00:26:28 EDT Sat 20 Apr 2024
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Tahoe Resources Inc
Symbol THO
Shares Issued 312,775,761
Close 2017-08-25 C$ 5.58
Market Cap C$ 1,745,288,746
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FP/wire say Tahoe takes hit on Guatemala court ruling

2017-08-28 09:25 ET - In the News

The Financial Post reports in its Saturday edition that Tahoe Resources shares plunged Friday to an all-time low after the company said Guatemala's constitutional court upheld the licence suspension of its top mine. A Reuters dispatch to the Post says that the move backed a lower court's preliminary decision to provisionally halt operations at Escobal, which is one of the world's largest silver mines. Tahoe lost $1.28 to close at $5.58 after trading as low as $5.35 on Friday. The court is assessing whether Tahoe appropriately consulted with Guatemalan indigenous communities after an environmental organization argued that did not happen. In a statement, Tahoe said the constitutional court's hearing on the "definitive" constitutional claim is scheduled for Aug. 28, and a ruling is expected "several months" afterward. It added there are no signs of an immediate resolution of a blockade by protesters of the municipal road to the Escobal mine. RBC Capital Markets analyst Stephen Walker said it could take 12 to 18 months to resolve the constitutional claim. Andrew Kaip, a BMO analyst, said that he expects the company's cash balance will become "fairly tight" at year-end if the suspension continues.

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