President Rick Rule, joked that he saw more people in the men’s room in the 1996 conference than encompassed the entire audience of attendees this year.
“It’s wonderful to see such a small compact crowd,” Rule quipped during his keynote address to the conference.
The junior and senior companies which normally exhibit at the conference were even fewer in number, a state of affairs which may ultimately benefit the investor, he suggested. Rule noted that too many junior mining and exploration companies gorged themselves on cash and wasted most of their money.
While he believes that as much as 80% of junior mining and exploration companies probably have no value at this time, Rule forecasts that some 20%-30% of junior company capital remains in accounts of a number of the surviving junior mining and exploration companies. Those companies that still exist on the TSX are the most attractive companies among the juniors, he contends, but their beauty might be in the eye of the would-be investor.
Rule theorizes that the gold market is now suffering from both seller and buyer exhaustion, which might be a good thing for some investors. Mutual fund sector holdings in gold are gone, for instance.
However, since practically no one is left to sell, Rule suggests, “The best issues in the sector might begin to melt up” instead of melt down.
Rule advises that investors need to seek junior companies that have three factors in common: have a management team that owns a lot of stock in the company; make sure the company has a good property; and last, but not least, does that company have working capital?
Finally, investors should not dwell on getting back the price they originally paid for their mining shares, Rule stressed. “What matters is how you allocate capital going forward,” he declared, adding that investors should consider the term “bear market” to actually represent a market that offers bargain prices for gold stocks that will gain considerable value in a future bull gold market.
Agree, but I want to keep Spain/Portugal.
It's over, tomorrow we trade again.
Friend sent me a copy, order has been revoked,
BCSC,by April Penn.
Well, you just have to play the cards given to you. Maybe Petaquilla got ahead of itself, maybe gold price went down too low, too fast, maybe, maybe.
But that’s where we are today. At least you have to give Fifer a credit for strategically positioning Company so it’s still worth some money.
Sometimes you have to “sacrifice a Queen” in order to regroup and live another day.
Let’s play a game: what would be your minimum price for Panama assets, for you to vote “yes.’
Everything is always for sale, but for the Right Price.
Progafa, I am believer ;o) You must be hearing some juicy rumor.
Would you care to share with us what is it?
Is that PDI? Panama?
JV ? Spain? Land rights? Did I forgot anything?
Common threw us a bone.
You would think SP take a beating today but it is not.
Guess everyone is willing to wait it out to the end.
I tried to calm you down yesterday. All it was about- us filing
Q report late, so BCSC slapped our wrist, no big deal.
Important - we would like to know what is going on with negotiations.
Badge, back to your question.
Only because the rumor got out ( waiter or bartender overheard them talking)- Company is not allowed to disclose such a sensitive information as negotiations between two parties in public.
We don’t even know what is exactly for sale. At this point we just sit and wait.
I think it had been cleared.
Investor, I have hard time to find it now, may be Company managed to clear it up, but here what I copy this morning:
Default history
Issuer name Default time frame Default code Period of default
Petaquilla Minerals Ltd. 11/19/2013 - 11/22/2013 1b.,1c.,1e.,3 Q1 09/30/2013
Petaquilla Minerals Ltd. 10/07/2013 - 10/10/2013 3 A 06/30/2013
Petaquilla Minerals Ltd. 10/03/2013 - 10/07/2013 1a.,1c.,1e.,3 A 06/30/2013
Petaquilla Minerals Ltd. 10/03/2013 - 11/06/2013 1d.,3 AIF 06/30/2013
Petaquilla Minerals Ltd. 09/04/2012 - 09/13/2012 1d.,3 AIF 05/31/2012
Petaquilla Minerals Ltd. 04/11/2012 - 06/06/2012 1k.,2d.
