Petaquilla Enters Leasing Agreement for $ 9.1 Million

The gold mine project Petaquilla, located in Panama, agreed a leasing structure with a national bank for the purchase of heavy machinery.

Wednesday, October 13, 2010

According to a company press release, the agreement was made between the bank and Infrastructural Development Panama, SA (PDI), a company's infrastructure subsidiary.

Leasing will allow the purchase of equipment such as trucks and bulldozers and operate independently, offering better rates to the company and reducing overall cost of the operation.

PDI will pay monthly installments of $ 221,700 over the next 4 years with an option to purchase the equipment at the end of the period by an additional payment of $ 236,000.

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