Problems for Petaquilla Minerals

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.

Tuesday, September 16, 2014

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 "... a reduction in the extraction of gold from the mine, which would decrease from the 9000 ounces mined in 2009 to 4000 at the close of this year. "

Jorge Obon, a spokesman for the Canadian mining company in the country, confirmed that "... Petaquilla is carrying out structural changes, but gave no further details. The company, according to its spokesman, is not in bankruptcy. Obón tried to dispel rumors that the paralysis in the extraction process is due to lack of capital to continue operations. During the recent past gold prices have dropped and high fuel costs have made gold processing unfeasible."

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