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Petaquilla Enters Leasing Agreement for $ 9.1 Million

The gold mine project Petaquilla, located in Panama, agreed a leasing structure with a national bank for the purchase of heavy machinery.

Wednesday, October 13, 2010

©image: petaquilla.com

According to a company press release, the agreement was made between the bank and Infrastructural Development Panama, SA (PDI), a company's infrastructure subsidiary.

Leasing will allow the purchase of equipment such as trucks and bulldozers and operate independently, offering better rates to the company and reducing overall cost of the operation.

PDI will pay monthly installments of $ 221,700 over the next 4 years with an option to purchase the equipment at the end of the period by an additional payment of $ 236,000.

Source: MarketWatch.com

Key entities

Minera Petaquilla S.A. Petaquilla Gold Petaquilla Minerals Ltda. Panama Desarrollo de Infraestructuras, S.A.

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Petaquilla Produces 6,000 Ounces of Gold per Month in Panama

July 2010

Since operations began in January 2010, it has had sales of $36 million, paid production expenses of $21 million and sold each ounce for between $945 and $1,152.

The company was granted mining rights on 18 November 2009 and will pay the state 4% of gross earnings over the 20 years it plans to operate.

Panamanian Mine Gets an Additional $11.6 Million

March 2010

Petaquilla Minerals, a Canadian company, has placed $11.62 million, and will invest them in its 100% owned Molejon Gold Project, located in Panama.

In a press release, the company explains that the funds will also be used for exploring the “Oro del Norte” concession, also located in Panama, and for working capital.

Petaquilla Minerals Negotiates $70 Million in Credit

April 2010

The Canadian mining company, which owns the Molejón Gold Mine in Panama, today announced that it is negotiating a $70 million credit facility with a leading financial institution.

It has signed an engagement letter pursuant to which it will work with a leading financial institution to execute a US$70 million gold linked facility under which the Company would be required to deliver 91,710 ounces of gold over a five year term.

Panamanian Gold Mine Secures $40 million

March 2009

The company Petaquilla Minerals Ltd, which operates the Molejón project, placed $40 million in private debt.

According to a release by the company, part of this placement will be used for financial readjustments and the remainder will be used in the mining project operation and as working capital.

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