Petaquilla: Liquidation of Assets to Pay Wages

The government of Panama has announced that it will liquidate the assets of the concessionaire of the mine El Molejón in order to pay outstanding debts after the company failed to appear before the Ministry of Labour.

Tuesday, December 9, 2014

After the company failed to appear twice, the Ministry of Labor and Workforce Development (Mitradel) of Panama has announced that it will liquidate the assets of the company in order to compensate employees.

Luis Ernesto Carles, head of Mitradel told that "... Now the bulk of the goods is about to be offered for sale. An audit has already been performed and we are are currently checking financially how much the inventory is calculated to be in order to proceed with the sale of goods. "

Moreover, Jorge Obon, Petaquilla Minerals' spokesman added that "... In effect the company inventory rose a while ago, and last Friday, 4 they requested the copy of this from the ministry, but they have not heard anything regarding the sale of goods. "

More on this topic

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.

Liquidity problems in Petaquilla Minerals

October 2014

The Ministry of Labor has retained office goods and the quarry belonging to Petaquilla Gold mining as part of measures to ensure the payment of wages of workers in the mine.

Despite rumors of the stoppage of the extraction process due to lack of capital to continue operations, the mining company is not bankrupt, but owes its employees about $3.5 million.

Problems for Petaquilla Minerals

September 2014

The company announced that there will be changes in its structure and in the operation of Molejón mine, with projections for gold production at the end of the year being reduced by 5000 ounces.

Representatives from Petaquilla Minerals, the Canadian company which owns the mine, told that the restructuring being prepared by the company would be ready by the end of the year and would involve "...

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