Geico, you are right on real estate.
Tried to explain that to the board three years ago. Several large PTQ investors purchased land on north shore and near Penonome. Here no one was interested. Some was sold recently for forty times investment in just three years.!! One ten hectaria parcel purchased for $200,000 USD sold for $14,000,000 USD for a new resort. Well connected Panamanians are doing very well in real estate.
Concerning Petaquilla concessions, they cannot be sold or used for anything other than mining. Even then everything must be presented to ANAN, MICI and the new mining oversight cabinet department for mining. (Can't remember the name off hand.). Cobre Panama land is owned by the Panamaian Government and cannot be sold. After 30 years the concessions can be extended for another thirty for mining only, but cannot be sold. I think there will be mining on Cobre Panama for at least 40 more years. Lots of copper and gold targets well established since UN study in 1960's. Minera Panama has 30 yrs. LOM on their known concessions alone. Like in Spain where whe have our deposits they have been mining this area in Panama for at least 2,000 yrs.. Lots of good ore left.
When I was young in the late 1940's we used to walk along the river bed walls and see when the natives only mined the gold veins as far as their arms could reach back into the rock! You could shine a light in and see the gold veins.