Petaquilla Minerals Ltd. 11/22/2011 - 12/06/2011 2c. Q1 08/31/2011
Petaquilla Minerals Ltd. 09/01/2011 - 09/12/2011 1d.,3 AIF 05/31/2011
Petaquilla Minerals Ltd. 04/14/2010 - 04/15/2010 1b.,1c.,1e.,3 Q3 02/28/2010
Petaquilla Minerals Ltd. 09/04/2009 - 09/04/2009 3 AIF 05/31/2009
Petaquilla Minerals Ltd. 09/01/2009 - 09/04/2009 1d.,3 AIF 05/31/2009
Petaquilla Minerals Ltd. 09/01/2009 - 09/09/2009 1a.,1c.,1e.,3 A 05/31/2009
Petaquilla Minerals Ltd. 09/19/2007 - 10/09/2007 A,B,C Q1 07/31/2007
Petaquilla Minerals Ltd. 08/01/2007 - 09/27/2007 B,C AIF 04/30/2007
Petaquilla Minerals Ltd. 08/01/2007 - 10/01/2007 A,B,C A 04/30/2007
Petaquilla Minerals Ltd. 05/04/2005 - 05/13/2005 B,C AIF 01/31/2005
Petaquilla Minerals Ltd. 05/04/2005 - 05/13/2005 A,B,C A 01/31/2005
It is time to separate kohunas, big from small:
British Columbia Securities Commission
Citation:
2013 BCSECCOM 529
Cease Trade Order
Petaquilla Minerals Ltd.
Section 164 of the
Securities Act,
R.S.B.C. 1996, c. 418
¶ 1
Petaquilla Minerals Ltd.is a reporting issuer and has not filed:
1.interim financial statements for the financial period ended September 30, 2013, as
required under Part 4 of National Instrument 51-102
Continuous Disclosure Obligations
(NI 51-102), and 2.a Form 51-102F1
Management's Discussion and Analysis for the period ended
September 30, 2013, as required under Part 5 of NI 51-102(the required records).
¶ 2Under section 164(1) of the Act, the Executive Director orders that all trading in the
securities of Petaquilla Minerals. (Cease)
Check BCSC site. Petaquilla is in a default!!!
Bar is empty, where do the all whiners go? Last call before football.
J.., sorry, but we all told you
to sell at $0.50 when you had the chance!!
Badge, No I am not.
In mean time: for some - the sky is falling, OMG!!!
Sell your shares please, so I can buy them cheaper.
Default history
Issuer name Default time frame Default code Period of default
Petaquilla Minerals Ltd. 11/19/2013 - 11/22/2013 1b.,1c.,1e.,3 Q1 09/30/2013
I agree on "less then a month" , how about 18 days. ;0)
I am not saying you are wrong, but people should not blindly follow your advice, but do their own DD.
Badge, no one could have predicted price of gold going from upper $1700 to $1200 plus. With production cost approaching $800 it is hard to continue exploration, building ramp in Spain, pay DB loan and make profit.
We have to give Richard Fifer a credit thou ( as much as some on this board do not like him) he managed to strategically position Petaquilla that even in this situation company still worth decent money and have real value for FQM,
That is why I hope that something will be done before Christmas.
Everything should be and may be still on a table. Don’t underestimate our BOD.
We will be fine.
Production is not bad, actually could have been worse, but debt is mounting.
At this point I agree it would be prudent to sell Panama assets and move to Spain.
We don’t know if negotiations are going on or not , but with situation as it is – I would not be surprise if BOD is continue negotiate with FQ and sell-off is coming.
PP could of use for any reason while negotiations are going on.
So, it is never over until Fat Lady sings.
Where is it, I can not find it.
“The proceeds from the private placement will be used for general working capital purposes.”
As far as I concern - it can be used for anything, paying DB loan off or purchasing new machinery for JV.
Let’s rewind the tape , people.
If Progafa would not start new rumor about company buy-out for $.70 - everyone would be satisfy that company raised money in that very tough environment. That would be a good news.
But since almost everyone looked on Progafa as some kind of messiah and bought into his rumor- suddenly prudent move on behave of the company not so good anymore. BOD made very good calculative decision, no matter what happens -
Today - rock is money, BOD did what needs to be done.
Ponce, don’t worry, there is a reason for silence. If you listen to Mjk advice and averaged or trade it down you will be in a “good hands”
S.Gal, those are old news , we are waiting for Q-report and ” juicy” more.
