Yesterday, Petaquilla Minerals Ltd. (TSE:PTQ), (OTC:PTQMF) stock exploded on the three markets on which it is quoted on the company’s announcement about its significantly improved operating performance.On the Toronto Stock Exchange, PTQ closed at $0.57 per share.
The volume traded was as strong as it was at the end of last year, but this time it came under the leadership of the buyers. More than 5.3 million shares changed hands, while the average for the company volume is less than half a million shares.
After Wednesday’s trading session without a change in the price, yesterday PTQ stock surged 28.09% on no news.
This was a result of investors’ high appreciation of PTQ strong up move, due also to the fact that at the end of September the company closed one of its most important agreements, the one with Deutsche Bank.
According to the agreement, Petaquilla Minerals Ltd. will deliver gold to Deutsche Bank over a five-year term. The company will receive also an additional cash payment for gold prices above US$875 per ounce, up to a maximum of US$1,290 per ounce. In these difficult for many companies times Petaquilla Minerals Ltd. reported that the IRR of the transaction is 10.18% and the number of committed ounces represents approximately 6% of the company’s total resources.[BANNER]
Taking into consideration the fact that the company started its commercial production this January and negotiated such a contract only a few months later, it is not difficult to suppose that Petaquilla Minerals’s stock has just begun its at least mid-term upward move.
Yesterday, on the American OTC market PTQMF stock was one of the most actively traded foreign securities. The shares closed at $0.568, adding 24.02% to their value. The volume traded was almost ten times the average for PTQMF.
Today, on the Frankfurt Stock Exchange the shares of Petaquilla Minerals (Frankfurt: P7Z.F) also continued their upward direction and soared 15.04%.
