Petaquilla announces disappointing FY2Q results but expects material event

Last week on February 17th, Petaquilla Minerals (PTQ.TO) and (OTC BB:PTQMF) filed second fiscal quarter results for the period ending December 30, 2013. Gold equivalent production declined 67.0% sequentially from 9,452 ounces to 3,120 ounces despite an easy comparison. Management also cited general maintenance of the Molejón processing plant was conducted during most of the month of December 2013 as the cause for the lower gold production. However, articles in Panamanian newspapers report that a labor protest concerning non-payment of wages by Petaquilla Minerals to its employees was occurring during December, which would have been also a factor related to the lower-than-expected gold production and aggregate revenue. In addition, the average realized gold equivalent price declined 5.0% sequentially to $1,247 per ounce.

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Petaquilla announces disappointing FY2Q results but expects material event

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