There is bunch of info about this on Google board. Ask Digi to get you in.
I fully agree, everyone in a right mind who was invested in Petaquilla for a few years, should have done what you always preached- average down or trade, so average cost for PTQ would be in $.40-th, for some it is maybe even lower.
That is why if we get anything above $.70 as Progafa mentions – it would be almost 100% gain!
Also, some people on this board fail to understand –when they bought shares of this company, they become co-owners of that company.
“These people” as he likes to call them are not in debt, it is your company, your company is in debt,
so and you.
“These people” are just like a captain of your ship navigating this ship thru stormy sea (junior mining havoc).
You choose the captain (BOD) to do it for you, if you did not like how captain did – get off the ship.
Personally I like how my Captain strategically position our ship, can not wait to get my 100 % gain and will sail with him to Spain if I get a chance.
"Price Drivers:
The SPDR gold ETF saw no change in its holdings and no change in the in the Gold Trust, leaving their holdings at 865.713 tonnes and 172.21 tonnes. Reports that Paulson has retained his gold holdings, last quarter and the George Soros bought back into gold shares was positive news for U.S. gold investors. These august gentlemen weigh such decisions carefully. Hopefully, they represent other U.S. gold investors? If so we expect U.S. gold sales to ‘taper’ off removing what has been a significant source of supply to the gold market. [Find out more from www.GoldForecaster.com and www.SilverForecaster.com to subscribe to our newsletters and visit www.StockbridgeMgMt.com to hold gold so it can’t be seized]
The big news for financial markets is Janet Yellen’s confirmation that she will continue the stimulus program of the fed so long as the economic recovery in the U.S. remains fragile. Here focus will remain on the expansion of the money supply which will be to the detriment of the value of the dollar. This is gold positive and may explain both Paulson’s and Soros’ views on gold?
We suggest subscribers stand back and pause when they look at her statements and add them to the rate cut we saw in the Eurozone last week. Now add the falling off in economic growth in Japan, where the economy has enjoyed massive stimuli and a picture emerges of a distinct fear of deflation coming in. Unless the stimuli works effectively, [to the point where higher interest rates can be absorbed by higher incomes earned by the consumer] deflation is the main threat to the developed world economies. We have been focussed on imminent growth for the last five years and not on the threat of deflation. We have to say that gold benefits from both inflation and deflation. But please note that central bankers know that deflation is far harder to fight than inflation. So we ask, “Is it arriving now?”
Today, Friday has become the day when the most action is seen in the U.S. financial markets and it may well prove to be the same today. Gold and silver prices have been reflecting currency moves but in essence have remained in a very narrow trading range, which precedes strong moves, either way.
Silver – The silver price is ready for a stronger move than we have seen for some time. We note that last week it touched a high of $23 and now stands just below $21. The move we expect should be stronger than that move, either way."
Digi, thanks for update.
"Price Drivers
The SPDR gold ETF again saw 2.705 tonnes of sales on Wednesday but none in the in the Gold Trust, leaving their holdings at 865.713 tonnes and 172.21 tonnes. After falling $10 the previous day on no sales from the SPDR gold ETF these sales occurred as the gold price hit a bottom at $1,273 ahead of Asian demand that lifted the gold price $13. The gold price has not broken support in the lower $1,270’ and the price is battling it out and finding another balance in supply and demand. This precedes a tipping of the balance one way or the other giving another short-term direction. Chinese demand remains firm, but over in India the government has stopped imports of gold, except where all imported gold is for re-export. Clearly, the obvious loopholes were being used to bring gold in. Now the only gold entering the country is from smuggling.
