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Thursday, June 27 2019 @ 10:44 AM UTC

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Supreme Court Suspends $1 Million Dollar Fine Against Petaquilla

Gold & Mining By RAFAEL PÉREZ G. for La Prensa - The company Petaquilla Minerals, LTD., which is developing a mining project in the district of Donoso, in the province of Colon, managed to temporarily restrain a resolution from the National Environmental Authority (ANAM) sanctioning the company with a $1 million dollar fine for environmental damages. This measure comes after Supreme Court magistrate Víctor Benavides, who is managing the case, admitted a petition presented by the company against Resolution Number AG-0975-2008 of 13 November 2008, signed by Ligia Castro, the Director of ANAM. Benavides explained that his decision will be in effect until the appeal currently before the Supreme Court is decided. Yesterday, upon exiting a meeting of the Executive Cabinet, Castro said that she had not net been officially notified of the judicial decision, but that she would accept it without any delay. (See Comments)
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Dominion Announces the Appointment of New CEO

Gold & Mining NEW YORK, Feb. 9 /PRNewswire-FirstCall/ -- Dominion Minerals Corporation is pleased to announce the appointment of Manuel Jose Paredes as its Chief Executive Officer. Mr. Paredes will also serve as a director on the Company's Board. Mr. Paredes succeeds Pini Althaus, who will continue in his capacity as a director of the company, and as Chairman of the Board. Manuel Jose Paredes currently resides in Panama City, Panama. Mr. Paredes, 43, has held positions in both the private sector and government and most recently served as Panama's Under Secretary of Commerce from September 2004 until December 2008. He was responsible for overseeing Panama's mining and resource sector. Mr. Paredes was also President of the Panama Chamber of Commerce from 1999 until 2001 and president of the Federation of Chambers of Commerce of Central America in 2001. (more)
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Central Sun Expands Potential Production Pipeline With the Cerro Quema Property

Gold & MiningTORONTO, ONTARIO--(Marketwire) - Central Sun Mining Inc. is pleased to announce that it has regained majority control (60%) of the Cerro Quema gold property in Panama. Peter Tagliamonte, President and Chief Executive Officer of Central Sun, commented: "We are very pleased with the return of the Cerro Quema property. Central Sun intends to immediately review the geological, engineering and construction work that has been completed on the property. The return of a 60% interest in Cerro Quema provides Central Sun with an additional potential future stream of gold development and production opportunity in our operating base of Central America. Once we have completed our review of the current stage of development at the Cerro Quema property, we will provide further updates." (more)
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Petaquilla Minerals Ltd. Provides Molejon Update

Gold & MiningCNN Money.com - Petaquilla Minerals Ltd. announces that, further to the Company's news release dated November 28, 2008, the Company has established a working group to collaborate closely with the Autoridad Nacional del Ambiente ("ANAM"), the environmental agency of the Government of the Republic of Panama. On November 26, 2008, ANAM issued a resolution (the "EIS Resolution") approving the Company's Environmental Impact Study Category III (the "EIS"). The EIS essentially brings up to World Bank standards the environmental impact study prepared by the Company and approved by the Panamanian environmental agencies in 1996. The EIS Resolution sets out a number of conditions to be satisfied before the Company can attain full commercial production of the Molejon Gold Mine, which forms a small part of the overall project area. On detailed review of the EIS Resolution by the Company, it became apparent that some conditions are inapplicable to the Molejon operation, and others have already been satisfied by the Company. The Company therefore established the working group to cooperate with ANAM to ensure that all conditions are satisfied or waived, so that full commercial production in 2009 will take place without delay. (more) (See Comments)
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Investors want tally of salvaged gold

Gold & Mining BY KEVIN MAYHOOD for THE COLUMBUS DISPATCH - Investors complain that there has never been a proper accounting of the gold recovered from the Atlantic Ocean wreck of the Central America. Former Battelle engineer-turned-treasure-hunter Thomas G. Thompson pulled one of the largest stashes of gold known to sink in the Atlantic Ocean from the seafloor 20 years ago. But dividing the treasure among investors has proved more difficult than recovering it from the SS Central America. Estimates of the value have varied from $21 million for the gold by weight, to the $100 million to $400 million that collectors of Gold Rush-era old coins and bars might be willing to pay. In the latest court action, The Dispatch Printing Company and Donald C. Fanta, former president of the Ohio Co., complain that Thompson and the directors of companies formed to find and market the gold have failed to give investors a true accounting of what happened to it. The side-wheel steamer was carrying 578 passengers and crew members and an estimated 3 tons of gold bars, coins, nuggets and dust to New York from Panama in 1857. The ship sank during a hurricane about 160 miles off the South Carolina coast. (more)
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Teck Cominco cuts 1,400 jobs, 13 per cent of workforce to deal with falling prices

