Miners clash over access road
31 | 12 | 2013
Petaquilla Minerals closed access to their private road since last Friday because Minera Panama failed to fulfill one of their contracts , according to official sources in the industry.
Minera Panama is developing the country's biggest mining project. (Archive)
Writing ( negocios@epasa.com ) / PANAMA AMERICA
black mark
Moody's published the lowest of all scores First Quantum Minerals ( FQM ) , after the company release a press release on November 27, 2013 , with respect to a dispute with certain bondholders. To this is also added the maturity of a loan of $ 2.5 million .
Minera Panama remained incommunicado since last Friday with copper project located in Donoso , not have their own access to the site .
The subsidiary of First Quantum Minerals Petaquilla Gold accused of illegally block his access to the only road that allows them to reach the area where the project will develop .
Petaquilla Gold denied the version without elaborating because existing agreements prevent it.
However , officials clarified that the road to which they claim access Minera Panama is owned by Petaquilla Gold , not a public road.
He clarified that the road has not been closed to the population of the area , only teams Minera Panama .
Panama America also learned that until last Friday , Minera Panama used the road under an agreement Petaquilla Gold goodwill that existed between the two parties.
However, Petaquilla Gold closed access to another mine by incumplientos of agreed issues. " This access is for our mine ," said an official source of Petaquilla Minerals.
But Minera Panama insists that the blockade is illegal and warned that if the problem is not resolved promptly , can have a negative impact on the operations of Cobre Panama project.
" The roadblock is interfering with the movement of supplies and personnel to the mine . There are currently 600 people on the site of the mine Copper Panama project, which can not provide food and supplies because of this blockade , "said Todd Clewett , manager of Minera Panama .
In March, First Quantum Minerals bought Minera Panama through a hostile bid actions against Inmet Mining. The transaction may have reached 4,000 million, at $ 70 a share.
First Quantum Minerals promised a plan of cost cutting and restructuring operation in Panama .
The measure affected the economy of the province of Cocle that before the arrival of First Quantum , going through a boom period .
AI
