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Petaquilla loan means mining can resume in Panama

Tuesday, January 20, 2015


 

Canada’s Petaquilla Minerals has received a $25 million loan to pay off debts and resume operations at its gold mine in Panama.

In a note sent to the Canadian Securities Commission, the mining company reported that it reached an agreement for financing with the Panamanian investment fund Baseline Financial Group.

The agreement establishes that, once mining resumes on Feb. 1, the firm will receive 40 percent of the proceeds.

Source: La Prensa