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Petaquilla reports improved results at Molejón mine

Thursday, October 18, 2012

Petaquilla Minerals, which is facing a hostile takeover bid by Inmet Mining, said that its Molejón gold mine in Panama has reported improved results and increased revenue.

The gold miner reported revenue of $25.9 million for the quarter ended August 31, up 8 percent from the prior quarter, while cash costs per ounce of gold equivalent fell 14 percent to $524.

Adjusted earnings before interest, taxes, depreciation and amortization amounted to $12.7 million, up 182 per cent from the prior quarter.

Source: Canadian Press