That´s maybe right, that it will cost millions of dollar to get fifer out. But better so than fifer milks the company again much more years. This will cost us IMO still much more....
You must think about this:
Fifer get the concession for PTQ and also a big part of Cobre Panama for almost nothing. Other companies have to pay for such interesting projects many million dollars. This was already a big advantage for PTQ.
Of course they was must develop Molejon and this was cost money. If you take the facility and all the infrastructure it would cost 150 mio usd to replace this. The source is PTQ self, that it was cost arround 150 mio USD.
But: There was already money from the shareholders, they have sold their part of Cobre Panama to finish the mine and so on. At the end they was still need ca. 80 mio USD in credit for finish the mine.
In September 2010 they did the forward sales for 45 Mio USD and in January 2011 they closed the 32 Mio PP for payout the notes. At this time the company was debtfree. They was can pay everything back with this 45 and 32 Mio USD what they was have on debt for develop the mine.
Additional, the company was work 12 quarters in a row profitable.
I ask me really, how we can have now 180 mio USD on liabilites????
Or should i say now 120 mio USD on liabilities after sold almost all promising assets which we still was have???
Where is go all this money, when we have pay back all credits from the mine construction and we are working 3 years in a row profitable with an EBITDA of over 30 Mio USD in our best time? I ask me really, what´s going here wrong, that we only not have some money on the side, we even have 180 (120) mio USD on liabilities.
Ok, we still have bought Lomero Poyatos in this time, but for this we not must pay ONE DOLLAR. We have pay everything with shares and unfortune with our dilution. My understanding is, that Fifer have bought Lomero Poyatos for 1,5 Mio USD (that told me one director 2 years ago - maybe he wasn´t know that Fifer have sold it later for 30 mio USD to PTQ, when he was know it for sure he wouldn´t tell me this!) because of his good connections and sold it later for ca. 40 million shares together with his friends (Tom Byrne, David Kaplan, etc...) to PTQ.
But back to business: Lomero Poyatos was cost us no cent cash..... If we have paid all the debt for the development of the mine and working 3 years profitable, i ask me how we can have now 180 mio (120 mio) USD liabilities??? This must me really somebody explain! In which dark canals go our money????
At the end we was must sell now almost all of our promising concessions in Panama for 60 mio USD to FQM to survive! Inmet was want pay for this over 150 mio USD, but they rejected it for to less.....
There is no question, that Fifer makes too much related transactions with him self. Helicopter, Restaurants, Exploration, etc..... So much money besides his regular salary goes in his pocket! This is what a fundmanager from Switzerland told me already 3 years ago that Petaquilla Minerals is a interesting company but with this management i must be crazy to invest there.....
He told me some storys, that Fifer already was must leave the country (Panama) after he has do very bad things as politican (i wouldn´t post here what they say, because i have no 100% proof for that). They was let him only back to the country after promise, that he never would go back to the politics. I couldn´t proof that and don´t can say 100% sure that this is true, but this is what the investment community with the big money tells about Fifer. So it´s not a surprise that nobody more want invest in our stock.
But again back to my main question: WHERE IS (GOES) OUR MONEY???????
