from ihub Report from La Estrella
Inmet Mining and Petaquilla willing to talk
OLIVARES MARIA FE
The miner said that no bidder wins if Cobre Panama stagnates and rival says the important thing is to solve the problems of Minera Panama. PTQ analyzes possible joint ventures
COLUMBUS. The Copper Mine Minera Panama, Inmet subsidiary, operates in Donoso. Photo courtesy | Minera Panama
07.11.2012 - 12:00:00 AM - PANAMA. Inmet Mining's offer to purchase the outstanding shares of Petaquilla Minerals Ltd. (PTQ) was unsuccessful. Inmet reported yesterday that failed to win the approval of 50. 1% of the shareholders for the acquisition.
Yesterday both miners told The Star that are willing to dialogue to reach an understanding that benefits them. "Petaquilla is committed to participate in future discussions with Inmet and other stakeholders to ensure that maximizes its value ', said a statement from the company that bears signature of Joao Manuel, CEO of PTQ. Meanwhile, Jochen Tilk, Inmet president, said in a telephone interview with this newspaper that both PTQ and Inmet Mining and Panama should do the best for the country. 'Inmet has an important responsibility as Minera Panama is a large project, "he said. The Canadian company plans to invest more than $ 6.200 billion in the 30-year duration granted, a figure that exceeds the cost of the canal expansion.
According Inmet that the tender has not been successful not affected, adding that since 2008 (when it acquired Petaquilla Copper, now Minera Panama) development has been independent of PTQ. Asked about the resolutions that the Panamanian Government for Petaquilla issued during the bid process and helped valorize, Tilk said he believes there were no interests behind the measures. 'Nobody wins if Cobre Panama stagnates: PTQ and Inmet or not the people of Panama, "he added. So far, PTQ is open to the possibility of negotiating with rival.
Rodrigo Esquivel, President of Petaquilla Gold SA, said 'we have not ruled out selling, but now the main interest is to solve the need for Inmet on certain areas that affect the development of its Cobre Panama project'. Inmet insists that, under Law 9 of 1997, had rights over the use of public areas of the State for the construction of the facilities necessary for the operation of its copper mine. 'We have invested so far $ 1. 5000000000 thinking we had those rights', said Tilk.further recalled that by the end of this year the miner will invest $ 4 billion in contracts and projects in the country. "These investments will benefit the development of Panama. Inmet is a guest and in the 20 years we've been in the country, we have never disrespected. PTQ I know thinks the same ', said Tilk.
Following the expiration of the tender offer (at midnight on Monday) Inmet shares rose to C $ 56. 75 (1. 41%) on the Toronto Stock Exchange (TSX) while those of PTQ fell to C $ 0. 49 (less 23. 44%). Inmet's bid attracted interest from other mining companies from Canada and the United States. President of Petaquilla Gold, the subsidiary that operates the gold mine Molejón-reported that formal talks between PTQ and these companies valued on the actions and opened the possibility of achieving joint ventures. 'During the hostile takeover of Inmet, our UBS financial adviser was notified of these proposals and evaluated, at the time, they were superior to those of Inmet, "Esquivel said. should be noted that these proposals were only talks 'formal' and not consolidated into an agreement with any of the foreign companies. Esquivel said the dialogue between Inmet and Petaquilla will be held this week.