Panama Sued for $2.3 billion

Mining companies and spanish citizens are suing the Panamanian State arguing arbitrary and discriminatory measures imposed by the Martinelli Administration are detrimental to their investments.

Wednesday, April 6, 2016

The companies Petaquilla Gold, Petaquilla Minerals LTD, and Corporación de Recursos Iberia, S.A. are sueing the Panamanian government for $2.3 billion at the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank for direct damages against the company in Panama and its shareholders, reported Laestrella.com.pa.

See also: "Notice of Cancellation Given to Petaquilla Gold"

"... According to the letter, the government of Ricardo Martinelli, directly or indirectly through local and international economic and financial agents and members of his cabinet, caused damage to investors. Between the period 2009-2014, the Martinelli government hindered by 'arbitrary and discriminatory measures' operations, side operations, expansions and sales of investments in which Spanish investors were involved. "

"... It was emphasized that, in September 2009, Ricardo Quijano, as Minister of Commerce and Industry, 'representing Ricardo Martinelli transmitted to Richard Fifer a verbal order to give up Petaquilla'."

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More on this topic

Judicial Ruling Against Mining Company

September 2018

Arguing that the basic principles of public procurement were not complied with, in Panama the contract between the State and the company Petaquilla Minera has been declared unconstitutional.

The legal dispute began in 2009, when the Environmental Advocacy Center (CIAM) filed an unconstitutionality appeal against the contract that grants a twenty year concession to Cerro Petaquilla to exploit and sell gold, copper and other mineral resources.

Panama: Agreement Between Mining Companies for $60 million

May 2014

Petaquilla Minerals has agreed to the sale of 1,483 acres to the Canadian company First Quantum, owner of the Cobre Panama project.

FIRST QUANTUM MINERALS Press LTD.:

Agreement for $60 million signed between Minera Panama SA and Petaquilla Minerals Limited
May 8, 2014

Panamanian Mine Gets an Additional $11.6 Million

March 2010

Petaquilla Minerals, a Canadian company, has placed $11.62 million, and will invest them in its 100% owned Molejon Gold Project, located in Panama.

In a press release, the company explains that the funds will also be used for exploring the “Oro del Norte” concession, also located in Panama, and for working capital.

Petaquilla Goes for Copper

September 2009

Petaquilla Gold is looking to expand its Panamanian operations, this time to mine copper.

Within a reorganization process at Petaquilla Gold, a subsidiary of Petaquilla Minerals Ltd., the company Azuero Mine was created. It will exploit gold and copper deposits in "El Chorcha" (Chiriquí), "Cerro Quema" (Los Santos) and "Santa Rosa" (Veraguas), where the mining potential is estimated at $80 billion.

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Corzel S de RL

Organization that operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama.
Phone: (504) 2565 3070 - (504) 2565 3073

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