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Lojiko, this can't be so...please investigate and report back.
With the new 16,000,000 shares going out immediately to 'friends' the vote is a non-event. They had the votes even before. Consider the PP deal as history. Let the share price go to the moon and the PP will pass. There are no worries about that. I VOTE FOR $3.00 BEFORE THE MEETING!!! I don't care how good a deal or how much money somebody else makes. $3.00 for my piece of pie is a lot better than $1.04!!
VIVA WHATEVER!!!! Think I'll have another beer too, Jal.
IMO neither. Just ankle biters trying to drive price down while everyone else is celebrating the holidays, so that they can jump back in and make seventy-five cents on the later up swing. Notice all the little tiny sales. Go have a beer and watch the bowl games.
In spite of our concerns...the universe is unfolding as it should!!
MERRY CHRISTMAS!!! THE NEW YEAR WILL BE HAPPY!!!
Question for the board: What do you think Jackson and Boehner talked about during their 'unofficial social' meetings during the CODEL trip?
(Hint: Only one authorized mining operation in Panama at that time.)
Then Martinelli flew to Korean, where in the Blue House, he promised to push a new mining law through the National Assembly that would allow Korea to participate in the development of Cobre Panama.
Guess who's gold mine sits right in the middle of Inmet's holding?
(Hint: Also a founder of Cambio Democratico with Martinelli.)
If you have answered correctly, then you are hereby authorized to take advantage of the buying opportunity and scoop up some cheap shares at the end of the year!!!
The fog is lifting. 2011 will be a great year for PDI & PTQ as the FTA is approved along with the new mining law that will allow
importation of equipment, etc. Article below shows the very close ties between the new Republican House that takes over next month!
If you understand how things work in Latin America, you will see the importance. Martinelli has flown up here, I believe, three times this month alone.
Boehner's Panama Connections
Thursday, December 23 2010 @ 10:52 AM EST
Contributed by: Don Winner
By Paul Singer and Gabe Starosta - Roll Call Staff - Last December, House Minority Leader John Boehner led a Congressional delegation to Panama, an event that marked a kind of reunion for his former staff members who worked together in the House Republican Conference office in the late 1990s. The four-day trip was built around an agenda of talks on free trade and drug trafficking, but it also served as an opportunity for the Ohio Republican and his chief of staff, Paula Nowakowski, to reconnect socially with Barry Jackson, his previous chief of staff who also was in Panama at the time on a personal trip. In addition, the Boehner party was greeted in Panama by someone they knew well: Demetrio Papadimitriu, a former Boehner staffer widely known as Jimmy, who is the top aide to Panamanian President Ricardo Martinelli.
Nowakowski, Jackson and Papadimitriu worked together on the staff of the House Republican Conference in the late 1990s when Boehner was the Conference chairman. Boehner was recently elected Speaker for the 112th Congress.
Boehner's office wouldn't release the itinerary or details of the cost of the trip, though other Members who went issued press releases touting the "fact-finding mission" as a useful visit with a democratic ally in need of a new trade agreement. Indeed, the free-trade issue is a significant one for Panama, which hired a Washington, D.C.-based communications firm to help the country sharpen its messaging strategy.
The firm it hired, also in late 2009, is HDMK, the communications shop of Terry Holt and Chad Kolton, two more alumni of Boehner's Conference staff. HDMK doesn't lobby Congress on behalf of Panama, but it does represent the country's interests in the U.S. and this spring got an opinion piece written by the Panamanian president advocating a trade agreement placed in a Capitol Hill newspaper.
HDMK filed forms with the Justice Department earlier this year indicating that the firm began representing Panama in the U.S. in January, but Holt told Roll Call the relationship began a few months earlier.
Holt said he visited Panama in June 2009 and "discussed at that time helping Panama reshape its image," and in October 2009 "we were brought on formally to advise the ministry and the president" on "public statements, speeches and communications."
Holt said Papadimitriu hired HDMK "because of our long-standing relationship" and the firm's ability to do the communications outreach the government was seeking in the U.S.
