Great news from the mining front. It seems that the Petaquilla goldmine of corrupto and narco Richard Fifer is at the end of its lifespan. Workers were not being paid, that much we knew already. And now it seems that most have been sent home, and Petaquilla has filed to void their contracts, reports TVN:
Eric De León y Onésimo Domínguez, dirigentes del Sindicato de Trabajares de la Industria Minera en Panamá, indicaron que la empresa Petaquilla no se ha declarado en quiebra, pero presentó la suspensión de contrato ante el Mitradel, alegando que lo que tienen no da para mantener los gastos de operación.
Los obreros han sido enviados a sus casas por cuatro meses y algunos han sido destituidos, sin recibir pago alguno; además desde hace un año la empresa descuenta el seguro social pero no lo paga a la Caja de Seguro Social, según los obreros.
They further warn that the ponds that are being used to separate the gold from the rocks might contaminate the nearby river if no maintenance is done any more. In this process cyanide is used in massive quantities, and excessive rain has caused contamination before.
Meanwhile, PTQMF stock is trading at only 23¢, the lowest in 6 years. This stock used to be pumped by scam pimp Don Winner, who wrote when it was trading at $3.20:
I first talked about this stock (and bought some) when it was at .80 cents a share. Now, at $3.20 or so, it's still going to see a nice bounce, then a long run up. My advice, buy and hold.
Hahahaha! Another one on the long list of scammy investment recommendations from der Wanker that sends your savings down the drain! Bye bye, Petaquilla! And please don't come back.
They owe their suppliers huge amounts also.
Does anyone understand why? That is, is the cost of production here simply to hi or would it be viable if there was better management?
I guess bankruptcy was the major material event they were hinting at in this press release dated Feb 18.
this has to go down as one of the best press releases ever in the history of public companies. I’ve never read anything quite like it in my life.
Yet, another Environmental Mistake by Panama.
But just think of the over invoiced clean up the oligarchs SA’s will make!