Vancouver-based producer rises 33% after Supreme Court of the central American nation reinstates operating licence for world's third largest silver mine.
Guatemala Mining News
Together with reevaluating its previous multi-year guidance, the company is now reviewing the financial impact of the mine suspension to its longer term capital and exploration programs.
Only six of the top 20 producers are primary silver miners. The polymetallic ore deposits from which silver are recovered account for more than two-thirds of the world's silver resources.
The Vancouver-based miner seems to be handling the situation well, as officials announced Wednesday that balance sheets "remains strong"
The Canadian miner said it will take “all legal steps possible” after the country’s Supreme Court suspended the mining licence for its flagship Escobal silver mine.
The company may be able to begin developing the potential open-pit Century project in Ontario by 2023.
After acquiring Goldcorp's 21% in San Nicolás, Canada's largest diversified miner will be the Zacatecas-based copper-zinc project sole owner.
The asset, in the state of Zacatecas, is located about 50 kilometers (31 miles) from Goldcorp’s flagship Peñasquito mine.
Protest seems to be about a variety of issues, including claims that mining at Escobal is causing seismic activity in Casillas, located about 20 km from the operation.
As part of the world's third largest gold producer by market value's ongoing efforts to focus on highly profitable, core assets.
Stock rose 7.3% on Wednesday after the company announced Q2 results that beat expectations.
A worker is missing following an accident at a Guatemala mine owned by Vancouver’s Goldcorp (TSX:G).
In Latin America, resource development and its economic benefits continue to butt heads with indigenous culture and tradition.
Operations continue to perform within guidance.
The industry is generally optimistic after a difficult year. According to a recent study by the EY Global Mining & Metals Center, the mining sector was battered and bruised in 2014, but is expecting a strong performance in 2015.
The mine generated 20.3 million ounces (moz) of silver contained in concentrates recovered from 1.246 million tonnes of ore at an average grade of 585 grams per tonne (gpt).
President Otto Perez Molina has approved a new rule passed by the Congress last week, which rises taxes to transnational miners operating in the country from 1% to 10%.
The country’s congress passed Friday legislation to increase mining royalties from 5% to 10%.
Seven Guatemalan men have filed a civil lawsuit in a Vancouver court against Canadian mining company Tahoe Resources Inc. for injuries they suffered last year when the miner’s security personnel opened fire on them at close range.
A local resistance movement has been trying to stop development of El Tambor gold mine.
Other two Canadian jurisdictions —New Brunswick and Newfoundland and Labrador— also made it to the top 10 worldwide. Kyrgyzstan and Venezuela, named the two countries mining enthusiasts should stay away from.
Analysts say it could soon become one of the world’s largest producers of the precious metal.
Tahoe expects to ramp-up to full production of 3,500 tonnes per day by the first quarter of 2014.
The mine is expected to produce 20 million ounces a year when it goes into operation next year, but the project has been plagued by violence and unrest.
The ruling was announced around 11:30 am ET in a press conference held by a local environmentalist group.