Papadimitriu now holds the Cabinet-level position of minister of the presidency, essentially the equivalent of a White House chief of staff.
Roll Call's request to Martinelli's press office for an interview with Papadimitriu was denied.
"We have been unable to include the requested interview in his agenda," the press office replied. "Please feel free to contact Terry Holt of HDMK, who handles public relations in Washington for the Panamanian government."
Holt said Papadimitriu was the driving force behind the December Boehner CODEL.
"The minister arranged the CODEL through official channels," Holt said. "He communicated with Boehner's chief of staff at the time, Paula" Nowakowski.
Nowakowsi traveled to Panama with the CODEL in December, but she died suddenly in January of a heart attack at age 46.
Holt said neither he nor Kolton was in Panama at the time of the CODEL.
But Jackson was.
Jackson served as Boehner's chief of staff in the late 1990s before joining the White House of President George W. Bush, where he was a top aide to political adviser Karl Rove. Jackson left the White House at the end of the Bush administration and, according to his most recent financial disclosure form, worked as a consultant for the Bristol, Va., mining and natural resources firm United Co., as well as a few other part-time jobs.
A Republican leadership aide confirmed that Jackson was in Panama at the time of the CODEL and met socially with Boehner during the trip.
"He was in Panama on a personal trip prior to the arrival of the CODEL and was still in Panama after the CODEL left. He did not participate in any official CODEL meetings."
The Panamanian newspaper La Prensa quoted Papadimitriu this spring as saying that Jackson came to Panama only as a friend, was not paid to be there and did not influence Panamanian foreign policy.
Days after Nowakowski's death, Jackson returned to Boehner's payroll as his chief of staff.
The Republican leadership aide said the December CODEL was originally scheduled to include both Panama and Colombia — "the two countries we then had pending free-trade agreements with" — but the Colombia portion was canceled because of a schedule conflict.
Shortly before the trip, Boehner and other GOP leaders met with President Barack Obama and urged him to take quick action to pass free-trade agreements with Panama, Colombia and South Korea, and they followed up with a letter making the same point.
Other Members traveling on Boehner's CODEL were Republican Reps. Kevin Brady (Texas), David Dreier (Calif.), Devin Nunes (Calif.), Peter Roskam (Ill.) and Rep. Dan Boren (D-Okla.) as well as Foreign Affairs ranking member Ileana Ros-Lehtinen (R-Fla.).
Remember Don Rickles in Kelly's Heroes! You just make a deal and get it done!!
That's it for the night. Talk to you tomorrow.
Ricnat, by the way...where is it written that we will not be at $2.50/share at the end of January? There can be a lot of news in the next thirty days.
I would imagine so, but money is fungible and hard to track. I had thought before that they would use the called warrants to pay the debt. It doesn't really matter which dollars they use. The point is that with money from, (1)Future Revenues, (2) Warrants,cheap and the $2.00 ones, (3) Private Placement (4)Increase capital reported flowing in from Q2, they have on hand at least four times as much money as they need for the debt that is left.
WHAT ARE THEY GOING TO DO WITH IT??? WHY ARE THEY DILUTING SHARES TO RAISE IT NOW??
Also, I suspect there was pressure to allow some others a piece of the pie in order to facilitate something down the road. I remember 40 yrs. ago when I was GM of a subsidiary of a Fortune 500 company in a large Latin American company. We had to hire, in junior executive positions, Sons of Politicians, Sons of Military elite, Sons of other movers&shakers. That is just the way business is done. Building hospitals, schools, roads, libraries, etc. helps the pueblo. Shares help the landed gentry. Just speculation on my part. (It was the same way in U.K.,Spain,and France also!)
Excellent questions that we would all like to have answered. Near as I can tell they are accumulating a very large amount of cash that is not needed for either debt, exploration, or expanding operations. My point is/has been, they must have a reason for doing this beyond getting a 5% finders fee. I suspect it is something to do with the Cobre Panama project, but that is pure speculation and not even based on rumors.
