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Thursday, June 20 2019 @ 12:28 PM UTC

Petaquilla Gold Mine Burns 5,000 Gallons Of Fuel Per Day

Gold & MiningBy DON WINNER for - Received this morning via email: "Hi Don, I understand the political football game. Have you heard anything more about them blocking access to Petaquilla Minerals, Ltd.? I know they run everything on diesel and need to bring in about 5000 gal./day for the generators. If that is stopped it would cause a lot of unintended consequences. Martinelli seems to be taking your advice and not talking until they get out of the highway. Good for him! This BS really gives Panama a black eye internationally. Tourists in the States are being warned about travel to Panama. Not a good thing. Saludos, MK."

Editor's Comment: They might have a couple of days reserve fuel in tanks or something, but if they're burning 5,000 gallons a day it won't take long before they would have to shut down operations. Obviously, not a good thing. And do the math. At $3.50 per gallon that's $17,500 per day in fuel, $542,500 per month, or more than $6.3 million dollars per year. The people who sell them the fuel are making money on that activity, as well as the workers who are delivering it, and those who are running the machinery burning the fuel. All of this economic activity is paid for by the gold that's coming out of the ground. Petaquilla's operating expenses for the last three months in their most recent economic report was more than $10 million dollars. The vast majority of that money is staying right here in Panama. Economically speaking, mining is a very good thing for the country. And Petaquilla is peanuts compared to what's going to be happening with the Inmet copper mine. In the entire country there are only about 100,000 Ngöbe-Bugle Indians, compared to more than 3.3 million Panamanians total, which means they represent less than 3% of the people in this country. Why do they think they can dictate national policies for the exploitation of mining and hydro-electrical resources?

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Petaquilla Gold Mine Burns 5,000 Gallons Of Fuel Per Day | 3 comments | Create New Account
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Petaquilla Gold Mine Burns 5,000 Gallons Of Fuel Per Day
Authored by: Anonymous on Friday, February 03 2012 @ 04:05 PM UTC

Don, I admit I'm not up on all this, but how would you like it if it was in your backyard? Do these people not have rights, just because they are a minority? I'm having trouble with your position on this.

Petaquilla Gold Mine Burns 5,000 Gallons Of Fuel Per Day
Authored by: Anonymous on Saturday, February 04 2012 @ 11:21 AM UTC

Let me preface my comment by stating that I am not a socialist or communist. The bottom line to this issue is cui bono- who benefits. Anybody that has read John Perkins book "Confessions of an economic hitman", will instinctively ask this question. It is my understanding that much of Panama's hydro-electric power production is exported to CR and Colombia. If so, who derives the benefits from these sales; is it the power generating companies like AES, Fortuna etc and a select decision making political elite or does a percentage of the profits come back to subsidize the consumer or benefit the population in some other fashion? Remember that power dams significantly alter the watershed and can have huge impacts on communities living along targeted waterways and can also on agriculture. Similarly the question has to be asked of mineral producers. Are these companies simply exploiting a non renewable resource, creating a few minimimum salary jobs and leaving behind an economic catastrophe, such as a watershed contaminated with cyanide, or is there a significant benefit to the nation of Panama. Has a cost- benefit analysis been done on a national level or are all the benefits accruing to a narrow band of select special interests? If the latter is the case the indians have a point. It seems that nobody is making the case as to how these projects will benefit Panama, the country. Everybody is focused on the short term inconvenience caused by these demonstrations and have lost sight of the longer term issue of what is in the best interest of the nation.

Petaquilla Gold Mine Burns 5,000 Gallons Of Fuel Per Day
Authored by: Anonymous on Saturday, February 04 2012 @ 04:03 PM UTC

The Indians are the only ones that appear to be concerned over the welfare and future of Panama's lands. Their spiritual attachment to the land - i.e., not afraid to die over their lands - make them very dangerous....there's nothing worse than having to negotiate with someone who has nothing left to lose...I'm on their side.