Mining & Geology gold mine mining Metal mining Minera Petaquilla S.A. Petaquilla Minerals Ltda. gold mines Gold mines Petaquilla Gold Ministry of Commerce and Industries (Panama) National Environmental Authority of Panama Stock Market mining exploration "El Molejon" Gold Mine

Panama Government Authorizes Molejon Mine

Molejon gold mine, owned by Petaquilla Minerals, received approval for its commercial production stage.

Thursday, November 19, 2009

©image: Giorgio Monteforti

The mine is located in the District of Donoso, Province of Colón. Its production is estimated at 2.200 tonnes per day.

"The Government of Panama highlighted that Molejon will be the country's first mining project of modern times and encouraged the Company to maintain its highest standards of responsible mining as it leads the way to a socially and environmentally conscious mining industry in Panama", reported the company in a press release.

Source: CNNMoney.Com

Key entities

Minera Petaquilla S.A. Petaquilla Minerals Ltda.

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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.

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 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.

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.

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