Petaquilla Minerals Ltd PTQMF

Is Quarter 2 another loss?

[wwadehammer]

Same old garbage in MM&A for Quarter 1, Paul.  Nothing new except bad news in my opinion.  And yes, I'm in the tank right now, it is Friday night after all.  Two things jump out on first drunken pass.

First, they didn't meet the Quarter 1 budget for delivering aggregate to FQ.  Now I assume the budget is what they told FQ they were going to deliver.  They failed to meet the budget - what does that mean - is FQ upset?  Who knows.  Second, the new equipment to get the mine back in full operation and fill FQ's quota is still not online.  Means Quarter 2 will suck almost as bad as Quarter 1.

I don't know the bankruptcy rules for Spain so I don't know if DB can force sale of Lom Poy to pay off its loans.  Why do you ask me these questions?   DB would have a better chance winning in Spain than in Panama, that's for sure.  I think we paid $45 million for Lom Poy but that was back when the gold price was higher.  Don't know what it would be worth now - who would buy it with no place to process the ore and the gold price in the tank.  FQ is right down the road but they deal in copper not gold.  Not enough copper in Lom Poy ore to interest FQ although they could buy it for a song from DB to get leverage in Panama.  We are nearing collapse after all.  On that cheerful note, I'll call it a night.