Petaquilla Minerals Ltd. (fka PTQMF)

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Speaking of Glenn Richard Fifer Carles in Panama is talking about mining, but not exactly the best practices in a country with a rich and fragile biodiversity while. The story of the CEO of Petaquilla Minerals Ltd, the holding company Petaquilla Gold, has been plunged into a maelstrom of scandals since its inception.

He began building its gold mine in 2005 in Cerro Petaquilla, located in Donoso Forest Reserve, within the district of the same name, in the province of Colón, without environmental impact study approved. Fifer not mitigate environmental damage in this forest heritage -part Biological Corridor Mesoamericano- and cut down 55 hectares that were part of the refuge of at least 650 threatened species of flora and fauna.

But shortly before his arrest in Colombia for allegedly defrauding the company Gold Dragon Capital Management Ltd., luck used to accompany the self-styled "father of Panamanian mining" as expressed in his blog. ANAM fined the company Petaquilla Gold with $ 1.9 million

environmental damage, but the Supreme Court ruled in his favor and annulled the sanction in 2010.
The Court's decision came despite previous reports of Anam in which ensured that the area of ??the construction of the mine in Donoso, about 160 hectares, had lost its forest cover by 80% and that environmental damage it was irreversible.

The mining appetite Fifer exceeded the limits of its concession covered under the contract Law 9 of 1997 which granted 13 thousand 600 hectares or 136 square kilometers for the operation, and not only explored multiple times outside his concession, as we He presented in the reports of his company, but since 2013 declared to investors in the world and in reports filed with the securities and Exchange Commission of the United States (the regulatory agency of the values ??in that country) which had its own mining district covering over a thousand square kilometers between the provinces of Colon and Cocle.

Within this equivalent to 1.5% of native soil mining district 70 square kilometers are located in the community of Belencillo in Donoso, who sold Gold Dragon as a "concession" at 1.1 million in shares, plus $ 600,000 in exploration expenses when all that had its subsidiary Petaquilla Gold was an application process for exploration in that area with the Ministry of Commerce.

 

Tubs of mine tailings Petaquilla Gold, whose cleaning after the cessation of operations, was tendered.
If there is something you recognize their fellow miners Panamanian Fifer is their ability to do business. For example, he rented for $ 1.3 million hectares to 2.45 Minera Panama to their camps.

By selling part of its 136 square kilometers concession to Minera Panama, in 2008 -the current copper mine under construction in Donoso, Fifer received $ 45 million, a sale in which the State did not touch you a penny.

In all governments, Fifer has been a well-connected man. He earned his award for managing Ernesto Pérez Balladares (1994-1999) to operate up to 60 years with multiple exemptions. In addition, he represented the Government on mining issues.

With Mireya Moscoso (1999-2004) was governor of the province of Cocle and security adviser. He had an arrest warrant in 2005 for stealing $ 100,000 when he was governor, but the case was closed to return the money.

With President Martin Torrijos (2004-2009) held in 2005, reviving the work of its mine in Molejón.

Beginning Ricardo Martinelli period (2009 - 2014), Petaquilla Gold obtained its business license to export gold, after agreeing to double royalties up to 4%, something described as "derisory" by environmentalists compared to the ecological damage.

When visiting the mine Fifer in 2011, Martinelli was generous in his praise: "He has a responsible mining and provides employment to at least 200 thousand Panamanians ...", jobs that, ultimately, worker-defaulted employer's Social Security Fund to its workers, the subject of hearings yesterday.

Martinelli was designated for allegedly manipulating shares of Petaquilla Minerals Ltd. with confidential information through an account called High Spirit in the brokerage Financial Pacific (FP).

In 2012, the Office of Columbus asked Fifer trial call for environmental violations; in December 2015 the Sixteenth Circuit Prosecutor's Office issued an arrest warrant to Interpol against Fifer as part of an investigation into the alleged scam Gold Dragon. In this trial again Fifer lucky to issue its verdict.

 

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