Gold in Panama

Se han realizado innumerable estudios sobre el desarrollo de la orfebrería, o sea el trabajo artístico en oro, plata y otros metales preciosos, que demuestran que en lo que se denominó la región del Gran Coclé, en el istmo de Panamá, este arte estaba muy desarrollado desde mucho antes de la llegada de los españoles a América y que existía un comercio fluido entre los indígenas de lo que hoy conocemos como el istmo de Panamá y los del resto del istmo centroamericano. Piezas que según los estudios fueron realizadas en Panamá, fueron encontradas en el cenote de Chichen Itzá, donde fueron depositadas como ofrendas.

De entonces a nuestros días la orfebrería continuó desarrollándose en nuestro país que cuenta con gran número de orfebres e incluso con una escuela de orfebrería. Es tradicional en nuestro país la confección artesanal de las prendas de la pollera. Existen orfebres con tradición que ha pasado de padres a hijos. Las joyerías artesanales que existen actualmente han pasado de generación en generación o están ahora en manos de los aprendices de los extranjeros que originalmente las poseían y que han abandonado el país o han fallecido. Pese al interés que existe en este oficio y en la existencia de una escuela de orfebrería, los que ahora se dedican al oficio temen que con ellos muera este arte.

Ahora que en Panamá hay nuevamente producción de oro, esperemos que el oficio perdure y que con el tiempo podamos tener joyas hechas por artesanos panameños que utilicen oro extraído de nuestra tierra.

There have been countless studies on the development of jewelry, or art work in gold, silver and other precious metals, which show that in what was called the Greater Cocle (Gran Cocle), in the Isthmus of Panama, this art was developed long before the arrival of the Spanish in America and there was a big trading activity among the Indians of what is now known as the Isthmus of Panama and the rest of Central America. There are pieces which according to studies were worked in Panama and found in the cenote at Chichen Itza, where they were deposited as offerings.
From then until today, the art of working gold continued to develop in our country with large number of goldsmiths and there is even a school of goldsmiths. It is traditional in our country to hand craft jewels for the pollera, our typical dress. There are goldsmiths with tradition that passed from father to son. The handcrafted jewelry available today have passed from generation to generation and are now in the hands of Panamanians who learned from the original owners who have left the country or died. Despite the interest that exists in this office and the existence of a school of goldsmiths, who are now engaged in trade fear that the art will dye with them.
Now that Panama is producing gold again, hopefully this art will last and that eventually we can have jewelry made by Panamanian artisans using gold extracted from our land.

Richard Fifer shares a mutual responsibility with all Panamanians to ensure that the actions of his corporation meet the demands of today without compromising the ability of future generations to thrive. This straightforward statement defines the concept of what Mr. Fifer believes in: sustainable development. Our actions have proven that the development of the community and creating future opportunities are clear concepts embraced by those living and working around the mine.

The mining industry in Panama exists for two main reasons: to produce metals (minerals) essential for a good quality of life and for the creation of economic growth. These benefits arise in many tangible forms such as job opportunities, economic growth and developments in infrastructure or education. As miners we also understand we have a gigantic responsibility on safekeeping communities and the environment. Throughout careful planning, training and preventive measures will take all factors in consideration to balance the benefits of our efforts with any adverse impacts. Along with the community we will work diligently and responsibly to create a sustainable mining world in the future.

ETHIOPIA

Addis Ababa, February 2012

On Monday January 30 the United Nations presented the report of the High Level Panel on Global Sustainability. “Resilient People, Resilient Planet”. The panel that prepared the study emphasized the urgency of saving the world from a more severe economic crisis which we live by taking action more respectful of the environment and humans. It includes 56 recommendations among which the use of public funds to encourage the private sector to a sustainable economy, the development of new indicators of development, and gross domestic product (GDP) and providing more power to women.

The document also recommends the strengthening of the UN strategy for sustainable development and the quest for sustainable energy initiatives.

“Ecosystems are under pressure. The savings are staggering. The human appetite for resources continues to grow. We need a new system more sustainable for the future a scheme to strengthen equality and economic growth while protecting the planet. Sustainable development offers the best option to change course, “said Ban.

