Ingots of Prosperity
PTQ
October 3, 2007
La Estrella de Panama
The gold fever has started and the Petaquilla mine has planned to start the extraction of this precious mineral in the last trimester of the current year.
In the first year, they are thinking of extracting 120 thousand ounces, which will represent an income close to 89.4 million dollars, considering that the price of gold on the international market, up until yesterday, reached 745.54 dollars per ounce.
In the next seven or 11 years, the mining company estimates that they can probably extract 893 thousand ounces, becoming one of the most profitable activities in the country.
The mining concession includes a concession area of 25 thousand hectares, which is the one with the most coverage in the country.
The company will invest 45 million dollars in the first stage, and for the second one, about 1,200 millions, when besides gold, copper, silver and other minerals will be extracted.
Recession times in the prices of gold have been left behind. These prices that had made the mining company lose interest in continuing the mining works, after the signing of the Law in 1997. To the contrary of all predictions, gold gains strength in the world’s markets and the forecast is that the price will continue to rise in the next 12 years.
Gold reached a maximum value at the end of September and since 1980, we had not seen a recovery quote like this one. Its price was of 745.54 dollars per ounce.
Regarding silver, at the closing of the month quoted at 13.92 per ounce, a 15% more than the previous month.
Copper recovered until it exceeded the barrier of 3.40 dollars per pound at the closing of last September month. So, the red metal closed the month with a 7.71% increase in its price.
Meanwhile, the monthly average of copper reached 3.46 dollars and up to now it is quoted at 3.21 dollars per pound.
According to the own company, in Petaquilla, more gold was found than what was expected, which will change the terms of the concession contract, that is already being studied by the Ministry of Commerce and Industries.
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Posted in Richard Fifer
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Richard Fifer believes mining is an important export for Panama. Trade is an important thing for the country so that its economy may grow.
http://richardfiferceo.com/environment-councils-installed/
I agree Debbie. Richard Fifer hopes to use his business to help those in need thru programs and initiatives funded in part by Petaquilla Foundation and Castilla del Oro.
http://richardgfifersite.com/index.php/concrete-post-is-donated/