FQM Slows development of Cobre Panama.
This may well affect PDI work and sales. Guess someone should tell Reuters that Cobre Panama is in Panama and not Peru!!! LOL!!
Reuters, July 31, 2013: "...Production in the quarter was boosted by First Quantum's takeover of smaller rival Inmet Mining Corp, which it completed in early April, winning access to one of the world's biggest untapped copper deposits, the Cobre Panama project in Peru.
First Quantum is betting its hands-on approach to procurement and construction can dent development costs for Cobra Panama that Inmet had pegged at $6.2 billion.
On Wednesday, First Quantum said it has already "considerably" slowed cash outflow at the project and plans to give a full update in the fourth quarter."
Philip Pascalls on Marketwire: "At Cobre Panama, we have maintained our corporate responsibility program, and have now applied our steadier practical approach to project development. As a result, the cash outflow has slowed considerably and our team is confident that we can achieve the outcomes we had envisioned. We expect to provide a full update on the project in the fourth quarter of this year."
Don't forget the conference call tomorrow morning wherein Cobre Panama and Petaquilla will be discussed. It is obvious that the idea of FQM buying PTQ is total fantasy, just from looking at their struggle to meet current liabilities. It was good that they were able to pay back the 2.5 billion short term loan needed to acquire Inmet.
There have been articles in the Panamanian press about the slow down of funding Cobre Panama and its affect on local business.
