Tahoe Resources Inc (NYSE:TAHO) issued an announcement yesterday revealing that the Guatemalan Supreme Court has given a ruling that confirmed limited consultation area and its decision not to act on export credential.
The court’s ruling responded to the firm’s push for a clarification on the specific geographical areas that consultation process under ILO Convention 169 by the Ministry of Energy and Mines. The Supreme Court confirmed that it will be limiting consultation to the Xinca communities located in the region that covers the Escobal mine. This includes Mataquescuintla, Nueva Santa Rosa, Casillas, and San Rafael Las Flores.
“The Supreme Court declined to review the Company’s request to order MEM to issue the annual renewal of Escobal’s export credential,” stated a report on the matter.
The Guatemalan Supreme Court also turned down the request to review of Tahoe’s request to order an annual renewal of the Escobal export credential from the Ministry of Energy and Mines. This highlights the company’s decision to pursue its administrative and legal rights. Tahoe expects the Constitutional Court to make the final decision about the definitive amparo before the end of the year.
Meanwhile, Tahoe continues to shift its attention towards peacefully and successfully reaching the end of the problematic issues that had slowed down its progress at Casillas. The company has made a lot of progress with the stakeholders regarding the problems it has been facing at the Casillas. The latter also happens to be roughly just 16 kilometers from the Escobal Mine which is located in San Rafael Las Flores.
The company has been working hard to make sure that its mining operations are of high san uncompromising standards. It is also the company’s strategy to build a high quality metal asset portfolio within the region. Unfortunately, anti-mining activists have been hard at work trying to have the company banned from operating in Guatemala. If they were to succeed, it would be a huge blow to the company considering that the Escobal mine is the third largest producer of silver in the world.
Tahoe resources closed the latest trading session on Wednesday at $5.02.
