POLLUTION. Workers said that since late 2013, the tailings basins have not been treated to prevent spills. PRESS / Ricardo Iturriaga.
20/06/2014 - The fall of 98% in the extraction of gold in the first quarter in Molejón mine in the district of Donoso, Colon province, remains restless shareholders of the Canadian company Petaquilla Minerals.
A group of partners created an online forum in which have expressed their dissatisfaction with the direction the company takes in the hands of the current management, led by Richard Fifer.
The forum members complain that the directive does not report in time to the current negotiations, as was the case of the sale of land to First Quantum Minerals, which operates in a neighboring area.
A widespread view is that the assets sold by Petaquilla $ 60 million, actually had a market value of $ 150 million.
In the month of May, and First Quantum Petaquilla agreed the sale of 483 thousand hectares, and other assets. Petaquilla also waive all rights to copper deposits in Botija Down Arm, Balboa, Colina, and Valle Grande Botija or any other field that is in the residual area of ??the concession area Molejón mine.
After completion of the transaction, Petaquilla sent a statement to the Toronto Stock Exchange in which said funds will allow cancel debts incurred and buy equipment needed to revive production at the mine Molejón.
Shareholders reveal that the company has refused to provide updated information on their operations, so they announce a kind of rebellion. They call to collect enough signatures to call a vote and allow them to renew the board.
They also ensure that there are investors who are interested in capitalizing on the company, but with the only condition that the Fifer to step aside and allow a new policy lead mining.
Between January and March this year, the company reported production of 400 ounces of gold, far from the 17 000 882 ounces in the first quarter of 2013.
This slump in production was reflected in the revenue from the sale of gold, which fell from $ 22.7 million to $ 900,000.
The concern of investors Petaquilla adds to the desperation of 800 workers who have not received the full amount of the payment past two fortnights.
Eric Leon, secretary of the Trade Union of Workers of Panama Mining Companies said that production continues Molejón arrested, as have been reported since last December.
"We have asked for explanations from the directors of the company, but have never received a response," he said. Workers say they have gone to the Ministry of Labor and Workforce Development, but regional in Cocle has also failed to locate the company spokespeople.
The union says that workers who were laid off in April, and to date have not received your payment. We attempted to contact spokespeople for the company, but at press time no response is obtained.
NEGATIVE RESULTS
400
Petaquilla gold ounces produced in the first quarter, down 98% compared to 2013.
76%
It has dropped the price of the shares of Petaquilla in the last year.
$ 11
Million loss was reported that the Canadian mining between January and March 2014, compared to the $ 15 million he made last year in the same period.
