Deal creates one of the world’s biggest silver mining companies.
Tahoe Resources Mining News
With environmental and indigenous opponents of Tahoe's Escobal mine vowing it will never again produce silver, analysts are expecting the company to post its fifth consecutive quarterly loss on Tuesday.
Decision comes two weeks after the country's top court kept in place a more than 14-month suspension of operations at the company's Escobal silver mine.
Guatemala's Constitutional Court last week upheld the suspension of licenses at Escobal mine. The ruling was "disappointing."
The Canadian miner expects annual production from La Arena mine to be near the low end of its forecast 160,000 to 185,000 ounces of gold.
Guatemala's highest court ruling says mining operations will be suspended until government carries out consultation of the local indigenous people.
Temporary suspension of mining activities comes after about 100 people trespassed and demanded payment for alleged environmental impacts of the operation on their community.
The company said five holes had been dug on top of a pipeline carrying a solution of gold and cyanide.
The new chief executive of Tahoe Resources Inc said on Thursday that his top priority is ending a long-running dispute in Guatemala that has stopped all of the mining company’s silver production.
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.
Workers were demanding higher profit-sharing payouts.
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.
Tahoe Resources (TSX, NYSE:THO) is denying a media report issued on Thursday that its Shahuindo mine in Peru has contaminated local water supplies.
Canadian miner cited uncertainty over whether it will ever have its mining license for the operation reinstated as main reason for the layoffs.
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.
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.
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.
It produced 5.7 million ounces of silver from Escobal, the third largest silver mine in the world – a 17% increase from the previous quarter.
US Securities and Exchange Commission asked to investigate Tahoe Resources’ failure to disclose secret lawsuits
Groups is asking the SEC to determine whether Tahoe failed to meet legal requirements for disclosing human rights abuses and lawsuits related to its Escobal mine in Guatemala.
Stock rose 7.3% on Wednesday after the company announced Q2 results that beat expectations.