Notice of Cancellation Given to Petaquilla Gold

Petaquilla Gold has been granted 180 days to catch up with outstanding payments of royalties, fees to the Social Security Department and other payments.

Thursday, January 22, 2015

From a statement issued by the Ministry of Commerce and Industry of Panama (ICIM):

The Ministry of Trade and Industry announced today, to representatives of Petaquilla Gold, the decision to administratively resolve the granting of the Molejón mining project, recognizing an initial term of 180 calendar days, during which the company can rectify its faults in contractual obligations.

The decision by the Ministry of Commerce is due to breaches by the company to the state in different obligations acquired under the Contract Law 9 of February 29, 1997, and at the end of the time frame set out above, which begins to run from the notification of this notice, payments be made based on the resolution process that contemplates such contract.

"... The action taken reflects the interest of the Government, in ensuring that all mining projects run in compliance with legal obligations and to safeguard high environmental and safety standards." said the Minister of Trade and Industry, Meliton Arrocha.



More on this topic

Petaquilla Resists to lose Molejón Mine

August 2015

The concessionaire has filed a reconsideration motion to avoid cancellation of the concession, and while it is resolved, the government will take care of the necessary maintenance work.

The review process to be carried out now by the Ministry of Commerce and Industry (Mici) could take up to two months.

Panama Could Cancel Molejón Mining Concession

July 2015

Although the concessionaire Petaquilla Minerals says it is complying with the requirements of the government, the possibility of canceling the concession is being studied.

The 180 day period which the Ministry of Trade and Industry (Mici) awarded in January to the conessionarie Petaquilla Minerals to resolve its financial problems has come to an end, and the government could revoke the concession granted in 1997.

Panama: New Manager for Molejón Mine

February 2015

As part of the restructuring process to reactivate the operation in the gold mine, Petaquilla Mineras has appointed Arenisca Properties S.A. to manage works at the mine.

The company Arenisca Properties S.A., responsible for reviving the mining operation, "... Is a shared partnership between Petaquilla Minerals and the investment fund Baseline Financial Group.

Capital Injection Revives Petaquilla

January 2015

The operator of Molejon gold mine in Panama has announced that it has obtained a line of credit of up to $25 million to restart operations from February 1st.

Baseline Financial Group is the company that will provide an initial payment of $10 million, with a progressive investment of up to $25 million, to revive the extraction of gold from the mine.

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