Petaquilla Rejects Inmet OfferTuesday, October 30, 2012 The Canadian mining company Petaquilla Minerals Ltd has again rejected a takeover offer of $130 million from Inmet Mining Corp. The offer, 19% higher than Inmet’s offer in September, "still does not match the appropriate value for the Petaquilla shares ", the company said. Panama Government Authorizes Molejon MineThursday, November 19, 2009 Molejon gold mine, owned by Petaquilla Minerals, received approval for its commercial production stage. The mine is located in the District of Donoso, Province of Colón. Its production is estimated at 2.200 tonnes per day. Petaquilla Produces 6,000 Ounces of Gold per Month in PanamaTuesday, July 6, 2010 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. Petaquilla Enters Leasing Agreement for $ 9.1 MillionWednesday, October 13, 2010 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. Panama: $11.5 Million for Gold MineTuesday, December 1, 2009 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). Petaquilla Minerals' Financial ProblemsFriday, November 7, 2014 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. 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. Inmet Mining and Petaquilla War Goes OnWednesday, September 26, 2012 Panama's government has rejected a request to reject exploration permits and mining operations at the San Juan area. Inmet Mining asked the Department of Mineral Resources of Panama to reject all applications for exploration and exploitation of mineral concessions affecting Minera Panama, a subsidiary of Inmet Mining. This request includes in particular include the San Juan concession, of 11.145 acres, operated by Petaquilla Minerals, a company which Inmet Mining is currently attempting to buy through a hostile bid. Panamanian Mine Gets an Additional $11.6 MillionMonday, March 15, 2010 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. Petaquilla Mine to Sell $45 Million Worth of Gold FuturesFriday, September 24, 2010 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. Trading in Shares of Petaquilla SuspendedMonday, January 5, 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. Panama: New Manager for Molejón MineMonday, February 23, 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. Panama Sued for $2.3 billionWednesday, April 6, 2016 Mining companies and spanish citizens are suing the Panamanian State arguing arbitrary and discriminatory measures imposed by the Martinelli Administration are detrimental to their investments. The companies Petaquilla Gold, Petaquilla Minerals LTD, and Corporación de Recursos Iberia, S.A. are sueing the Panamanian government for $2.3 billion at the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank for direct damages against the company in Panama and its shareholders, reported Laestrella.com.pa. Petaquilla Resists to lose Molejón MineWednesday, August 5, 2015 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. 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.. Capital Injection Revives PetaquillaTuesday, January 20, 2015 The operator of Molejon gold mine in Panama has announced that it has obtained a line of credit of up to $25 million to restart operations from February 1st. Baseline Financial Group is the company that will provide an initial payment of $10 million, with a progressive investment of up to $25 million, to revive the extraction of gold from the mine. The contract stipulates that 60% of the proceeds will go to Petaquilla Minerals, 40% to Baseline Financial Group and 10% will go to the administration of a trust. Petaquilla: Liquidation of Assets to Pay WagesTuesday, December 9, 2014 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. 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. |
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