Gold & MiningTHE CANADIAN PRESS - VANCOUVER, B.C. - Giant metals miner Teck Cominco Ltd. says it will cut 1,400 jobs around the world to help it deal with a global slump in commodity prices. The Vancouver-based company says the cuts will reducing its workforce by about 13 per cent, and will also help eliminate redundancies after its acquisition of Fording Canadian Coal last year. About 1,000 employee and 400 contractor positions will be eliminated by the end of 2009, most of the cuts coming in the first quarter. Teck Cominco hopes the moves will save it about $85 million a year, and it will take a one-time charge of about $35 million for severance and other related costs. The company also says it will reduce coal production in 2009, due to declining global steel demand.
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Petaquilla Allegedly Making False "Forward Looking Statements" Regarding Likelihood of Panama Gold Production

Gold & MiningBy LINA VEGA ABAD for La Prensa - The Finance Director of Petaquilla Minerals, Bassan Moubarack, declared from Canada the company would begin gold production before the end of the year. Could it be that Richard Fifer and his local combo failed to send the text of the ANAM resolution approving the environmental impact study? Could it be they think the 40 new requirements are only "suggestions"? Might the Vancouver Stock Market and Canadian investors know that if the company does not comply with all of the new requirements (including bonds and guarantees for $14 million dollars) that ANAM could cancel the project? Or might it be possible the company thinks that they can obtain in two weeks, for example, the three new Environmental Impact Studies, the certification from the International Institute for the Handling of Cyanide, with offices in Washington, or a program for the handling of acid drainage? Hardly; because above all they have now presented a new recourse. In other words, it seems like they did not like the ANAM decision and they intend to change it with the same (legal maneuvers) as always. How it cheers me. Equally it cheers me that the Anam has confirmed the fine they earned for destroying the forests and rivers, which they also tried to avoid paying. Now they have no other recourse than to pay the fine, while they stage meaningless demonstrations in front of La Prensa, using the rotten tactics of trying to "kill the messenger" without facing the forcefulness of the message. For these reasons it does not seem very intelligent for Bassan Moubarack to be making these kinds of declarations. Someone should explain to him that "the bread can be burned in the door to the furnace."
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Panama Petaquilla gold mine to start production soon

Gold & MiningPANAMA CITY, Dec 5 (Reuters) - Vancouver-based mining firm Petaquilla Minerals Ltd will begin producing gold at its Molejon project in Panama within weeks, the company said on Friday. The concession is expected to produce an estimated 100,000 ounces of gold by the end of 2009 and maintain those levels for at least six more years, Chief Financial Officer Bassam Moubarak told Reuters. "We will start production before the end of the year," Moubarak said. The announcement comes after lengthy delays and a series of environmental complaints about the mine linked to cyanide and deforestation. Originally the project was supposed to begin production in January this year. Petaquilla now has permission from Panama's environmental regulator to go ahead with the project, Tom Byrne, the company's spokesman, said. (more)
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ANAM Approves Petaquilla Environmental Impact Study

Gold & Mining By JOSÉ ARCIA for La Prensa - Panama's Center of Environmental Incidence (CIAM) doesn't understand the decisions of the Panama's National Environmental Authority (ANAM) in relation to the Petaquilla Gold mine, and they are criticizing ANAM's 26 November 2008 approval of the Environmental Impact Study for the project located in the province of Colón. “It is surprising and obviously contradictory for ANAM to guarantee the continuation of the work of a company that has not only caused serious damage to the natural surroundings where they are conducting their operations, but that has also systematically disrespected the environmental institutions," said an official press release. One week before ANAM sanctioned Petaquilla with a fine of $1,934,694 dollars for ecological damages and for breaches to the environmental norms, but the company has requested reconsideration of the fines and ANAM has not yet decided on their appeal. (more)
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Petaquilla Minerals starts commissioning Panama gold plant

