Loji, the only thing I am still hearing...
is that Inmet has a large exposure in their copper holdings, wherein if the price of gold goes parabolic while copper actually drops due to the re-election of President Obama today, then they could lose a lot of their holdings. Right now Lata seems to be the next one to fall. There is a lot of discussion about who is drilling what where, and at what intervals and depths. The last thing Minera-Panama wants to do is stumble onto some more gold deposits on their concession.
Time is definitely at a premium for Inmet and I do not see them coming with another offer after this fiasco. More likely there will be an agreement, perhaps before the end of the quarter November 30th. Everyday that passes Petaquilla gets stronger and Inmet bleeds. They are still saying they can go forward without any agreement. This is true for now, but the time will come when the must have land and access or they are in very serious trouble. They are completely walled in by Petaquilla. Their problem is that in a couple of years Petaquilla will be much stronger and harder to deal with then. The must make and agreement very soon is what I understand.
There were two schools of thought at Petaquilla. Some thought it best to sell and get the highest dollar possible for the stockholders. The other side realized that in a few years this was a ten dollar stock and it would be a disservice to stockholder to sell at 20% or so of that future value. The larger more prudent side that included all the major investors won the day. Again it goes back to the good old April 15th we have been talking about for two years! Q3 numbers should be awesome with increased production, and the PM facilities gone. $0.10 EPS is very possible. That should impact the market since it will stay at that level for the foreseeable future. A good agreement with Inmet that included some aggregate sales could push that number even higher.
AI