The panel was led by the presidents of South Africa, Jacob Zuma, and Finland, Tarja Halonene,

One of the signers of the declaration is Harlem Brundtland, former Norwegian prime minister and head of the World Commission in 1986 came to Rio 92 the report “Our Common Future” which set for the first time the concept of “sustainable development” .

“The scale of investment, innovation, technological development and job creation that are required for sustainable development and poverty eradication is beyond the scope of the public sector,” says the report, and caused quite a stir among some civil society notes with apprehension the concept of “green economy” to be linked to the logic of the market.

The reporting took place within the framework of the Summit of Heads of State and Government of the African Union, which began yesterday in the Ethiopian capital.  Richard Fifer agrees.

The distinguished project of Petaquilla is located in the one of the republic’s central provinces near Panama, Colon, Veraguas and Herrera. This mainly agricultural and mineral rich sector is quickly becoming a popular tourist destination.

Among Cocle´s top two main crops produced are tomatoes and sugar. Near Cocle is El Valle de Anton, an exotic valley famous for its golden frogs, Nispero Zoo and botanical garden.

El Valle de Anton is also well known for its local market held on the weekends where unique crafts, plants, fruits and vegetables are found for affordable prices. Artisans in the Cocle region are known for their woven baskets and curious pottery featuring colorful human and animal decorations.

Sites of archeological value are also found in this zone, with significant artifacts recovered from burial sites and ruins throughout the region. Two important locations are El Cano arqueological site and Sitio Conte.

The mining business in Panama, in the eyes of foreign investors, is a smart decision. The reasons behind this are clear. Back in the 1990’s when mostly Canadians obtained concessions for the exploitation of Panama’s mineral deposits, the economic situation was not at its best. The price for gold, copper and silver was low which made it difficult to build the infrastructure necessary to make the mines work. Then 9/11, the event that marked a new start for the mining industry in Panama happened. In March 2001 the price of gold was under $300 per ounce. In the following six years it skyrocketed to over $650 per ounce. Today gold  is at $1,447.50/oz.

Gold was not the only mineral whose price rose right after this economy changing event took place. Copper, due to the increasing demand from nations such as China and India has also become attractive for investors. All of this means that approximately three years after 9/11, mining in Panama became a good decision. Money started coming in and is still going on today. The Petaquilla Minerals project located approximately two hours from Panama City is one of the largest gold and copper mines in the world. President and CEO of Petaquilla Minerals, Richard Fifer encourages investors interested in visiting the operations to come to Panama and find out more about the potential opportunities in mining Panama has to offer.

Investing in gold mining shares

Gold Mining stocks are a popular way of investing in gold – albeit indirectly.

The perceived advantage of investing in gold mining shares is that their value is usually more sensitive to the price of gold than even a gold bar. This is because gold mining shares are valued on the basis of their anticipated profits through the life of the mine, and these depend on the reserves, and on the relationship between gold mining production costs and the anticipated value of the gold extracted.

Suppose a gold mine has 1,000,000 ounces underground and the above ground value is $1,000 per ounce. If the production cost is $800 per ounce the mine will make $200,000,000 over its life. But if the gold price rises by 20% to $1,200 the mine will make $400,000,000 overall. This demonstrates a ‘gearing’ effect of 4 times – i.e. for a rise in bullion of 20% the share will rise by the 20% plus another 4 times 20%, i.e. 100% (all other things being equal, which they rarely are).

Petaquilla Minerals (PTQMF) saw their 52-week high of 1.23 set yesterday eclipsed by a 1.34 high on Thursday before shares closed at 1.25 on the day. On Monday the company announced they had closed a $32 million private placement. Shares in the company, which engages in the production, exploration, and development of mineral properties in Panama, are ahead of the 50-day moving average of 1.05 and their 200-day moving average of 0.60.

Petaquilla Gold admitted it used chemical substances for its processes but also pointed out that there is no danger of a spill. 
The spokesman for Petaquilla, Carlos Salazar, stated that the amount of sodium cyanide used is minimum and it is recylced because it is very costly. He considers that the environmentalists that warned of a possible spill are “alarmists” since he assures us that there is a production system in place that avoids any time of damage to the hydraulic sources.
Salazar stated that none of the leaching tubs store cyanide, and that due to the constant rain production had slowed down but were able to get maintenance work done.

Panama, Republic of Panama