Tahoe Resources Shares Spike After Court Ruling

Published on: 11 Sep, 2017

Tahoe Resources Inc (NYSE: TAHO) reported Monday that the Guatemalan Supreme Court issued a decision that reinstates the Escobal mining license of Tahoe’s Guatemalan subsidiary, Minera San Rafael (“MSR”). This decision reverses the Supreme Court’s preliminary decision to suspend MSR’s license in connection with an action brought by the anti-mining organization, CALAS, against Guatemala’s Ministry of Energy and Mines (“MEM”). Shares of Tahoe Resources jumped more than 40% after the announcement.

The ruling of the Supreme Court does allow Escobal operations to commence immediately, yet the illegal roadblock at Casillas is ongoing. Therefore, the immediate restart of operations is prevented at this time, according to the company. Upon a resolution of the blockade, the Company expects to resume production at Escobal within a week.

Ron Clayton, Tahoe Resources President and Chief Executive Officer, commented: “We are pleased that the Supreme Court of Guatemala has abided by legal precedent and restored MSR’s license to operate the Escobal mine. The Company respects the rights of indigenous people in all jurisdictions in which we operate and are always willing to engage with any community members in those jurisdictions. We remain focused on peacefully resolving the blockade at Casillas. While we support the rights of all peoples to peacefully protest, we do not support the illegal blockage of public highway by non-locals which has had a devastating economic impact on our employees, contractors and communities. Once the road is re-opened at Casillas, we will resume full operations without disruption and put our valued employees and vendors back to work, support the economy of our local communities and return value to our shareholders.”

Ratings

Ratings
  • 148Views
  • 0Comments

Recommend to Friends

  • facebook
  • Twitter
  • google plus
  • pinterest
  • Digg
  • stumbleupon
  • Reddit
  • linkedin

@Newsletter

Sign Up for Weekly Updates

Related Posts

26 Jun, 2017 398
19 Jul, 2017 178
11 Aug, 2017 533
17 Aug, 2017 172

Comments

There is no comment on this article