From what I remember of the two individuals, they are line operating people and not involved in strategic operations planning and control decisions. It is their responsibility to manage Molejon operations and maintain high efficiencies back there in the jungle. I think they are both capable.
Also, I suspect there was pressure to allow some others a piece of the pie in order to facilitate something down the road. I remember 40 yrs. ago when I was GM of a subsidiary of a Fortune 500 company in a large Latin American company. We had to hire, in junior executive positions, Sons of Politicians, Sons of Military elite, Sons of other movers&shakers. That is just the way business is done. Building hospitals, schools, roads, libraries, etc. helps the pueblo. Shares help the landed gentry. Just speculation on my part. (It was the same way in U.K.,Spain,and France also!)
Ricnat, a few very large shareholders along with Fifer control the majority of the company. I do not believe he is the largest shareholder, but it might be close.
They are well aware of everything that you just posted. I am sure that they are able to influence the company and are satisfied that things are being done this way for a reason.
They definitely control the price in the market place and could release news to bolster the SP to keep it above $1.00 if need be.
Companies do not dilute when insiders, official and unofficial, do not have a specific reason that will produce far more than is lost.
The money that Fifer gets is peanuts to the project and someone feels that it is deserved. The Chairman does not have absolute power.
I am intrigued by the addition of the $2.00 call trigger now when the $1.54 warrants did not have one.
Perhaps you will end up with a 23% smaller piece of a much larger pie. Do not let yourself be frustrated by what you do not know.
There will be plenty of time for regrets if your worst fears come true. Again I say, there has to be more to this than meets the eye, because as your analysis demonstrates, a person would not do this without a good reason. I doubt that you have a lost opportunity cost, my bet is that the smaller piece of the pie will need a much larger plate!
That is the only thing that makes any sense of this action.
Just about a non eventful day. I suspect that most of the selling is just traders closing up shop for the holidays. Can't believe that this was a reaction to adding two million dollars to the deal. In any case, if it was that there was not much reaction. There were no substantial trades.
I was most interested in the details that were contained in the new PR. My guess is that they will issue the first 16,000,000 shares before the end of the year to get them into 2010. No approval needed for that. I expect that they have the votes in hand, but must go through the regulatory hurdles and vote to get the second part approved since the total will be above 25% of the OS. I doubt if there will be a necessity for the meeting.
With the call in mid January, for the rest of the cheap warrants to be exercised, and with the revenue from the sale of gold, the company will be flush with cash. IMO that is destined for something special and we will officially hear about it at the appropriate time. I am sure they know what they are doing and are interested in a maximum growth and return for their shares as well as ours.
Should be a really interesting new year. I still believe that we will be profitable for Q2.
IMO you leave out the forward looking aspect of the market. By next summer we will be anticipating 200,000 oz./yr. production rate. A lot more of the reserves will be known with an extended mine life. The Cobre Panama will be much closer to development. We will still have huge concessions to explore for years and probably some new ones also.
To achieve the plan, the 'right people' have to be included. IMO all of this money coming into the company and getting a stake is local. This will greatly strengthen the project.
As to the finders fees, I have a small investment corporation that has never made any money, but I think it has a lot of potential. If you will get me $32,000,000.00 with no strings, I will give you a 5% finders fee and those who give me the money can get a substantial stake! Any one interested??? LOL!!!!!
Remember the insiders hold a large number of shares and those will be affected along with ours. I would not do a deal that would cut in half my holdings of 25 or 30 million shares just to get some short term money, that I could probably get by without. There is more to this than we are being told.
There is more than meets the eye behind the scene. What we don't know or can't say is what we don't know or can't say. They have the votes in hand to do this, I am sure of that. Therefore we can conclude that whatever is going on will be good long term. Fifer and a few others hold or control a very large number of shares. These people are neither incompetent nor stupid. The funds buying in over the last month have much better access than most. Patience grasshopper.
Ricnat, keep the faith. I see $5.00 by the end of calendar 2011.
