A GREAT DAY FOR PETAQUILLA!!
Votes were all in by the 1:00PM deadline last Friday. Nothing much to be added today. PR was prepared afterwards and will be published tomorrow. Our re-elected Chairman did a fine job in keeping the company in the black as to Gross Operating Profits and Q2 is looking good with only three weeks left!
Perhaps FQM can pull together some cash to buy forward the materials they need or accept some of the other things that were negotiated to help them move forward. We offered them some nice discounts for cash payments now. But now they are in so much trouble with the Union in Zambia voting down their three year agreement, the announced necessary deferment of the Kansanshi sulphide expansion until 2017, the shut down and lay off of most of their workers in Cobre-Panama, that they just could not accept the very generous offer negotiated by Petaquilla to help them out. They have no more money and their line of credit is now in jeopardy!
Of course our company itself is NOT FOR SALE, but we tried to help out our neighbor without giving away the farm. Now with the embarrassing collapse of Saycr they are very vulnerable to the wrath of the administration that must do something to someone foreign!
While certainly times are difficult now from a macro sense, our team has continued to outperform GDXJ and is poised to take advantage of a return to commodities. Most of Deutsche Bank facilities go away in five months. We are very profitable at $1,200.00/oz.
Congratulations to our management team for a job well done, you obviously have the complete support of the vast majority of your stockholders.
PETAQUILLA, NOT A JOB, BUT A LIFESTYLE!!! SURF & TURF ALL AROUND!
Saludos,