The remarkable situation that now persists in the gold market is that the gold price is being supported by Chinese demand and traditional seasonal demand. The World Gold Council reported that global jewellery demand of 487 tonnes is up 5% year-on-year, while Bars and Coin demand increased to 304 tonnes in Q3, up 6% year-on-year. But a modest 4% growth in mine production during the quarter was outweighed by an 11% contraction in recycling, as lower average prices failed to attract sellers. But what makes the situation remarkable is that 25% of demand for gold from India is now absent from the gold market, due to the Indian government. That demand hasn’t gone away, simply being pent up. With demand and supply now in balance without Indian demand the questions that jump up are, “When will growing Chinese demand force prices up? Will pent-up Indian demand reach the market and when?” With U.S. sales having no impact on the gold market and due to stop sometime, the structure of this market is not pointing to a lower gold price.
The economic reforms, that will come out of China from the Plenum, that has just finished, point to an emphasis on growing the Chinese middle classes."
That’s right, so call “market” (as she likes to mention) has no idea what is happening. We have about 90 people here and maybe another hundred or so organized following in Germany.
A few large shareholders who know what is going on positioned themselves appropriately- we saw it in a last few weeks with increased volume, a few trades come aboard also, but when final deal hit the news- Market will react then.
A trick is to be ahead of the heard.
I hope a few “smart” investors overreact and sell PTQ when Q1 comes out, that will be last chance to get cheap shares, unless news comes first.
But if deal is not strike- a lot of crying will be on a board keeping “bartender“ busy.
Acanuck,I agree, company gave full disclosure in latest publication, 200 pages of it.
As we read – it is all there: good, bad and the ugly.
Those who followed MJk advice to average down thru available means should not be worry.
It is hard time for juniors, thanks God we operate in Panama; we have PDI and BOD who were looking way down the road purchasing Spain L/P.
At the end of the day- people should not blame no one but themselves, do thier own DD, this is just a public forum, no one owns anybody any explanations.
Whiners ,complainers , who cares:
Dogs are barking but caravan keeps going, approaching destination.
What are you saying? Someone is selling? PTQMF volume is 0.
I said it before - no one is selling Petaquilla, but tradesr run with rumors. At the best it is a JV and refinincing.
Posting ? Who wants to post with PMC/rzbf?
There has been a fair amount of speculation in the press that Chinese gold demand may be slowing from its record levels recorded so far this year. Well we can report that the speculation is correct – marginally! Reading he latest Bloomberg headline relating to the newly released September figures out of Hong Kong “China Gold Imports From Hong Kong Fall on Premium, Slow Demand” one could be forgiven for thinking that the tide has indeed turned, yet, in reality, the September total for net gold imports from Hong Kong into mainland China at 109.4 tonnes remains the fifth highest month’s imports on record and although a full 0.8 tonnes below the previous month’s figure this hardly shows any kind of appreciable slowdown so far.
Indeed Chinese imports by this route over the first nine months of the year are more than double those of last year.
Again, if China’s net gold imports to date this year are extrapolated over the full year it suggests an import level of 1,109 tonnes – some 100 tonnes higher than the World Gold Council’s earlier estimate of the country’s likely overall imports this year. But, if the momentum over the past five months continues to the year end then Chinese imports would reach over 1150 tonnes, which together with its own domestic production would bring Chinese demand this year to around 1570 tonnes. This figure takes into account its own new mined gold output which is getting on for 60% of the global total of new mined gold.
*The actual figure may be a few tonnes higher at 836 tonnes if fractional values are taken into account
However, other estimates suggest that China’s annual gold demand may well be quite a bit higher. As we have pointed out here before, the Chinese government does not report total gold imports, and exports virtually none of its gold apart from to Hong Kong which is taken into account in the above figures. So we have to rely on the official Hong Kong figures as a proxy for the country’s imports. We believe it unlikely that imports via the former British colony represent the only route by which gold reaches the Chinese mainland, but any figure put on other gold imports would be pure speculation given the lack of any official data.
This all ties in with speculation that China may actually be surreptitiously building its gold reserves ahead of a future global reserve currency power play at some unspecified time in the future.