Six months ago we owed $70,000,000.00 and a PP effort for 12 million only resulted in $2,000,000.00 because we could not raise the money. Our mine was running like a one-legged soccer player. We were asking IR if we had enough money to get through the next thirty days.
Now we increased our PP by two million because of the demand, the mine is producing 8000 oz./mo. and will soon go to 12,000 oz./mo.! As soon as shareholders approve the PP will close! Gold is going to $1,500.00 soon! The Republicans take over the House in fifteen days! The census cut the influence of the blue states! Taxes were not raised!! The new mining law is proceeding rapidly!!!
HAPPY NEW YEAR!!!!
This is new, good, and important news IMO!!
The ability to call the warrants was not in the original PR and is great for building working capital. We should certainly be trading for over thirty days at +$2.00/share next quarter, and this will either bring a lot of cash in or get rid of the warrants.
Look at the original PR on the PP and the new one side by side and you should be able to pick out the important differences. There is a lot of very important detail and it is all positive.
"No insiders are participating in the transaction and the private placement will not materially affect control of the Company."
"subject to anti-dilution adjustments in the event of fundamental changes to the Company's capital structure resulting from such events as stock dividends, amalgamations, mergers,...capital reorganization."
I believe this is the local banks buying into the company. These will be long term investors and the shares will not get into the float.
I do not know what causes this CNBC report, but it has been that way
for literally years. I have always tracked it and been puzzled by the sales/buy data it displays. I know that the data on holdings is wrong and many times I have check it against insider and large block trading sites in the USA, Canada, & German markets. Needless to say it has never been accurate or even reflected purchases and sales over the years.
Sorry that I cannot help explain it, but I can assure you that there are no large block insider tradings in either direction. You might contact CNBC and perhaps they can explain the data. I use the site for the financial data that is usually accurate. Too bad the ownership stuff is useless.
Thanks for your posting, in any case. 2011 will be a great New Year for all of us.
FELIZ NAVIDAD
"Following a period of volatility and year-end position-squaring, gold looks set to move higher, and may have a good shot at hitting the US$1,525 an ounce level."
This is headline from article published today on SH from David Banister. He is a technician and I don't even begin to understand the charts that support his analysis. If you are bored, you might go over to SH and read the article. He is projecting this to be in about two months!
According to Loji's recent post that would give us a big boost in EPS for Q4 that starts in March 2011.
If we would just close above $1.16 that would be a new high in the USA since August 2008! I am not a technician, but I would think that would be positive especially on increasing volume. I am puzzled where all the volume went. Surely not all of the warrants have been exercised, and only thirteen more trading days at $1.00 or more and the remaining cheap ones can be called.
With the tax situation settled, I really thought there would be some action today. Just shows I don't know what the hell I am talking about when trying to time the market. I bought a bunch last week at $1.145 to get them into this year and that was just before it dropped again.
I don't understand what is taking so long on the PP. Perhaps nothing can be done until it is approved by shareholders on January 31st. By then I am sure we will be way above current levels.
Hard assets have already been given to PDI. If anything our operating costs will decrease as PTQ carries a lot of PDI overhead.
Production increases and future potential should buffer any short term increase/decrease of share price IMO. I think PDI could still be many many months away. There has been no confirmation of the posting the other day that the record date would be May 30, 2011.
I think PDI is on the back burner again as the company has too much on its plate trying to expand the plant, do heap leaching, expand the pit, complete ODN exploration, explore San Lucas, close the PP, and basically get the operation to 150,000-200,000 oz./yr.. All this stuff requires impact studies, 43-101s, significant operations planning and control.
$1,500.00/oz. gold and 150,000 oz. production with $600.00/oz. costs will give a bigger bang for the immediate future. Office is absolutely tight lipped about everything as they try to manage the SP until the PP is closed and the warrants are called. I still think the launch will be January 15, 2011, but I would be happy if Ricnat is right.
