Guatemala's Constitutional Court last week upheld the suspension of licenses at Escobal mine. The ruling was "disappointing."
Guatemala Mining News
Guatemala's highest court ruling says mining operations will be suspended until government carries out consultation of the local indigenous people.
The Nevada-based company posted a second-quarter loss of $15.6 million, or 5 cents per share, compared to a profit of $33.5 million, or 11 cents per share, in the year-ago period.
The major silver miners’ stocks remain deeply out of favor, languishing near multi-year lows.
Constitutional Court has requested additional information.
Latin America recorded 246 conflicts in mining regions in 2016, more than double the number in 2010.
Adjusted loss was $17.7 million, which dramatically contrast with the $18.4 million profit logged a year ago, which reflects the impact of the ongoing shutdown of its flagship Escobal silver mine, in Guatemala.
Canadian miner cited uncertainty over whether it will ever have its mining license for the operation reinstated as main reason for the layoffs.
The miner’s local subsidiary has entered into an agreement to acquire mining properties in southern Peru near its Constancia copper mine.
Legal proceedings were held last week in Toronto related to a case against a Canadian mining company that formerly was operating through a subsidiary in Guatemala.
Vancouver-based producer rises 33% after Supreme Court of the central American nation reinstates operating licence for world's third largest silver mine.
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.