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Diamante closes deal with Petaquilla Minerals Gold
Friday February 12, 2016 - 12:00 a.m.
Since early 2014, Petaquilla Gold mine operations ceased after leading the export of gold in the country
One of the actions of workers of Petaquilla in 2015, demand for their salaries. Larish Julio | La Estrella de Panama
Larish JULIO | STAR OF PANAMA
One of the actions of workers of Petaquilla in 2015, demand for their salaries.
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Adelita Coriat
acoriat@laestrella.com.pa
The Canadian company Diamond Minerals, Inc. signed an agreement with Petaquilla Gold, a subsidiary of Petaquilla Minerals, to obtain the rights to purchase gold producing mine Molejón, located in the district of Donoso, Colon Province.
Since early 2014, Petaquilla Gold mine operations ceased after leading the export of gold in the country for three consecutive years (2010-13) taking advantage of high metal prices traded in international markets.
Two years later, when the price of gold returns to take flight and the mine is going through its worst, the negotiations to revive production of mineral seem to glow again. This, despite the location of the president or legal representative of Petaquilla Gold, Richard Fifer, who faces several process Panamanian courts is unknown and that the regent in the field, the Department of Mineral Resources, Ministry of Commerce (MICI ) formally unaware of these transactions, as indicated by this newspaper's director, Themistocles Velarde.
According to international media, the deal is that Diamante rights Minerals will purchase 12.5% ??of the gold for twelve months, thousand ounces per month, and 5% royalty on every ounce produced in excess of that threshold.
Both companies agreed that a contractor, the company Blendcore LLC will act as operator of the mine to resume activity. This company will receive a bridge loan of $ 250,000, to be paid in three shifts, to start up and try to capitalize Petaquilla Gold.
Panamanian mining declined further in negotiations, instead, he said it would issue a statement in the coming days.
Chad Ulansky, president of Diamond Minerals, told international media that estimate 'receive a minimum of the equivalent of 1,500 ounces of gold at the present price of the metal, $ 1,100 / oz, which would amount to $ 1,650,000, less the cost of sale'. The company has the option to extend the fee for a period of twelve months in the same agreed conditions. You will also have the right to first refusal to provide additional funds to Blendcore for expansion and mine development.
Eric De Leon, union leader, caught the attention of the company and the ICIM by secrecy with which these conversations take place. "Employees were not informed us anything, even though we owe over 16 fortnights and we do not have paid employment benefits' he said.
