A few take away from the conference call.

1.  The different FQ projects look quite impressive.  On time / on budget

2.  FQ tried hard to engage Inmet.  CEO to CEO discussion happened but was brief

3.  Deal is not contingent on due diligence

4.  The financial justification of the deal does not depend on FQ building the mine for $1B to $2B lower than Inmet.  The CEO stated that of course they will try to do it for less money but it is not a show stopper.  That one is a big deal as far as Petaquilla is concerned

5. No question from the audience on land rights issues

6.  FQ had extensive discussions with the government in Panama and they are not objecting to the deal

7.  Some questions remain on the affordability of the deal for FQ

8.  FQ talked to all the large shareholders.  5 of them represent about 46% of Inmet.  All are receptive to the deal. One (16%) supports the deal

9.  One potential white knight turned down Inmet and told FQ "call me when the deal is done"

Impact on Petaquilla:

Looks like any deal / contract with PDI is not immediately in question if FQ gets Inmet

Not sure if FQ is fully aware of the "Petaquilla issue" but I think they must be and I bet they know how to deal with it in a way that will not create a political issue for them right off the bat.  They seem to be very smart about local politics in the countries they operate.

Over all no red flag from FQ