I believe we are approaching the record date. As usual, I could not find the PR with the date on the web site. Packet still not received so we don't have the official agenda. I think they have to file notification papers with SEDAR in the next few days. This will inform us. Warrant countdown looks to be a sure bet. Safe haven for gold futures closes today I believe and futures are up. Las Vegas getting Gold-to-Go!
Gold reaps benefit of safe-haven bid, ETF rise
The price of gold reached $1 382,15 in midday trade on Monday, 0,6% up from its previous close.
REUTERS
Published: 2010/12/20 01:26:03 PM
Ricnat, there no doubt you will be vindicated!!
I don't understand what you mean by your last sentence?? "not leave $1,100/oz. gold in the dust until March 31, 2011"
Thanks for reminding me...I had forgotten about iggy!
1Bestpicks and Rock come on over!
You would save us a lot of key strokes jumping over to see your analysis. I, speaking just for myself, consider your contributions far above the SH pay grade and would appreciate your input. I am sure there are others also, but you two come immediately to mind.
There was a lot of talk in the papers when Martinelli met with Koreans at the Blue House during his trip; specifically promised them, according to the Official Press Release in Korea, that he would push through the National Assembly and sign a law that would allow them to be partners in the Cobre Panama project.
Since CD controls the National Assembly, it is only the procedurally required time lines for each legislative hurdle that must run their course. National Assembly will be sending the new law to Martinelli for signature within 60 days. PDI will be bulldozing for Inmet before the end of February.
Not to spread unfounded rumors, but, it has been said that somebody is already clearing overburden and building infrastructure. Of course that is just a rumor, but I wonder who built all those buildings you see on the Minera Panama web site and when you fly over the area???
Exactly, you picked up on the most important point. The law will be through shortly and signed immediately. Then they can announce the deal with Inmet and the Korean/Panamanian governments. Don't forget the government owns the mine. Inmet has the concession to develop.
This also plays an important part in PDI contracts with a founder of the government's ruling party! Things we have been alluding to should start coming into focus.
By the way...that rain number from the tree-huggers is 22"/day every single day!!! Doubt if anyone will even bother to pay attention to them.
You might note that the tree-huggers report that their scientists have calculated that Petquilla receives five kilometers of rain a year! That is 542 inches or 1,379 centimeters of rain each and every day, 365 days a year!! NOW THAT IS SERIOUS RAIN!!
Maybe we should shut the mine and build hydro-projects with PDI? We could solve the worlds water shortage!
There they go again #2!
Tree-huggers ankle biting again! Seems global warming will destroy Panama because Petaquilla has a pit mine!! The country and mine will be flooded! Never mind mine is in the mountains and not the swamp! I don't know what these guys drink, but they need to change brands.No mining, No forestry projects; just sit in the jungle, kiss the shakes, and all sing,"We are the world!" Got to just love these guys.
LA PRESNA NEWSPAPER SUNDAY MORNING:
Panama, Sunday 19 December 2010 Panama Metro
panorama@prensa.com
Panamanian environmentalists said yesterday that global climate change discouraged the exploitation of open pit mining in tropical areas where the rains intensify the danger of devastating floods.
Alida Spadafora, director of the Association for the Conservation of Nature, said the satellite monitoring of scientific bodies reveals that "Panama is clearly vulnerable" to flooding, including mining areas.
Therefore, the recommended environmental replace this by mining and forestry projects "coherent tourism" in areas that have little cohesive soils to avoid "a massive pollution in the ecosystem."
Spadafora made his remarks one day after he signed a statement warning, together with the Center for Environmental Advocacy, Sustainable Panama Albatros Media Foundation.
According to the document, under normal rainfall in the district of Donoso, Colon, where it operates a gold mine of Petaquilla Gold, is five kilometers per year, equivalent to almost half of the water discharged the monsoons in India.
The warning comes as the government of Ricardo Martinelli force driving the activity, including reforming the Mining Code to allow state enterprises to participate in Korea
I agree with you; expect to see a PR this coming week or next. We have a full five days of trading after Christmas. Although we report on a FY basis that is not in synchronization with the Calendar, I imagine the company would like to see the share price high at the end of the year. Many services quote year end share price figures, so it would make since to do as well as possible.
