Thursday, February 02 2012 @ 05:17 PM UTC
Contributed by: Don Winner
Editor's Comment: And, there you have it. This "protest" is anti-mining, anti hydroelectric projects, and is being driven by environmentalists and political operatives from the PRD and Panameñista political parties, in order to create headaches for Ricardo Martinelli. These "protesters" are enough to close a road, but they do not represent the majority of the groups they claim to represent. This is a politically motivated show. In their most recent financial statement (Nov 2011) Petaquilla lists "Royalties Payable" of more than $8.9 million dollars. Meaning, since they started extraction and gold production operations they have already paid or will have to pay $8.9 million dollars to the government of Panama. This is a direct compensation to the country, generated by the ounces of gold extracted and sold. However there are also tremendous direct and indirect economic benefits - for example they spent more than $10 million dollars in "production costs" in just three months. That money remains here in Panama, paid in the form of services, payroll, logistics, expendables, fuel, etc. So great. A handful of paid political protesters and environmental extremists who want to shut down all mining in Panama are having their way with the country. I hope they are having fun, because the math sucks.