Petaquilla Resists to lose Molejón Mine

The concessionaire has filed a reconsideration motion to avoid cancellation of the concession, and while it is resolved, the government will take care of the necessary maintenance work.

Wednesday, August 5, 2015

The review process to be carried out now by the Ministry of Commerce and Industry (Mici) could take up to two months. Once the process has been completed, it will be decided whether or not to cancel the concession granted to the Canadian company Petaquilla Minerals.

"... According to information reported by the Mici, on Thursday 30 -the last day of the time period given - Petaquilla was 'diligently trying to address the breaches' which caused the ministry to decide to cancel the concession. "

"... In an appeal by Petaquilla, it emphasizes that the performance bond itself was valid and that the environmental issue is under a process of legalization. In addition, they stressed that were doing maintenance work on the plant. "

More on this topic

Panama: Final End to Molejón Mining Concession

November 2015

The Supreme Court rejects appeal case presented by Petaquilla Minerals to reverse the cancellation of the concession to exploit the gold mine El Molejón.

The appeals filed by the former concessionaire of Molejón in an attempt to recover the concession and invalidate the tender which was called by the PAN for cleaning tailing basins have been rejected by the Supreme Court.

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.

Notice of Cancellation Given to Petaquilla Gold

January 2015

Petaquilla Gold has been granted 180 days to catch up with outstanding payments of royalties, fees to the Social Security Department and other payments.

From a statement issued by the Ministry of Commerce and Industry of Panama (ICIM):

The Ministry of Trade and Industry announced today, to representatives of Petaquilla Gold, the decision to administratively resolve the granting of the Molejón mining project, recognizing an initial term of 180 calendar days, during which the company can rectify its faults in contractual obligations.

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