Replies to post #26369 on Petaquilla Minerals Ltd. (fka PTQMF)

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Petaquilla Gold gives Panamanian business

Monday February 23, 2015 - 12:00 a.m.
Yesterday, Petaquilla Minerals, SA, through a statement issued in Vancouver, Canada, announced that the administration gave Petaquilla Gold

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Jose Villareal
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Yesterday, Petaquilla Minerals, SA, through a statement issued in Vancouver, Canada, announced that the administration gave Petaquilla Gold award known as 'Molejón', located in Donoso, province of Colon, Sandstone Properties, SA

The statement comes after the order of sequestration of assets by the Ministry of Labor and Workforce Development (Mitradel) Petaquilla Gold. On economic insolvency, mining withheld royalty payments to the Panamanian State and contributions and employers contribution to the Social Security; also owed back wages by $ 5.8 million to 600 workers.

By the statement, Jorge Obon, a spokesman for Petaquilla Gold, said he successfully established the structure of recapitalization of up to $ 25 million through a trust.

Meanwhile, Sandstone Properties, Inc. He reported that in the next 30 days, the timing of reactivation of mining and care of existing employer-employee claims will be informed.

In addition, company employees receive a palliative by the National Government, after receiving no payments for 10 fortnights.

Samuel Rivera, general secretary of Mitradel said that social support 'is a fortnightly payment of $ 100, for a period of two months, in addition to one school bonus of $ 50'.

'This is to help workers, and if the company were to pay overdue paychecks, government support is suspended' said Rivera.

The official said that the processes that lead to this mining company continue until the cancellation of outstanding employee benefits are achieved.