Bashers on overtime at SH today complaining about Fifer's salary and claiming that PDI has no contracts. These guys are really ignorant or totally uniformed. If Fifer can double or triple the stock in the next six months I could care less what we pay him!!
They complain about a too many subsidiaries. Actually the company has very few for being international and their responsibilities are very clear. Once in a while when bored I read SH and then regret that I wasted my time. All bashing and fighting like little kids.
Loji, there are about three or four guys over there who really do a good job and put some effort, education, and analysis into their positions on any given day. Is there some way we can induce them to move over here or is that considered ill mannered??
Gold-to-Go vending machine opened in Boca Raton Mall near Orlando, Florida last night. Now you can turn your fiat money in without using a bank and get bullion wafers much easier to use in commerce.
This will mushroom all over the USA and really drive up the demand for retail gold thereby putting more lift under the price of wholesale gold. My guess is that we will soon see an informal gold economy. This has got to be great for mining shares.
Panama growing at +8% now. Government announced last week a six billion dollar to do list for next four years. Add to that the five billion investment from Inmet and three billion still to go for the canal expansion. Projections are for eight billion more of direct foreign investment in other areas. Remember Panama is still 65-70% undeveloped jungle or open range. Only 2% of its coastal areas have been developed.
Another way to approach the impact, that would be two trillion investments in infrastructure in the USA over the next four years.
Lots of opportunities here and no taxes for many, many, years.
FROEHLICHE WEIHNACHTEN, ANSKI!!
Same mantra different day:
1.Fifer a founder of Cambio Democratico that will rule for at least nine years. Fifer involved in government at highest level for years.
2.Movers and shakers in Panama heavily invested in PTQ/PDI.
3.Billions of dollars of contracts and projects in the pipeline.
4.Government is flush with money. Growth is now about 8%/yr.
5. 100 year flood allows government to invoke state of emergency and issue direct, no bid, contracts.
6.PDI is only on site outfit with proven record, experience, men and equipment to do the job.
7.PDI is Panamanian and will get preferential treatment.
8.Long Term PDI worth more that PTQ, in my not so humble opinion.
Quick paraphrasing. Tree huggers declare that,"maybe with all of the rain, there was a spill at the mine". No more substance than that, but they got it into the paper anyway.
"There they go again!", as President Regean used to say!
'La Prensa.'
Panorama
17/12/2010
Vía Rápida
Ambientalistas alertan sobre posible derrame en proyecto minero
PETAQUILLA. Grupos conservacionistas, mediante un comunicado, alertaron sobre la posibilidad de un derrame en la tina de relave del proyecto minero en Petaquilla, Donoso, provincia de Colón, debido a las lluvias, sin precedentes de las últimas semanas.
En condiciones normales, la cantidad de lluvia que cae en los predios del proyecto minero es de 5 metros al año. El comunicado es firmado por la Asociación Nacional para la Conservación de la Naturaleza, el Centro de Incidencia Ambiental y Panamá Sostenible.
I agree with DVM this seems more like a rumor. I cannot find any source that is carrying these 'reported' statements. When, where, and to whom were they made? No one down here has heard anything about this. Without more specifics it is hard to attach much credibility. Would like to see some confirmation.
My count takes it to January 11th which means they could call the warrants on January 12th, file the ODN 43-101 January 13th, and file Q2 SEDAR and SEC on January 15th!! That would make for an interesting week.
Understood. Nice work. Inflation may get us there and well above quicker than we think. Ireland down today and Spain to follow soon. Look how your numbers jump with $2,000.00 gold!!
Another drifting dead day with no news. Good sign is we are holding above $1.00 while the markets take a beating. Everybody cashing in gold to celebrate the holidays. No response from the company.
Manana sera mejor.
Froehliche Weihnachten!!
How much gold produced in Q1 FY 2010? My point exactly! Lot's of wheel spinning on a day with no news.