Gold & MiningBy: Liezel Hill TORONTO (miningweekly.com) – Vancouver-based Petaquilla Minerals has begun the 'wet' commissioning of the gold production facility at its Molejon project, in Panama. The ball mills and other critical equipment are undergoing testing ahead of the first gold pour, which is scheduled for the second half of December, Petaquilla said in a statement on Friday. The electromechanical operation of the plant will get under way early in the month. Petquilla Minerals also reported that it had received approval for its environmental impact study. The Molejon mine is expected to produce 100 000 oz of gold during its first year of production.
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Inmet to proceed with Petaquilla project for now

Gold & MiningReuters TORONTO, Oct 29 - Inmet Mining Corp plans to move ahead with its Petaquilla copper project in Panama at least through the permitting phase, and then will make a final construction decision based on metals prices at the time, the company's chief operating officer said on Wednesday. "We believe... it is appropriate to advance Petaquilla, but we remain disciplined in our approach, and we'll find the right balance between advancing the project and preserving our cash reserve," Inmet Chief Operating Officer Jochen Tilk said on a conference call. Inmet is in the process of wrapping up the acquisition of a majority stake in the project through the takeover of Petaquilla Copper Ltd. Tilk said it should take about two years to get the project through the permitting phase.
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800 Inmet Mine Wokers Laid Off In La Pintada

Gold & MiningBy Diógenes Santamaría for La Critica - There is uncertainty before the announcement of the firing of more than 800 workers from the Petaquilla mining project in the district of La Pintada, after the sale of actions in that company to the Canadian company Inmet Mining Corp. The Secretary General of the Mine Wokers Union (SINTRAPETAQUILLA), Eddy Rosas, said that the new company would only keep some 150 employees to realize work related to obtaining an environmental impact study. "The company decided to stop all work related to the construction of mines in the sector of Los Molejones, the place where the veins of copper were found, in order to start the construction of a new mine in the end of 2010." For her part the Regional Director of Labor, Yira Leiva de Real, said that in her office she has not received any requests for massive layoffs from the new mining company, and that she understands there have been extrajudicial requests for negotiations to come to mutual agreements.
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Diamond Mining Resurges In Latin America

Gold & Mining By Oxford Analytica for Forbes - Economic growth, political stability and unprecedented access to bank credit are driving a consumer boom in Latin America, particularly in Brazil, which is benefiting from high international commodity prices. Aware of demand, mining companies are tapping Brazil and Paraguay for their diamond deposits, reactivating an industry that was overshadowed by the dominance of South Africa in the early 20th century. Brazil, Paraguay step up. As a Portuguese colony, Brazil drove the international diamond trade, experiencing a diamond rush between 1725 and 1860 until the Portuguese crown declared a royal monopoly on all diamond mining in the country and levied heavy taxes on mining concessions. (more)
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Inmet Mining's Acquisition of Petaquilla Copper Creates Opportunities

Gold & MiningSeeking Alpha.com - by: FP Trading Desk - Inmet Mining Corp. (IEMMF.PK) is making the right move by buying out joint venture partner Petaquilla Copper Ltd. (PTQLF.PK), according to Raymond James analyst Tom Meyer. By taking out Petaquilla for C$2.20 a share, Inmet will boost its ownership of the Petaquilla project in Panama from 48% to 74%. Mr. Meyer wrote that the move greatly enhances the value of the project for Inmet while reducing the risk. Just as important, he noted that the acquisition could create two other major opportunities. One would be for Inmet to buy out Teck Cominco Ltd.'s (TCK) 26% stake in the project to move its ownership level up to 100%. (more)
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Base metals a bargain, but how safe?

Gold & MiningBy Cameron French TORONTO (Reuters) - Investors looking for Canadian stock bargains will find cut-rate prices in the base metals space, but analysts caution that a rebound may take a while, as sluggish demand could continue pressure metal prices. Mining stocks have been a key driver behind the S&P/TSX composite index's 140 percent rise over the past six years. The index rose 2.4 percent this past week to close at 13,771.25. But the issues have largely been in the red this year, particularly on the industrial -- or base -- metals side, where the meteoric rise of nickel and zinc to all-time highs in the past two years has finally come back to earth. Copper has fared better, but is still down sharply from its mid-year highs. (more)
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