The Canadian company Inmet will define the participation of new partners for its mining project in mid 2012.
The company engaged in the exploration and extraction of minerals, led by its copper mining project in Panama, formerly known as Project Petaquilla, is examining options for getting additional capital and partners to develop the project.
The improvements include setting up a stacked lixiviation system and are expected to generate an increase in gold recovery of 7,200 ounces of gold per month.
The mining company announced that gold production at Molejón increased to 8.562 ounces in November.
With this new figure, the company increased its annual production to 102.744 ounces of gold.
"The mining company also said the level of efficiency in its production plant is at 95.2%, a range it expects to continue to increase," journalist Rafael Berrocal reported in his article at Prensa.com.
The gold mine project Petaquilla, located in Panama, agreed a leasing structure with a national bank for the purchase of heavy machinery.
According to a company press release, the agreement was made between the bank and Infrastructural Development Panama, SA (PDI), a company's infrastructure subsidiary.
The mining project located in Panama has agreed the sale to Germany's Deustche Bank of 66,650 ounces of gold over the next five years.
Petaquilla has announced that its production commitments with Deustche Bank represent only 6% of the projects total resources.
Of the $45 million price, $2 million will be invested in working capital for the mine while an additional $40 million will go toward paying off pending bond debts.
Since operations began in January 2010, it has had sales of $36 million, paid production expenses of $21 million and sold each ounce for between $945 and $1,152.
The company was granted mining rights on 18 November 2009 and will pay the state 4% of gross earnings over the 20 years it plans to operate.
Each ounce of gold Petaquilla extracts costs the company $600.
The Canadian mining company, which owns the Molejón Gold Mine in Panama, today announced that it is negotiating a $70 million credit facility with a leading financial institution.
It has signed an engagement letter pursuant to which it will work with a leading financial institution to execute a US$70 million gold linked facility under which the Company would be required to deliver 91,710 ounces of gold over a five year term.
Gold exports summed $16 million in 2009, three times more than in 2008, according to data from the Economy ministry.
Zorel Morales, president of the Mining Chamber of Panama, explained that the main driver of this growth was the opening of Petaquilla Gold mine, located in Donoso, Colón.
Petaquilla Minerals, a Canadian company, has placed $11.62 million, and will invest them in its 100% owned Molejon Gold Project, located in Panama.
In a press release, the company explains that the funds will also be used for exploring the “Oro del Norte” concession, also located in Panama, and for working capital.
Canadian corporation Petaquilla Minerals, owner of the gold Mine Molejón, placed shares for $11.5 million.
In a press release, Petaquilla announced it has negotiated a non-brokered private placement of 24.000.000 common shares at a price of Canadian $0.50 per share ($0.48) for gross proceeds of Canadian $12.000.000 ($11.510.00).
The proceeds will be used for repayment of debt and completion and development of the Company’s 100% owned Molejon gold mine in Panama.
Petaquilla Gold is looking to expand its Panamanian operations, this time to mine copper.
Within a reorganization process at Petaquilla Gold, a subsidiary of Petaquilla Minerals Ltd., the company Azuero Mine was created. It will exploit gold and copper deposits in "El Chorcha" (Chiriquí), "Cerro Quema" (Los Santos) and "Santa Rosa" (Veraguas), where the mining potential is estimated at $80 billion.
The Canadian company Petaquilla Minerals along with Generadora Hidroelectrica Santa Maria will develop a 25 MW hydroelectric project.
With an agreement signed by a Petaquilla Minerals’ subsidiary in Panama, Panama Central Electric S.A., and Generadora Hidroelectrica Santa Maria, the two companies will begin financial studies of the project and update the environmental impact study of 1998. They estimate beginning the construction in the fourth quarter of 2010.
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