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. " It is anticipated that in one month the program to run operations at the mine will be presented.

Petaquilla Minerals reported that "... In the next 30 days, Sandstone Properties will provide information on the agenda for the revival of the mining operation and attention to the existing employer-employee claims. "

Prensa.com reports that "... Petaquilla Minerals got a loan for $25 million through a trust to settle the debt with the Social Security for unpaid social security fees to pay wages to nearly 600 workers. "

Source: Prensa.com

More on this topic

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.

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.

Panama: Green Light for Petaquilla Gold

January 2010

The Industry Ministry and the National Environment Authority authorized the commercial operation of the mining operation.

Roberto Henríquez, Commerce Ministry, remarked that after several negotiations, they managed to achieve more benefits for the Panamanian state.

"The company promised to pay 4% of its gross income to the State as royalties, once they start commercializing the precious metal.