With Indian gold imports apparently picking up again ahead of Diwali (although there are contradictory reports on this apart from the recognition of very large price premiums to purchase the yellow metal there) we may well be at the position where China and India together account for close to the global total of newly mined gold. But they are not the only countries importing high volumes of gold – most Eastern, Middle Eastern and some FSU countries are seeing strong demand. Even with apparently declining continuing purchases from Central Banks which may not take up quite as much gold as predicted at the beginning of the year, then the pressures on physical gold supply would seem to be building strongly. How long this is sustainable without metal prices beginning to rise sharply, as demand for physical metal exceeds supplies available to the markets, has to be extremely questionable.
He is talking about Ratherbefishing / PMC
Badge, I agree with you it is a bad practice, actually not acceptable and I hope it will never happen again.
But we don’t know all details, why did it happen. We can assume that FQ came to PTQ and asked for help, really asked, maybe some offer was put on a table.
You know that Fifer knew that he is sacrificing his production to help FQ, what was the price?
I am sure all employees who work for Petaquilla got paid. Only DB did not get their gold for above mentioned reason.
But terms with DB already negotiated and payments are structured.
What would you do if Pascal come to you for help and offered to pay for aggregate more then you getting from gold?
What we do know that Petaquilla was in business for how many years? – Ten? Twelve? And everyone got paid, so let treat this accident as one occurrence and hope that it will never happen again, plus in ten days we might know all the details.
Football!
Not bad, Badge, but let not jump to conclusion with PDI. Something is going on, we don’t know. Are negotiations on a way to sell PDI?
But according to company site PDI is still mentioned in some places as a "spinner":
?" Currently annual production at 70,000 gold equivalent oz. at Molejon mine in Panama with plan to increase mine life with the Botija Abajo and Palmilla deposits
? Cooperative new relationship with First Quantum Minerals, owner of the $6.2 billion Capex, Cobre Panama copper project, next to Petaquilla’s Molejon mine
? Petaquilla’s wholly-owned subsidiary, Panama Development of Infrastructures (PDI), has US$75 million to US$100 million Aggregate and Screened Rock contract in place with Minera Panama S.A.
? Plan to spin out PDI to shareholders. Shareholders will receive 1 share of PDI for 4 shares of PTQ they own.
?
Yes, those were his words not mine.I think equipment issues should be solved by now, second Q should be fine but first one is another matter. Never the less we managed to satisfy our very important neighbor- PDI should benefit a lot from it.
In ten days we suppose to find out about all those rumors.
Per CC. FQM is 800 lb. gorilla with a lot on its plate.
A lot of questions and answers concerning copper production and budget issues in their WW operations.
Not much info about Cobra, but one sentence stuck in my mind:
"Rock availability is critical for this project.”
My question is why would government prevent the sale?
Pilk, allow me to share how I feel.
If you read Mjk post #22538 you can see how locals view this company and majority of Panama people are sharing their view..
It is not that government would prevent the sale,
but hostile take-over will never occur.
Too many influence people involved with Petaquilla , so for FQ to take over PTQ - all those people have to be satisfy with the terms, last thing Pascal wants to ticked-off Panama large shareholders = upper-echelon = government.
But knowing how Pascal operates in Africa, I can assure you - that is not going to happen.
(In United States dollars, except where noted otherwise)
First Quantum Minerals Ltd. ("First Quantum" or the "Company") (FM.TO) (FQM.L) First Quantum Minerals Ltd is pleased to announce that its wholly-owned subsidiary, FQM (Akubra) Inc, has today signed a Deed of Amendment and Restatement to its $2.5 billion Revolving Credit Facility (the "Facility") provided by Standard Chartered Bank whereby the Facility has been extended to June 30, 2014 . As such, the reductions to the Facility of $1.25 billion at December 31, 2013 and $1.25 billion at March 26, 2014 are no longer required. All other terms of the Facility remain unchanged.
The Company also notes that it is in discussions with Standard Chartered Bank and its other relationship banks to restructure its various debt facilities to appropriately provide for its long-term capital requirements.
On Behalf of the Board of Directors of First Quantum Minerals Ltd.
Same goes to you. All you did for the past four years is whine and whine. Good buy Cry-baby.
I am not giving you advice, I am stating my opinion on public forum about Progafa and MJK. Put me on ignore if you don’t want to read my message.