Petaquilla Minerals' Financial Problems

The Securities Commission of British Columbia in Canada, has issued a resolution barring the two top executives of Petaquilla from trading shares of the company until financial information is presented for the period ending July 2014.

Friday, November 7, 2014

Problems continue for Petaquilla Minerals, which breached a salary payment arrangement that should have been finalized in October and it has now been reported that two of its executives have been banned from buying or selling shares in the company.

Prensa.com reports that "... The ban for senior managers will remain in place until the company delivers its reports; which were due to be published on on 29 October. Petaquilla has not submitted the reports for the 2013-2014 fiscal year, which ended July 31, 2014. "

Richard Fifer, President of Petaquilla Minerals, and its subsidiary, Petaquilla Gold, added that "... The financial data will be submitted on December 29, two months after the initial date agreed by Canadian manager. The delay in the transfer of the assets which were sold for $60 million to fellow Canadian mining company First Quantum Minerals, has prevented them from completing the accounts for this fiscal year. "

'... The last financial information provided by the company for the first quarter reported a loss of $11.6 million. "



More on this topic

Trading in Shares of Petaquilla Suspended

January 2015

For non compliance with the deadline to deliver the financial results of 2013-2014 the securities commission of British Columbia, Canada, the trading of the shares by the owner of the Molejón mine in Panama has been suspended.

Despite having announced in September changes in company structure and operation of the Molejón gold mine in Panama, the Canadian company Petaquilla Minerals continues to face financial difficulties.

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.

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

First Quantum Insists on Purchase of IMnet

February 2013

The Board of Inmet has already rejected the first offer by First Quantum, which is now making a hostile bid, directly contacting shareholders of IMnet.

Panamaamerica.com.pa reports that "... The multinational is seeking to gain control of the two mines operating in Panama, in a transaction that would exceed 5 billion dollars.

 close (x)

Receive more news about Business and Investment

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Tailor made software for construction companies

O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Jan 25)
Brent Crude Oil
55.61
Coffee "C"
124.85
Gold
1,855
Silver
25.565